From: Mercom Capital Group

Prime Infra, an infrastructure developer and operator, closed two financing agreements totaling Php273.47 billion (~$4.6 billion). According to the company, the funding will finance the ongoing construction of the 1,400 MW Pakil Pumped Storage Hydropower Project of Ahunan Power in the Philippines’ Laguna province and the 600 MW Wawa Pumped Storage Hydropower Project of Olympia Violago Water & Power in the Rizal province.

ENERPARC AG, a European solar project developer and independent power producer, secured a €1 billion (~$1.15 billion) debt package to support the continued expansion of its solar and battery storage pipeline across the company’s core markets. This new financing package, provided by a consortium of three global asset managers and a German state bank, comprises a €500 million (~$577 million) loan. It also includes a long-term project financing framework of up to €425 million (~$490 million) with an accordion facility that could increase project financing to €500 million (~$577 million).

Primergy, a renewable energy project developer and portfolio company of Quinbrook, secured refinancing through a $600 million private placement of senior secured notes, together with a $160 million letter of credit facility, for its Gemini solar plus storage project. The hybrid project comprises 690 MWac solar and 380 MWac of battery storage capacity. Since 2024, the project has been supplying energy from its site in Clark County, Nevada, U.S.

Enlight Renewable Energy, a renewable energy independent power producer and developer, announced that its U.S. subsidiary, Clēnera, has secured $304 million in construction financing and term debt commitments for the Crimson Orchard project in Elmore County, Idaho. This deal is stated to bring Enlight’s total project financing to $3 billion.

Zelestra, a renewable energy project developer, reached financial close on the 242 MWdc Babilonia solar project in Perú through a $176 million green financing package. The facility has been agreed with Natixis CIB and BBVA Perú. The Babilonia solar project is part of the La Joya complex in Arequipa, which is expected to have a total planned capacity of nearly 700 MW. This capacity comprises Zelestra’s operational 300 MW San Martin project and the 125 MW San Joaquin project, which is in advanced development.

GridStor, a developer and operator of utility-scale battery energy storage projects, announced the closing of a $120 million financing package provided by lending partners NORD/LB and Siemens Financial Services. The funding will support the Gunnar Reliability Project, a 150 MW/300 MWh battery energy storage project in Hidalgo County, Texas.

Mahindra Susten, the clean-tech platform of the Mahindra Group, achieved financial closure for NHPC’s 300 MW renewable energy project in Rajasthan. The project, developed by Hazel Hybren, a wholly owned subsidiary of Mahindra Susten, secured ₹10.25 billion (~$111.32 million) in financing from HDFC Bank. The project, which will supply power to NHPC, can now move into the next phase of development.

Renewable energy solutions provider Sunsure Energy raised ₹6.06 billion (~$65.64 million) in debt financing from Aseem Infrastructure Finance and RBL Bank to develop solar energy projects across Maharashtra and Uttar Pradesh. The financing package includes ₹4.62 billion (~$50.02 million) from Aseem Infrastructure Finance for solar projects in Maharashtra and Uttar Pradesh, along with ₹1.44 billion (~$15.59 million) in refinancing from RBL Bank for Sunsure’s solar project in Augasi, Uttar Pradesh.

Renewable energy solutions company KPI Green Energy secured ₹9.79 billion (~$105.99 million), comprising a ₹9.31 billion (~$100.81 million) term loan and a ₹480 million (~$5.19 million) bank guarantee facility, from Canara Bank to develop a 150 MW wind power project in Gujarat. The project is backed by a 25-year power purchase agreement with the Gujarat Urja Vikas Nigam.

Cypress Creek Renewables, a U.S.-based solar and energy storage project developer, acquired the Steel River project from Swift Current Energy, a renewable energy project developer. The Steel River project, currently under development in Mississippi County, Arkansas, will have 2.45 GW of solar generation paired with 2.9 GWh (720 MW) of battery storage capacity.

Sol Systems, a clean energy project developer and independent power producer, acquired the Wolf Creek Renewable Energy Center from U.S.-based solar project developer US Solar. Located in Saline County, Illinois, the Wolf Creek is a 250 MW solar project built atop a subsurface mine. It is also adjacent to Sol’s 342 MWdc Eldorado solar project.

Aspen Power, a distributed energy generation platform, acquired the first five projects in a community solar portfolio spanning across New York and Illinois from Cipriani Energy Group, a renewable energy project developer. The initial projects, located in New York’s North County and Capital District, total 19.9 MWdc and are expected to begin construction in the coming months.

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.