From: Mercom Capital Group

Iberdrola, a Spanish multinational electric utility, received a €150 million (~$160 million) green loan agreement from the European Investment Bank to develop a portfolio of renewable energy projects in Italy. The new facilities, comprising wind and photovoltaic projects with a total capacity of around 400 MW, will produce green energy equivalent to the average consumption of up to 260,000 households.

Grenergy, a Spain-based solar project developer and an independent power producer, secured €89.5 million (~$96 million) financing for the construction of a 150 MW solar project in Spain. The loan was provided by two banking entities, the Norddeutsche Landesbank Girozentrale and Bankinter, and includes other complementary credit lines for the construction and development of the park. Each of the two entities will assume half the senior debt of approximately €44.7 million (~$48 million).

Matrix Renewables, the TPG Rise-backed renewable energy company dedicated to acquiring and developing solar, clean energy infrastructure projects, and renewable energy assets, secured €40 million (~$43 million) project financing to begin the construction of Zaratán and Arroyadas, two solar projects totaling 66 MW, in the municipality of Valladolid, in northwest Spain. Under the project finance agreement, the €40 million (~$43 million) of long-term debt will be divided between the two solar projects, generating a total of 66 MW when completed.

PAD RES, a Polish renewable energy project developer, received a bridge loan of €38 million (~$40.5 million) from RGREEN INVEST, a French fund manager specializing in infrastructure projects related to energy transformation and climate adaptation. French fund manager RGREEN INVEST will provide the loan through its short-term senior debt fund INFRABRIDGE III. The funds will support the construction of 14 solar projects in Poland with a total capacity of 76 MW.

Hecate Grid, a joint venture between Hecate Energy and Infrared Capital Partners, has announced the completion of a six-year, $98.9 million credit facility package to recapitalize its operating assets and finance the construction of a portfolio of standalone battery storage assets in Southern California. The debt package comprises a $79.5 million term loan and a $19.4 million Letter of Credit facility. The Southern California-based energy storage portfolio of Hecate Grid currently consists of four standalone battery energy storage assets, one of which is operational, while the remaining three are under construction, with a combined capacity of 290 MWh.

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.