bp, a multinational oil, and gas company reached an agreement to purchase 9 GW of solar development projects in the U.S. from independent solar developer 7X Energy. The deal will also grow bp’s renewables pipeline from 14 GW to 23 GW. The assets will be developed through bp’s 50-50 solar joint venture Lightsource bp, applying Lightsource bp’s capabilities to accelerate bp’s renewables targets. bp will pay 7X Energy $220 million for the projects and 1GW of safe harbor equipment and expects the acquisition to complete in 30 days.
Tri Global Energy, a developer of utility-scale renewable energy projects, has announced an agreement to sell two renewable energy projects – a wind and a solar project totaling 350 MW in Blackford county, Indiana, to Leeward Renewable Energy, an owner, and operator with a portfolio of around 2,000 MW of generating capacity from renewable sources. Blackford Wind will be capable of delivering up to 200 MW, and Blackford Solar will be capable of up to 150 MW. TGE and Leeward Renewable Energy will work with the county, state, and federal authorities to secure the requisite permits and bring the two projects into construction, with operations projected to commence as early as 2023.
Lightsource bp, a developer of solar energy projects, has closed on a A$330 million (~$254.06 million) financing package and begun construction on its West Wyalong (107 MW) and Woolooga solar (214 MW) projects located in New South Wales and Queensland. Financing for the projects was secured from EDC, ING, Intesa Sanpaolo, and Westpac. Construction by PCL on both projects has commenced under an early works agreement with full notice to proceed now issued, and commercial operations are expected mid-2022.
BHE Renewables announced it had completed the acquisition of the 54 MW Independence wind energy project in Ryan, Iowa, from RPM Access. The project consists of 18 GE 2.8 MW wind turbines and two GE 2.3 MW wind turbines and will be completed in the fourth quarter of 2021. The project will serve Central Iowa Power Cooperative under a 20-year power purchase agreement.
Alpiq and ABO Wind have signed an agreement to acquire an 18 MW solar PV portfolio under development in Toledo, Central Spain. The agreement comprises the acquisition by Alpiq from ABO Wind of 100% of the project rights to develop two solar projects, and the projects are expected to be operational by mid-2022. Both projects are located in the municipality of Madridejos, Toledo, Castilla la Mancha, Spain.
GreenYellow and FMO signed a financing agreement for the 30 MW Nagreongo solar PV project for an amount of €21 million ($25.5 million). The project is scheduled to be commissioned by the end of 2021. The total bank loan from FMO amounts to €21 million ($25.5 million), divided into three loan tranches: €7 million ($8.5 million) from FMO A, €7.9 million ($9.6 million) from FMO ICCF, and €6.1 million ($7.4 million) from the Energy Access Fund, FMO AEF.
ContourGlobal, in partnership with Energy Infrastructure Partners, has reached an agreement with a group of private shareholders to acquire up to 100% of the shares in Green Hunter Group, a portfolio of solar PV assets totaling 18 MW located in Italy for €49.7 million ($60.4 million). The proposed acquisition of Green Hunter Group is expected to be completed in Q3 2021, subject to the completion of certain customary closing conditions.
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Read last week’s project finance brief.