From: Mercom Capital Group

Voltwise Power, a utility-scale battery storage project developer, closed the syndication of a £153.9 million (~$211 million) acquisition financing supporting the purchase of a 460 MW diversified battery energy storage system (BESS) portfolio in the UK from Smart Metering Systems, a U.K.-based energy infrastructure company. The portfolio comprises seven operational BESS projects with a combined capacity of 320 MW/350 MWh, four projects under construction totaling 140 MW/280 MWh, and a number of development projects expanding the company’s existing pipeline.

Alight, a solar developer and independent power producer, has secured a £34 million (~$47 million) portfolio financing facility from SEB, a Swedish multinational investment bank and financial services group. The Nordic company has been developing European behind-the-meter solar projects built directly on or adjacent to customer sites, located on the consumer side of the utility meter.

Econergy Renewable Energy, a European independent power producer, reached financial close on the 40 MW/120 MWh Dalmarnock BESS in Scotland. The company secured £21 million (~$29 million) of project finance from Santander UK. The Dalmarnock project is supported by a long-term optimization partnership with EDF, a provider of battery optimization services, which guarantees a minimum income level while allowing Econergy to retain full upside exposure above the floor.

METLEN Energy & Metals (formerly MYTILINEOS), a Greek industrial conglomerate, has secured €16.6 million (~$19.9 million) in project financing to support the development of the 20.75 MW Bicinicco solar project in the Friuli Venezia Giulia region of northern Italy. The financing was secured through Piraeus Bank. BonelliErede served as METLEN’s legal advisor, while Dentons acted as the lender’s legal counsel.

TerraForm Power, an affiliate of Brookfield Asset Management and a renewable energy company in North America, has acquired the 1.56 GW Steward Creek solar project under development in Lee County, Illinois, from its developer, Hexagon Energy. The project will be developed in two phases, each expected to generate approximately 1.3 GWh of energy annually once operational. Construction on phase 1 of the solar project is expected to commence in 2027, with commercial operation scheduled for 2029.

ContourGlobal, an independent renewable energy power producer and a subsidiary of KKR, acquired a 37 MW portfolio of operational solar projects and 500 MW/2,000 MWh of battery energy storage systems in a mature state of development located across Greece. This marks the company’s entry into the Greek renewable energy market. Of the BESS projects, the first 100 MW are ready to break ground in the coming months.

ABO Energy, a renewable energy project developer, completed the sale of three solar projects totaling 85 MWp in France. The income and cash inflows from the three projects will be spread across the fiscal years 2024 to 2027. The companies have agreed not to disclose the purchase prices. Of the portfolio, two projects, 26.25 MWp Presnoy and 14.96 MWp Nargis projects, were sold on a turnkey basis to Tenergie, a France-based independent power producer.

Aspen Power, a distributed energy generation platform, has acquired the first two projects in an 18 MWdc portfolio of community solar projects located in upstate New York from CTEC Solar, a solar and energy storage project developer, engineering, procurement, and construction (EPC) provider, and operations and maintenance provider. The two projects acquired have a combined capacity of 7 MW and are expected to cumulatively generate approximately 10 million kWh of electricity in their first year of operation.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

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