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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-broad-reach-bess-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Broad Reach Power, a utility-scale battery storage project developer, <a href="https://mercomcapital.com/broad-reach-power-secures-bess-projects/" target="_blank" rel="noopener">secured</a> $435 million in credit facilities to support the construction of seven stand-alone energy storage projects totaling 880 MW in Texas and California. The Battery Energy Storage System projects are under construction, with expected commercial operation dates ranging from late 2023 through Q1 2024. The projects include 825 MW in ERCOT and 55 MW in CAISO.
Alternus Energy, an independent power producer, <a href="https://mercomcapital.com/alternus-energy-acquires-solar-project-portfolio-spain/" target="_blank" rel="noopener">acquired</a> a 32 MW portfolio of solar PV projects in Valencia, Spain, known as the “NF Projects.” The portfolio consists of six projects,  five of which, totaling 24.4 MW, are expected to reach operation in Q2 2024, with the remaining one project expected to achieve operation in Q1 2025. The initial funding for the project comes from the local bank Banco Internacional Español-Bankinter. Alternus subsidiary Unisun will manage the project construction.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://mercomcapital.com/matrix-renewables-acquires-controlling-stake-solar-project/" target="_blank" rel="noopener">acquired</a> a controlling interest in 261 MW of the Pleasant Valley Solar Project from rPlus Energies in Idaho. The project will begin construction in Q3 2023. The Pleasant Valley Solar project was awarded a power purchase agreement through a negotiated process with Meta and Idaho Power.
Qair, an independent renewable energy producer, <a href="https://mercomcapital.com/qair-secures-financing-for-solar-project-portfolio-poland/" target="_blank" rel="noopener">secured</a> a PLN 335.3 million (~$82.31 million) loan to develop a 129.5 MW solar project portfolio in Poland. The portfolio consists of three large-scale solar projects located in Golczewo, Rokietnica, and Pakość. The loan agreement was signed with the Santander Bank Polska and PKO Bank Polski consortium. The energy generated by the solar farm will be sold to identified off-takers under long-term corporate power purchase agreements.
Nautilus Solar Energy, a community solar company, <a href="https://mercomcapital.com/nautilus-solar-energy-acquires-community-solar-portfolio-delaware/" target="_blank" rel="noopener">acquired</a> a 28.7 MW portfolio of six community solar projects in Delaware from TurningPoint Energy (TPE). The projects, located in Kent, New Castle, and Sussex Counties, are in the late stages of development and are expected to start construction in 2024. TPE developed the six projects as part of Delaware’s community solar program.
Click <a href="https://mercomcapital.com/clean-energy-reports/">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://www.mercomindia.com/project-finance-brief-clearway-energy-storagesolar-project" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Broad Reach Secures $435 Million for 880 MW BESS Projects

From: <a href="https://mercomcapital.com/project-finance-brief-alternus-energy-solar-projects-spain/" target="_blank" rel="noopener">Mercom Capital Group</a>
International renewable independent power producer (IPP) Alternus Energy <a href="https://alternusenergy.com/alternus-energy-acquires-228mw-spain/" target="_blank" rel="noopener">agreed</a> to a definitive agreement to acquire up to 228 MW solar projects in Spain. Alternus has executed a binding purchase agreement to acquire the projects at ready-to-build (RTB) status. The projects are in mid-stage development and are anticipated to reach RTB status by Q2 and Q3 of 2023, subject to permitting and suitable grid connection conditions. The developer will be responsible for all activities and costs to achieve these milestones prior to closing. The projects are estimated to achieve a commercial operation date (COD) in 2024.
BlackRock Real Assets, a unit of the asset manager BlackRock, <a href="https://legaldesire.com/linklaters-advises-on-blackrock-real-assets-refinancing-of-solar-assets-in-taiwan/" target="_blank" rel="noopener">obtained</a> TWD 9.4 billion (~$327.5 million) in debt to refinance a 186 MW portfolio of solar assets in Taiwan. Linklaters advised on the transaction. The portfolio of aggregate 42 projects is owned by BlackRock Real Assets’ Global Renewable Power Fund II and held by many operating companies. It includes ground-mounted, floating, and rooftop solar assets across Taiwan, which BlackRock Real Assets and Taiwan-based New Green Power have taken through from construction to operations. The 18-year green loan facility adopts the Green Loan Framework, aligning with the Green Loan Principles (2011). The lenders comprised two Taiwanese banks, Bank Sinopac and E.Sun Commercial Bank, and five international banks, Australia and New Zealand Banking Group Ltd, BNP Paribas, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and The Hongkong and Shanghai Banking Corporation Limited.
Renewable energy producer Sunly <a href="https://sunly.ee/sunly-and-eiffel-investment-group-announce-an-e11m-bridge-facility/" target="_blank" rel="noopener">secured</a> an €11 million (~$12.01 million) bridge facility from Eiffel Investment Group managed vehicles under the Eiffel Energy Transition program to support the expansion of its PV portfolio in Poland, following the acquisition of Alseva group, a solar developer and EPC contractors in Poland. The proceeds from the loan will enable Sunly to finance the acquisition of ready-to-build PV projects and the payment of deposits for PV projects to secure their grid connection and contracts-for-differences granted through Polish auctions. The facility will be used by tranches when sets of PV projects reach the ready-to-build stage and when the payment of deposits is required for securing projects under development. This financing will also enable Sunly to speed up its development in Poland, both with the existing pipeline and by creating additional development.
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’s project finance <a href="https://mercomindia.com/project-finance-brief-canadian-solar-solar-plus-storage-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Alternus Energy to Acquire 228 MW of Solar Projects in Spain

