Project Finance Brief: Greenalia Acquires 502 MW Solar Projects in Texas

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From: Mercom Capital Group

Spain-based independent power producer Greenalia acquired three utility-scale solar projects totaling 502 MW in Texas. The projects include the 265 MW Donegal Solar project, 119 MW Leitrim Solar project, and 118 MW Roscommon Solar project. All three are in the advanced stage of development, with Greenalia planning to reach commercial operations by early 2025. The acquisition is part of the company’s broadening strategy in the United States, which it entered two years ago.

Sonnedix, a global independent solar power producer, acquired five solar photovoltaic projects totaling 300 MW from Lightsource bp, a London-headquartered solar project developer. The projects are expected to be operational in 2024. Located across different regions in the UK, the projects are expected to produce approximately 300 GWh of clean energy during the first year of operation. Sonnedix will reach 500 MW of controlled capacity in the UK with this acquisition.

Longroad Energy, a U.S.-based renewable energy project developer, announced the acquisition of the 98 MW of Titan Solar Project from Sunpin Holdings. The solar project is currently operational in Imperial County, California.  Morgan Stanley acted as the tax equity investor for the project, and Allen & Overy served as Longroad’s counsel on this acquisition.

Dubai-based renewable energy company AMEA Power will invest $1.1 billion in Egypt to develop wind and solar energy capacities of 500 MW each. The investment will take the company’s cumulative clean energy portfolio to 2 GW in Egypt. AMEA Power has a clean energy pipeline of nearly 6 GW across 15 countries. The firm will develop, own, and operate the 500 MW solar plant in the Aswan Governorate of Egypt. It will be financed by the International Finance Corporation, part of the World Bank Group, the Dutch Entrepreneurial Development Bank, and the Japan International Cooperation Agency.

Adani Green Energy, through its subsidiary Adani Solar Energy AP Six, has raised a project loan facility of ¥27.95 billion (~$205.31 million) to help refinance its debt. The facility includes amortizing project loans, a 16-year debt structure with a door-to-door tenor of ten years and an average tenor of more than eight years. It is supported by AGEL’s association with its two core relationship banks– MUFG Bank and Sumitomo Mitsui Banking Corporation, who acted as principal lenders for the facility with equal participation.

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.