Project Finance Brief: Alternus Energy to Acquire 228 MW of Solar Projects in Spain

From: Mercom Capital Group

International renewable independent power producer (IPP) Alternus Energy agreed to a definitive agreement to acquire up to 228 MW solar projects in Spain. Alternus has executed a binding purchase agreement to acquire the projects at ready-to-build (RTB) status. The projects are in mid-stage development and are anticipated to reach RTB status by Q2 and Q3 of 2023, subject to permitting and suitable grid connection conditions. The developer will be responsible for all activities and costs to achieve these milestones prior to closing. The projects are estimated to achieve a commercial operation date (COD) in 2024.

BlackRock Real Assets, a unit of the asset manager BlackRock, obtained TWD 9.4 billion (~$327.5 million) in debt to refinance a 186 MW portfolio of solar assets in Taiwan. Linklaters advised on the transaction. The portfolio of aggregate 42 projects is owned by BlackRock Real Assets’ Global Renewable Power Fund II and held by many operating companies. It includes ground-mounted, floating, and rooftop solar assets across Taiwan, which BlackRock Real Assets and Taiwan-based New Green Power have taken through from construction to operations. The 18-year green loan facility adopts the Green Loan Framework, aligning with the Green Loan Principles (2011). The lenders comprised two Taiwanese banks, Bank Sinopac and E.Sun Commercial Bank, and five international banks, Australia and New Zealand Banking Group Ltd, BNP Paribas, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and The Hongkong and Shanghai Banking Corporation Limited.

Renewable energy producer Sunly secured an €11 million (~$12.01 million) bridge facility from Eiffel Investment Group managed vehicles under the Eiffel Energy Transition program to support the expansion of its PV portfolio in Poland, following the acquisition of Alseva group, a solar developer and EPC contractors in Poland. The proceeds from the loan will enable Sunly to finance the acquisition of ready-to-build PV projects and the payment of deposits for PV projects to secure their grid connection and contracts-for-differences granted through Polish auctions. The facility will be used by tranches when sets of PV projects reach the ready-to-build stage and when the payment of deposits is required for securing projects under development. This financing will also enable Sunly to speed up its development in Poland, both with the existing pipeline and by creating additional development.


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Read last week’s project finance brief.