From: Mercom Capital Group

Matrix Renewables, the TPG Rise-backed global renewable energy company, announced the closing of €40 million (~$41.36 million) in non-recourse financing with UniCredit. The funding will support the construction and development of a solar project portfolio totaling 40 MW. The portfolio comprises six projects located across Italy, including Sicily, Campania, and Lombardia. The projects began construction in September 2024, and commercial operations are expected to start in the first quarter of 2025.

Source Galileo, a renewable energy project developer, announced the sale of a 40 MW battery energy storage system project to Trina Solar International System Business Unit , Trina Solar’s downstream project development arm. The Rigifa project is located south of Aberdeen city center in Scotland, UK. The BESS project secured planning consent from the Aberdeen City Council in November 2024.

Amp Energy, an energy transition platform backed by the Carlyle Group, announced the closing of project financing to construct the first stage of its 250 MW/500 MWh Bungama battery energy storage system and 339 MWdc solar project located in South Australia. The non-recourse senior debt financing facilities for Stage 1 of Bungama BESS were provided by the Commonwealth Bank of Australia, Westpac Institutional Bank, and Export Development Canada.

R.Power, an independent renewable energy power producer in Europe, announced the close of an international project finance agreement totaling €38.6 million (~$39.92 million) with CaixaBank and Banco BPI. The financing will be used to develop a 68 MW solar project portfolio in Portugal. The financing agreement comprises the refinancing of already constructed projects and funding to build eight large-scale solar projects.

GridStor, a developer and operator of grid-scale battery energy storage systems, announced the acquisition of a 150 MW/300 MWh battery energy storage project in Texas from Balanced Rock Power, a U.S.-based solar and energy storage project developer. The project in Hidalgo County, Texas, is expected to reach commercial operation by the summer of 2026.

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.