From: Mercom Capital Group

Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings, announced the closing of $137 million in tax equity financing for its 232 MW Oriana Solar Project, located approximately 120 miles southeast of San Antonio in Victoria County, Texas. Advantage Capital, an investment firm, provided funding for the utility-scale solar project currently under construction. The project is expected to begin commercial operations in Spring 2025.

ContourGlobal, an independent power producer and a KKR company, announced the acquisition of a 151 MW solar project portfolio in South Carolina from Sun Tribe Development, a solar and energy storage project developer. The portfolio comprises two solar projects in the late stages of development, and long-term power purchase agreements have been signed. The projects are scheduled to reach commercial operations in 2029.

Qcells, a utility-scale solar and energy storage project developer and solar EPC provider, announced the sale of the 142 MW Appaloosa solar project in Garfield County, Washington, to Puget Sound Energy, an energy utility company. The project will be co-located with the Lower Snake River Wind facility. The project is expected to begin construction in 2025 and commercial operation in December 2026.

Highfield Solar, a solar project developer, secured project financing to support the construction and operation of two solar projects in Ireland having a total capacity of 132 MW. Coöperatieve Rabobank U.A., a Netherlands-based financial services company, provided the funding. The portfolio comprises the 70 MW Clonin North and 62 MW North Arklow solar project. The Clonin North project will be located near the village of Rhode, County Offaly, while the North Arklow project will be located near the town of Arklow in County Wicklow.

The International Finance Corporation is partnering with Axis Bank to provide a $500 million loan to help develop a blue finance market and scale up financing of green projects in India. The funding will also aid in expanding Axis Bank’s climate finance portfolio. Besides tackling climate change issues, the loan will be utilized to develop offshore renewable energy.

Clearway Energy Group, a developer and operator of clean energy projects, announced the financial closure of the 300 MW Pine Forest solar and 200 MW Pine Forest standalone storage projects in Hopkins County, Texas, which are now under construction.

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.