European independent power producer <a href="https://alternusenergy.com/" target="_blank" rel="noopener">Alternus Energy Group</a> said it had acquired a 64.6 MW Polish solar project from <a href="https://www.baywa-re.com/en/">BayWa r.e.</a>, a renewable energy projects developer. Both parties had signed a sales agreement last month.
With this acquisition, the solar park &#8211; located in Witnica, Poland, becomes Alternus&#8217; largest operational solar farm. The project is Poland&#8217;s first subsidy-free utility-scale solar installation with a corporate power purchase (PPA) agreement. A 10-year virtual PPA is secured with Gorazdze Cement S.A., a subsidiary of Heidelberg Cement Group.
Joseph Duey, Chief Financial Officer of Alternus Energy, said that the company&#8217;s cumulative capacity increased to 130 MW across 24 solar parks in five European countries with this acquisition.
BayWa r.e. will continue to supply operations and maintenance services at the solar park, the company said in a press statement.
Commenting on the acquisition, Vincent Browne, Chairman and Chief Executive Officer of Alternus Energy, said, &#8220;We are delighted to mark our official entry into the Polish market with the acquisition of the Witnica solar park, the first subsidy-free, PPA-backed utility-scale solar installation in Poland. We have plans for further expansion within the country over the next 12 months.&#8221;
Benedikt Ortmann, Global Director of Solar Projects at BayWa r.e., said the project&#8217;s sale to Alternus Energy is in line with our goal of developing and selling additional solar capacity in future years and highlights the attractiveness of renewable energy assets to investors.
In June 2021, Alternus Energy Group <a href="https://mercomindia.com/funding-and-ma-roundup-raygen-storage/" target="_blank" rel="noopener">acquired</a> a 60% share in Unisun Energy, a Netherlands-based renewable energy project developer and engineering, procurement, and construction service provider.
In May 2021, Alternus Energy <a href="https://mercomindia.com/project-finance-brief-lightsource-bp-4/" target="_blank" rel="noopener">acquired</a> a 20 MW solar park LJG Green Source Energy Beta SRL in Romania from Risen Energy for €22 million (~$26.4 million). The solar park has been in operation since 2013 and produces approximately 25.5 GWh of power annually.
Mercom had earlier <a href="https://mercomindia.com/bayware-acquires-enable-energy/" target="_blank" rel="noopener">reported</a> that BayWa r.e. acquired Enable Energy, a U.S.-based commercial and industrial solar and energy storage solutions provider. The company says it currently has 3 GW of renewable energy online while managing 8.3 GW of assets around the world.
According to Mercom&#8217;s <a href="https://mercomcapital.com/product/1h-q2-2021-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2021 Solar Funding and M&amp;A Report</a>, in 1H 2021, 135 projects were acquired, totaling 39.3 GW compared to 91 project acquisitions for 14.7 GW in 1H 2020.

Alternus Energy Acquires a 64.6 MW Solar Project in Poland from BayWa r.e.

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