From: Mercom Capital Group

Matrix Renewables, the TPG Rise-backed renewable energy platform, secured €47 million (~$50.47 million) non-recourse financing for constructing a 50 MW solar power project in the La Rinconada municipality area in Seville province of Spain. The project funding was provided by Banco Sabadell, which also acted as the sole loan coordinator. The project construction began in May 2023 and is expected to start operating by the first quarter of 2024.

Keppel MET Renewables, a renewable energy investment firm, acquired a 100% stake in a 38 MW solar project in southern Italy. The project is currently in an early stage of development, expected to reach ready-to-build status in 2025 and start commercial operations in 2026.

The Dubai Electricity and Water Authority and Abu Dhabi Future Energy Company Masdar signed an agreement to construct and operate the 1.8 GW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park. The project will cost up to AED5.51 billion (~$1.5 billion).

Germany-based independent power producer Encavis acquired a 28 MW solar project in Spain from ILOS Projects. The construction of the solar project is expected to begin shortly, and the grid connection is planned for the end of 2024. Once completed, the project will generate more than 50 GWh of renewable energy annually.

BlueWave, a solar and storage project developer, secured $91 million in financing from KeyBank and U.S. Bancorp Impact Finance for the construction and long-term financing of five agrivoltaic solar projects in Massachusetts. The financing includes a debt raise of $64 million with KeyBank and a tax equity raise of $27 million with U.S. Bancorp Impact Finance.

GreenYellow, a renewable energy project developer, secured €31 million (~$33.25 million) financing with Caisse d’Epargne CEPAC, acting as Mandated Arranger, and Natixis, acting as Cover Bank for the construction of 55 solar power projects totaling 32 MW in mainland France and the French overseas territories.

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.