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92.5% of New Power Capacity Additions Globally in 2024 was Renewables: Report

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-cypress-creek-energy-storage-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Cypress Creek Renewables, a renewable energy project developer and independent power producer, <a href="https://mercomcapital.com/cypress-creek-secures-133-million-financing-for-energy-storage-project/" target="_blank" rel="noopener">secured</a> approximately $133 million in funding to support the development of the 200 MW Destiny Energy Storage project in Texas. Destiny is a standalone battery energy storage project that is currently under construction and located in Harris County. The project is expected to be completed in early 2026.
Arevon Energy, a solar and energy storage project developer, <a href="https://mercomcapital.com/arevon-secures-509-million-financing-for-430-mw-solar-projects/" target="_blank" rel="noopener">announced</a> closing $509 million in financing for the 430 MWdc Kelso 1 &amp; 2 solar projects in Scott County, Missouri. The financing package comprises a $245 million bridge loan, a $172 million construction loan, and $92 million of credit support. The company will develop, build, and operate the two-phase Kelso solar projects, Arevon’s first utility-scale renewable energy projects in Missouri.
NorthStar Clean Energy, a renewable energy project developer and wholly owned subsidiary of CMS Energy, <a href="https://mercomcapital.com/northstar-clean-energy-secures-334-million-financing-for-two-solar-projects/" target="_blank" rel="noopener">secured</a> up to $334 million in construction-to-term financing for developing two solar projects in Michigan. The projects include a 200 MW solar project in Branch County and a 50 MW solar project in Genesee County. Once operational, the projects are expected to produce renewable-based electricity to power nearly 36,000 households annually.
Adapture Renewables, a utility-scale solar and energy storage project developer, <a href="https://mercomcapital.com/adapture-renewables-acquires-110-mw-solar-and-storage-project/" target="_blank" rel="noopener">announced</a> the acquisition of a 110 MW solar and 110 MW battery energy storage project from Samsung C&amp;T Renewables, the renewable development and investment platform of Samsung C&amp;T America. The project, known as Haynach Solar, is in Colorado and is expected to reach commercial operations by 2029. The company did not disclose the financial details of the acquisition.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-smt-energy-funding-bess-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Cypress Creek Secures $133 Million for Energy Storage Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-european-energy-sells-470-mw-solar-and-wind-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
European Energy, a renewable energy project developer, <a href="https://mercomcapital.com/european-energy-sells-470-mw-solar-and-wind-projects-in-lithuania/" target="_blank" rel="noopener">announced</a> that it has entered into an agreement with Energix Group to sell 470 MW of solar and wind capacity in Lithuania. The capacity consists of a wind project with an estimated capacity of approximately 140 MW and a solar project of up to 330 MW. The project is in the pre-ready-to-build stage of development.
Alight, an independent solar power producer, has <a href="https://mercomcapital.com/alight-secures-48-million-financing-for-eurajoki-solar-project/" target="_blank" rel="noopener">secured</a> €46 million (~$48.07 million) of senior debt for its 100 MWp solar project in Eurajoki in Finland. The company signed the financing agreement with the banks ABN AMRO and SEB. The facility agreement for the Eurajoki solar project will be replicated to finance three additional projects in the company’s pipeline in Finland totaling over 200 MWp and amounting to more than €110 million (~$114.95 million) in debt financing.
Adapture Renewables, a utility-scale solar and energy storage project developer, <a href="https://mercomcapital.com/adapture-renewables-secures-321-million-for-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> a $321 million debt facility from Mitsubishi UFJ Financial Group (MUFG), comprising a construction loan and a tax credit bridge loan. The financing will support the construction and development of the company’s Titanium solar portfolio totaling 441 MW spanning three sites across Arkansas and Illinois.
