From: Mercom Capital Group

Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, announced its wholly-owned subsidiary, Recurrent Energy, has completed a purchase and sale agreement with Appalachian Power for Recurrent’s Firefly Energy solar project located in Pittsylvania County, Virginia. With a capacity of 150 MW, the project will be Appalachian Power’s largest solar energy acquisition to date and will help the utility meet its clean energy requirements under the Virginia Clean Economy Act (VCEA).

Swedish wind project developer Eolus Project Holdings sold a 120 MW battery storage project in California to Aypa Power, an energy storage company, and a portfolio company of alternative asset manager Blackstone. The financial terms of the deal were not disclosed. The company sold its Cald standalone energy storage project in Los Angeles, currently in development. The project will be operational in 2024.

Everwood Capital, a Spanish investment manager, acquired a 66 MW solar PV project in Sicily, Italy. The project will be located in the municipality of Troina, in the Sicilian province of Enna. The project will use bifacial panels mounted on a 1-axis tracking system. Connection rights and land in Troina have been secured. The fund manager expects the finalize the permitting process by the end of 2023 and start construction immediately.


Alternus Energy, an independent power producer, has acquired 12.9 MW of operational solar PV assets in Poland. The projects, each 1 MW in size, are located across the country. Alternus partnered with an experienced local developer to develop and construct the projects. The commercial operation date (COD) for the acquired portfolio was reached in December. This forms part of the agreement between Alternus and the developer for a total contracted pipeline of 24 MW. The additional 11 MW is currently expected to reach COD in Q1 2022.

ReneSola, a fully integrated solar project developer, closed the sale of 37 MW of solar projects located in Poland to Obton, an international solar investment company. The 37 MW portfolio is in addition to the 38 MW sale to Obton announced in July 2021, for a combined total of 75 MWs. The portfolio comprises 37 solar utility projects across Poland with a capacity of 1 MW each for 33 MW and a 4 MW project. The projects were awarded to ReneSola Power in the country’s solar power auction in September 2021. The projects are eligible for a 15-year guaranteed tariff and are expected to be grid-connected within the next year. The projects are being sold at the “Ready to Build” (RtB) stage. Upon closing the sale, ReneSola Power will be responsible for EPC management, project financing, and final delivery to Obton.

The SDAX-listed wind and solar park operator Encavis signed the purchase agreement for two solar projects in Denmark with a total generation capacity of 105 MW. The subsidy-free and already connected to the grid, the Svinningegarden solar project in the north-western part of Zealand has a generation capacity of 34 MW. The Rodby Fjord solar project on Lolland, in the most south-western part of Zealand, has a generation capacity of 71 MW and is to be connected to the grid in Q1 2022. European Energy developed, built, and sold the two solar parks to Encavis. The electricity produced is sold directly to respectable tech companies over ten years under long-term power purchase agreements (PPAs) based on a pay-as-produced structure.

The SDAX-listed wind and solar park operator Encavis is acquiring the outstanding minority stake from Statkraft ( 19.99%) of the 300 MW Talayuela solar project in the Spanish province of Extramadura. Statkraft developed, built, and sold the project to Encavis.

Sonnedix, an independent solar power producer, has completed the acquisition of a 100 MW operational portfolio in Spain from ACS Servicios, Comunicaciones y Energia. The portfolio comprises two 50 MW ground-mounted solar PV projects located in Castilla la Mancha and Cáceres, which have been in operation since December 2019 and November 2021, respectively.

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.