Project Finance Brief: Luxcara Acquires 520 MW Battery Storage Project in Germany

Recurrent Energy secures $71 million financing for solar and storage projects

July 2, 2025

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From: Mercom Capital Group

Luxcara, an independent asset manager specializing in clean energy infrastructure projects, has announced the acquisition of a 520 MW battery energy storage system in Waltrop, Germany, from an undisclosed company. The project will be constructed on a previously unused site that was originally designed for a coal-fired power plant. Construction on the project is scheduled to begin in 2026. Financial details of the acquisition were not disclosed.

Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, announced the closing of €61.5 million (~$70.8 million) in non-recourse debt financing for its Italian solar project portfolio. Santander Bank provided the financing. The financing package supports a portfolio comprising 124 MW of operational solar projects, as well as the construction of a co-located battery energy storage system.

INOXGFL Group’s subsidiary Inox Neo Energies has completed the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh. Skypower Solar India has an enterprise value of approximately ₹2.65 billion (~$30.97 million), which is 5.3 times the earnings before interest, taxes, depreciation, and amortization over the past 12 months. The 50 MW solar project in Khandwa district was commissioned in the financial year 2018.

Zelestra, a renewable energy project developer, secured $282 million in a project financing package for the Aurora project, comprising a 220 MWdc solar project and approximately 1 GWh of battery energy storage system located in Tarapacá, Chile. Natixis CIB and BNP Paribas are providing the financing, with a VAT facility granted by BCI.

OMV Petrom, an integrated energy producer in Southeastern Europe, acquired a 50% stake in Dunav Solar Plant EOOD, which is developing the Gabare solar project with an installed capacity of approximately 400 MW. The company acquired the stake from Enery Element, a renewable energy project developer. The solar project is located in Byala Slatina, near Sofia, Bulgaria. It has the option to add a battery energy storage system with a capacity of up to 600 MWh in the future. Commercial operation of the Gabare solar project is expected in 2027.

Click here for reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors.

Read last week’s project finance brief.

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