From: Mercom Capital Group

Pivot Energy, a renewable energy provider and independent power producer that develops, finances, builds, owns, and manages solar and energy storage projects, secured a $200 million tax credit purchase commitment to support its 40 community solar project portfolio totaling 144 MW located across eight states. The first community solar projects in this portfolio are expected to begin commercial operation in the third quarter of 2025.

DESRI, an owner and operator of renewable energy projects in North America, in partnership with Ranger Power, a utility-scale clean power development company, announced the financial closure for the construction and development of the 150 MW Heartwood solar project in Hillsdale County and the 140 MW White Tail solar project in Washtenaw County, Michigan. A consortium of lenders comprising Fifth Third Bank, Zions Bancorporation, Bank of America, Commerzbank, and Sumitomo Mitsui Trust Bank, New York Branch, provided the financing for the construction of the projects.

India-based renewable energy services company BluPine Energy, an Actis-backed renewable energy platform, has achieved financial closure of a debt funding of ₹3.76 billion (~$44 million) from Standard Chartered Bank for its 100 MW under-construction solar power project in Tharad, Banaskantha district, Gujarat. The project is expected to be completed by the first half of 2026.

Innova, a developer of utility-scale renewable energy projects, announced the sale of the 25 MW Tolldish Hall solar project to ISG Renewables, a joint venture platform between Innova and Schroders Greencoat. The solar project is located near Coventry, UK, and secured planning consent in August 2023. The project is expected to be operational in the first quarter of 2026.

SolarBank Corporation, an independent renewable and developer, owner, and operator of distributed and community solar projects, and CIM Group, a real estate and infrastructure owner and developer, have entered into a mandate letter providing for up to $100 million in project financing for a portfolio of solar projects totaling 97 MW located across the U.S. The transaction will be structured as a preferred equity investment in a newly formed entity, New HoldCo, which will be a joint venture between CIM and Abundant Solar Power, a wholly owned subsidiary of SolarBank.

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.