Project Finance Brief Enel Green Power Acquires 3.2 GW Solar Portfolio in the US

From: Mercom Capital Group

Enel Green Power North America, a developer, long-term owner, and operator of renewable energy projects has acquired a 3.2 GW portfolio of solar and solar-plus-storage projects from Dakota Renewable Energy, a joint venture between Dakota Power Partners and Eolian. The 24 development-stage projects, including 450 MW of storage capacity, are located in the Mid-Atlantic, Midwest, and Western U.S. and are planned for commercial operation beginning in 2023. The projects acquired by Enel Green Power are located in New Jersey, Pennsylvania, Delaware, West Virginia, Missouri, and Colorado.

Powertis, the global solar PV project development division of Soltec Power Holdings and Banco de Nordeste do Brasil, has signed an agreement to finance a new solar PV project in Brazil amounting to €86 million (~$101 million). The project, named Graviola, is located in the municipality of São João do Piauí (Brazil) and will have an installed capacity of 375 MW. The agreement involves a credit line for 24 years at the cost of the Extended National Consumer Price Index – IPCA + 1.89% per annum.

Lightsource bp, a solar project developer, has successfully reached financial close for its Barrica solar projects totaling 49.5 MW in the Aragon region of Spain. Financial backing has been received from Natwest, Santander, Sabadell, and Intesa Sanpaolo. The €52 million (~$61.5 million) term loan raised is in addition to €135.5 million (~$160.2 million) already raised for Lightsource bp’s Spanish flagship 247 MW Vendimia project also located in the province of Aragon. Grupotec has been selected as the engineering, procurement, construction contractor. Both projects are expected to be fully operational in 2022.


CIT Group, a financial holding company, announced that its Power and Energy business served as lead arranger for $68.4 million in financing for the acquisition of Crane Solar, a 150 MW solar project located in Crane County, Texas, and an adjacent 25 MW battery development. Starwood Energy Group Global, a private investment firm focused on energy infrastructure, acquired the Crane Solar assets from Consolidated Edison Development with the financing provided by CIT.

Coro Energy, the South East Asian energy company focused on leading the regional transition to a low carbon economy, has signed binding heads of terms to acquire rights over a portfolio of 150 MW rooftop solar projects in Vietnam from Vinh Phuc Electrical Mechanical Installation, trading as Vinh Phuc Energy, commencing with a 5 MW pilot project.

TotalEnergies, an integrated oil and gas company, has secured a $34 million debt from the Arab Petroleum Investments Corporation and the National Bank of Fujairah (NBF) to finance the construction of a 50 MW solar portfolio. With this, TotalEnergies is supporting 30 industrial and commercial customers in Dubai, United Arab Emirates, through turnkey solutions. This would reduce the overall energy bill and carbon footprint, with up to 95% of clients’ energy needs covered with renewable energy.

The Indian power sector’s first infrastructure investment trust IndiGrid announced that it has completed acquiring a 100% stake in two solar assets with a cumulative capacity of 100 MW (AC) from Madrid-based developer Fotowatio Renewable Ventures (FRV) at an enterprise value of ₹6.6 billion (~$88.4 million). Cyril Amarchand and Mangaldas, PwC, and Mahindra Teqo advised IndiGrid on this transaction. Greenstone Advisors acted as the sell-side advisor on the transaction representing FRV.

Global Power Synergy Public Company Limited, a power subsidiary of Thailand-based PTT Group, announced that its subsidiary Global Renewable Synergy Company has acquired a 41.6% stake in renewable power developer Avaada Energy for THB 14.582 billion (~$453 million). Avaada Energy has a 3.74 GW solar portfolio, of which about 1,392 MW are in operation and about 2,352 MW are under construction.

NextPower III ESG, NextEnergy Capital’s international institutional solar fund, announced the acquisition of Portfolio Guanaco II in Chile, with a 45.3 MW generation capacity. The acquisition of Portfolio Guanaco II covers five separate projects located in the Central and North regions of Chile.  The combined generation capacity of these projects adds up to 45.3 MWp, with the portfolio benefiting from 100% regulated revenues, with the energy sold covered by the stabilized price scheme PMGD regime.

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.