Altus Power America, an investor, owner, and operator of clean energy projects, has completed the acquisition of a 2.5 MW operating solar project in Charlotte, Vermont. The acquired project generates approximately three million kWh of electricity annually. This project sells energy to VEPP, a not-for-profit Vermont Corporation that administers two of Vermont’s Renewable Energy Programs under contract with the Vermont Public Utility Commission.
Spruce Finance, the private owner and operator of distributed generation residential solar assets in the U.S., has acquired two new asset portfolios, including the balance of NRG’s residential holdings. The NRG purchase is Spruce’s largest to date and the latest example of its residential solar asset growth by acquisition strategy in the U.S. The NRG portfolio comprises 8,984 systems, totaling 60 MW. Spruce also acquired a portfolio from WEC Energy Group, made up of 1,047 systems, which Spruce had already been managing via its Energy Service Experts (ESE) subsidiary.
Falck Renewables North America and Eni New Energy U.S. through Novis Renewables, a partnership with 51% and 49% shares, respectively, signed an agreement with Savion to acquire the ready to build 30 MW Westmoreland solar project located in Westmoreland County, Virginia. Novis will acquire the project upon the satisfaction of certain conditions precedent – expected by the end of November. The estimated costs for development, construction, and transactions costs total $35 million.
ReneSola, a fully integrated solar project developer, announced the closing of the acquisition of selected assets, including distributed and solar-plus-storage projects, from Nova Development Management, for a gross purchase price of approximately $3.8 million. The acquisition has immediately increased Renesola Power’s development pipeline by approximately 200 MW and has added an experienced solar project development team.
Aega, a Norwegian listed investment company with the main focus on solar power, has signed a mutually binding offer to acquire two solar projects in Italy with a total capacity of 2 MW. The final share purchase agreement is expected to be signed on or around December 01, 2020, at which point Aega will share the transaction’s financial details. Final closing is expected on or around December 18, 2020. The completion of the transaction is subject to customary closing conditions.
Greenbacker Renewable Energy, a renewable energy investment firm, through a wholly-owned subsidiary, purchased a to-be-constructed 80 MW solar project from Broad Reach Power. The project, Fall River Solar, is located in Fall River County, South Dakota, and has a 20-year power purchase agreement (PPA) in place with the investment-grade utility Black Hills Power. Greenbacker will oversee the construction, which is expected to reach commercial operation date in Q4 2022.
Fotowatio Renewable Ventures (FRV), a renewable energy project developer, acquired a 115 MW Metz solar project that is set for construction in New South Wales England region. According to the company’s website, the Metz solar project was planned for development east of Armidale by Infinergy before being acquired by Clenergy, which had the project set for construction in Q4 2020, with all permits secured. The project is currently underpinned by a Power Purchase Agreement with Snowy Hydro, signed in 2018.
Ameresco, an energy efficiency and renewable energy company, has closed a construction loan facility for up to $30 million to finance solar projects. The financing was secured through a construction loan facility from Fifth Third Bank, National Association. This non-recourse facility allows Ameresco to draw loan proceeds for solar projects in construction as a bridge to their permanent financing or sale upon commercial operation.
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Read last week’s project finance brief.