Project Finance Brief_ Lightsource bp Acquires 100 MW Solar Portfolio in Spain

Innova Energy, a private equity-backed renewable energy generator, has secured £30 million (~$38.17 million) of debt funding from NatWest to finance a mixed portfolio of UK rooftop and ground-mounted solar PV projects with a total installed capacity of 57 MW. The funding makes up part of NatWest’s commitment to providing £20 billion (~$25.45 billion) of funding for climate and sustainable finance by the end of 2022 to accelerate the transition to a low-carbon economy.

SR Investimenti, a company, led by Antonio Urbano, acquired a 10 MW solar PV portfolio from a fund managed by InfraRed Capital Partners, advised by L&B Partners. SR Investimenti also completed a refinancing of the assets. Prothea advised SR Investimenti on the transaction.  The portfolio consists of ten ground-mounted solar PV projects, each of about 1 MW capacity, located in the Apulia region. All projects have been operational since 2010.

Solar developer Lightsource bp has acquired a 100 MW solar portfolio in Teruel, Spain, from renewables firm Forestalia for an undisclosed sum. Comprising two utility-scale solar projects in Calamocha and Cuevas de Almudén, Lightsource bp has purchased the sites at late-stage development. Under the terms of the agreement, both parties will work closely together until they reach financial close and begin construction. The energy generated will be sold to BP’s European Gas and Power business under a 7-year power purchase agreement.

Nautilus Solar Energy, a solar project acquisition, development, and asset management company, announced the purchase of two solar portfolios in Oregon and Rhode Island totaling approximately 17 MW from Pine Gate Renewables, a solar energy developer in the U.S. Both developments are in early-to-mid stages. The energy generated by the projects will directly benefit qualified residential off-takers situated within Portland General Electric (and Pacific Power service territories by providing energy cost savings while also advancing Oregon’s overall community solar and renewable goals.


France’s Mirova made an €18 million (~$21 million) equity investment in compatriot Corfu Solaire that will go towards a 129 MW portfolio of solar projects in France. Corfu Solaire is a subsidiary of French renewables developer Terre et Lac. The parent company announced the investment last week, saying its unit will allocate the fresh funds to finance the implementation of 12 projects. The development and construction of these will be carried out by a newly set up company called Corsaire.

OYA Solar, a global developer, integrator, and financier of solar PV projects, announced that it successfully closed a $35 million construction and interconnection financing from NY Green Bank, a state-sponsored, specialized financial entity and division of NYSERDA. The financing will support the construction of three community solar projects in New York state, the first of which, a 6.8 MW project in Constable, New York, is already under construction.

MKM Invest Group, a Hamburg-based independent power producer, raised a €106 million (~$125.48 million) mezzanine debt financing for a 579 MW portfolio of solar PV projects in Germany, France, and Spain based on contracted and merchant revenues. The financing was provided by accounts managed by Prime Capital. Enerparc, who has been developing and realizing the solar projects for MKM Invest Group, supported the fundraising on behalf of the sponsor and will deliver the long-term asset management and O&M services for the portfolio. Capcora acted as the exclusive financial advisor to the sponsor during the entire process. MKM Invest Group issued five individual bonds in a private placement.

Canadian Solar announced the completion of Suffield solar project sale to BluEarth Renewables. The Suffield solar project, currently under construction in southeast Alberta, will have a capacity of 23 MW and will be among the largest solar PV projects in the province of Alberta. Direct Energy will purchase the electricity from the Suffield facility once it is operational.

Greenbacker Renewable Energy, a renewable energy investment firm, announced that it purchased the rights to a 22 MW pre-operational solar project in combination with 1.3 MW battery storage through a wholly-owned subsidiary. The project, known as Rawhide Prairie Solar, is located in Larimer County, Colorado. The off-taker is the Platte River Power Authority. The project is expected to reach commissioning in Q4 2020. DEPCOM Power is the EPC contractor and will provide O&M services contractually for the next seven years. This is the second battery storage acquisition and the first combination of solar and storage purchases by Greenbacker.

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 here.