Copenhagen Infrastructure Partners (CIP) has acquired ownership of the Swan Lake (Klamath County, Oregon) and Goldendale (Klickitat County, Washington) closed-loop pump storage hydro projects. The projects were previously owned and in development under a joint venture between Rye Development and National Grid. Swan Lake is a 400 MW project that secured its 50-year Federal Energy Regulatory Commission (FERC) license in 2019. Goldendale is a 1,200 MW project that has filed an application with FERC in June of 2020. Rye will continue to lead the development of the two projects until the start of construction.
Ameresco, an energy efficiency and renewable energy company, announced that it had closed a construction loan facility for up to $30 million to finance solar projects and assets. The financing was secured through a construction loan facility from Fifth Third Bank, National Association. This non-recourse facility allows Ameresco to draw loan proceeds for solar projects in construction to bridge their permanent financing or sale upon commercial operation.
Q CELLS, a total energy solutions provider, has secured the project development rights for a 429 MW solar portfolio in Spain from RIC Energy, further boosting Q CELLS’ downstream solar pipeline in the country. Q CELLS’ downstream business unit signed an agreement to purchase 429 MW of new solar capacity in Spain, projected to achieve ‘Ready to Build’ status by the fourth quarter of 2021.
Cypress Creek Renewables, a developer and owner of solar generating assets, announced that it had closed a seven-year, $200 million debt financing for the holding company that owns Cypress Creek’s 1.6 GW portfolio of operating solar projects. The facility finances a portfolio comprised of more than 200 solar and storage projects across 13 states. Investec Power and Infrastructure Finance – North America acted as sole bookrunner, coordinating lead arranger and administrative agent on the transaction. In addition to Investec, other joint lead arrangers for the transaction included Credit Agricole, East West Bank, and Silicon Valley Bank.
For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.
Read last week’s project finance brief.
Image credit: Saulelis at English Wikipedia, CC BY-SA 3.0, via Wikimedia Commons