Velto Renewables, a renewable power producer backed by the investment group CDPQ, <a href="https://mercomcapital.com/velto-renewables-to-acquire-renewable-energy-projects-from-q-energy/" target="_blank" rel="noopener">announced</a> a partnership agreement with Q Energy Solutions, a renewable energy company in Europe, to acquire a portfolio of renewable energy projects across different European countries from Q ENERGY over the next years. As the first transaction under this partnership, Velto has acquired a portfolio of solar and wind projects totaling around 130 MW in France.
European Energy, a renewable energy project developer, <a href="https://mercomcapital.com/european-energy-secures-73-million-financing-for-148-mw-solar-project/" target="_blank" rel="noopener">secured</a> €68 million (~$72.79 million) in financing to develop a 148 MW solar project in the Ventspils municipality, Latvia. NIB, Luminor Bank, and NORD/LB have agreed to co-finance the project. Stelo Orienta SIA, a subsidiary of European Energy, is developing the project.
New York-based global alternative asset manager Brookfield Asset Management <a href="https://www.mercomindia.com/brookfield-sells-1-6-gw-renewables-portfolio-in-india-to-gentari" target="_blank" rel="noopener">announced</a> the sale of its 1.6 GW portfolio of solar and wind assets in India to Gentari Renewables India in two phases. The first phase, comprising the sale of 1 GW of operating assets, is already complete. It is Brookfield’s first full-cycle portfolio monetization for its renewable power and transition business in India.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-smt-energy-secures-bess-project" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: European Energy Sells 470 MW Solar and Wind Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-goldenpeaks-acquires-solar-projects-poland/" target="_blank" rel="noopener">Mercom Capital Group</a>
GoldenPeaks Capital Energy, a Malta-headquartered green power producer, has <a href="https://mercomcapital.com/goldenpeaks-capital-acquires-solar-projects-poland/" target="_blank" rel="noopener">acquired</a> 283 MW ready-to-build solar power projects in Poland, located mostly in the country’s western and northwestern regions. The portfolio comprises a mix of projects with capacities of up to 10 MW. With the latest acquisition, the company aims to strengthen its solar market in Poland and close in on its target of 1 GW of solar assets in Poland by 2024.
Greenbacker Capital Management, a renewable energy asset manager, through an affiliated investment vehicle, <a href="https://mercomcapital.com/greenbacker-secures-storage-solar-portfolio/" target="_blank" rel="noopener">entered</a> into a $92 million financing agreement with BMO, who served as both the lender and the administrative agent for the deal.  The proceeds from the construction, comprising of construction and tax equity bridge loans, will be used to finance the construction of the 30 MW Holtville battery energy storage project. The term loan will support the construction of a portfolio of community solar projects in the northeastern U.S.
Lightsource bp, a global utility-scale solar project developer, <a href="https://www.mercomindia.com/lighsource-bp-to-sell-five-australia-for-547-million" target="_blank" rel="noopener">announced</a> the sale of five of its utility-scale solar photovoltaic projects to clean energy generation company Beijing Jingneng Clean Energy Australia for A$813 million (~$546.68 million). The five solar power projects, located across New South Wales, Queensland, and Victoria, have a cumulative capacity of 1,036 MWdc.
Renewable energy company BluPine Energy has <a href="https://www.mercomindia.com/blupine-loan-120-mw-solar-project" target="_blank" rel="noopener">announced</a> the financial closure of ₹5.11 billion (~$61.3 million) for its 120 MW solar project in Gujarat, India. The green loan financing for the project was secured from Standard Chartered.
Adapture Renewables, a utility-scale solar and energy storage project developer, <a href="https://mercomcapital.com/adapture-renewables-acquires-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of three solar power projects totaling 450 MWdc/ 333 MWac in MISO territory in Illinois and Arkansas from Tyr Energy Development Renewables. All three acquired projects are currently in the pre-notice-to-proceed stage, with anticipated commercial operation dates slated for 2025 and 2026.
Standard Solar, a solar energy company specializing in developing and financing solar electric systems, <a href="https://mercomcapital.com/standard-solar-acquires-solar-project-in-texas/" target="_blank" rel="noopener">announced</a> the acquisition of a 9.9 MW behind-the-meter solar project named ‘Bluebonnet’ in Texas from EDF Renewables North America. The Bluebonnet project is slated for completion in Q2-2024, with construction efforts underway.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://mercomindia.com/project-finance-brief-kyon-energy-storage-projects" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: GoldenPeaks Acquires 283 MW Solar Projects in Poland

From: <a href="https://mercomcapital.com/project-finance-brief-adapture-renewables-q-cells/" target="_blank" rel="noopener">Mercom Capital Group</a>
The African Development Bank (AfDB)&#8217;s board of directors has <a href="https://tinyurl.com/mercomsfbg" target="_blank" rel="noopener">approved</a> $27.2 million in loan financing for the design, construction, and operation of a 200 MW solar project at Kom Ombo in Upper Egypt. The project’s cost is estimated at $156.4 million. The European Bank for Reconstruction and Development, the Green Climate Fund, Arab Bank, and the OPEC Fund for International Development will also contribute funding. The project is owned by ACWA Power, a solar project developer.
RIC Energy (RIC), a renewable energy project developer focused on delivering renewable energy and energy storage facilities throughout the U.S., and Goldman Sachs Renewable Power (GSRP), a privately held company managed by Goldman Sachs Asset Management, <a href="https://tinyurl.com/mercomrcen" target="_blank" rel="noopener">announced</a> a partnership to develop a portfolio of solar projects in New York. Under this partnership, GSRP will acquire 47 MW of community solar projects located in upstate New York from RIC. The nine projects involved are located throughout National Grid and NYSEG service areas and will generate bill credits to be sold directly to the utilities’ customers.
Distributed Solar Development, a business-backed by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy, <a href="https://tinyurl.com/mercomdsft" target="_blank" rel="noopener">announced</a> it had secured a two-year, $150 million construction revolver with Rabobank to finance its expanding pipeline of distributed generation solar projects in the commercial and industrial market.
Adapture Renewables, a solar project developer, has <a href="https://tinyurl.com/mercomadpt" target="_blank" rel="noopener">completed</a> its acquisition of Rippey Solar, an 81 MW solar project in Cooke County, Texas, from Hanwha Q CELLS U.S. Construction of the project, located 90 miles north of Dallas, began in April, and the project achieved commercial operation in December 2020.
NextEnergy Solar Fund has <a href="https://tinyurl.com/mercomrgtl" target="_blank" rel="noopener">announced</a> the acquisition of Camden solar PV portfolio in the U.K., comprising two projects totaling 100 MW for £64.3m (~$89.4 million). The two solar projects &#8211; The Grange, a 50 MW project spread across 214 acres in Yorkshire, and South Lowfield, which has a 50 MW spread across a 200-acre site in Nottinghamshire. The portfolio provides energy for a power purchase agreement with AB InBev.
InfraCo Africa, a part of the Private Infrastructure Development Group, and its project partner, JCM Power, <a href="https://infracoafrica.com/golomoti-solar-prepares-to-commence-construction/" target="_blank" rel="noopener">announced</a> their commitment to finance the construction of the 20 MW Golomoti solar project in Malawi with a 5 MW/10 MWh lithium-ion battery energy storage system. The project is expected to come online in the first half of 2021.
ENGIE, an electric utility, has reached an <a href="https://tinyurl.com/mercomsfrv" target="_blank" rel="noopener">agreement</a> to acquire from Abengoa a 40% equity stake in Xina Solar One, a 100 MW concentrated solar plant, and 46% of the Operations &amp; Maintenance Company. The project is equipped with parabolic trough technology and a molten salt storage system that allows for 5.5 hours of energy storage to provide reliable electricity during peak demand. Power is contracted through a 20-year power purchase agreement with Eskom (South African Electricity Public Utility).
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://mercomindia.com/project-finance-brief-china-three-gorges-portfolio/" target="_blank" rel="noopener">brief</a>.

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