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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-apg-acquires-49-stake-in-gemini-solar-storage-project/" target="_blank" rel="noopener"><strong>Mercom Capital Group</strong></a></p>
<p><strong>APG, a Netherlands-based pension asset manager, </strong><a href="https://www.businesswire.com/news/home/20221012005445/en/Quinbrook-and-Primergy-Solar-Partner-with-APG-on-Gemini-Solar-Storage-Project" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to acquire 49% equity ownership in the $1.2 billion</strong> 690 MWAC Gemini Solar + Storage project on behalf of its pension fund client ABP from Quinbrook Infrastructure Partners, an investment manager focused exclusively on the new infrastructure needed for the energy transition, and its portfolio company Primergy Solar.</p>
<p><strong>QatarEnergy, a state-owned petroleum company of Qatar, </strong><a href="https://www.qatarenergy.qa/en/MediaCenter/Pages/newsdetails.aspx?ItemId=3729" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a purchase agreement with Qatar Electricity and Water Company (QEWC)</strong> to acquire QEWC’s 49% interest in Siraj Energy, a solar project developer. Siraj Energy has a 60% interest in Siraj (1) which owns and will operate the Al-Kharsaa Solar Photovoltaic (PV) Independent Power Project, Qatar’s first and largest PV project with a total installed capacity of 800 MW.</p>
<p><strong>IBC SOLAR Energy, a division of German photovoltaics specialist IBC Solar AG, </strong><a href="https://mercomcapital.com/ibc-solar-energy-sells-120-mw-of-solar-projects/" target="_blank" rel="noopener"><strong>sold</strong></a><strong> two solar projects of 120 MW in Poland to Afcon Renewable Energy, </strong>a subsidiary of Afcon Holdings. Afcon Renewable Energy will complete the development of the projects up to the readiness to build stage through development agreements signed with local entrepreneurs. The agreement with Afcon underlines IBC SOLAR’s expansion of business activities in Poland. The company has recently founded a new subsidiary in Poland and expanded its local capacities.</p>
<p><strong>Eolus, a renewable energy developer, </strong><a href="https://mercomcapital.com/eolus-sells-a-750-mw-solar-and-battery-storage-project-in-arizona/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> an agreement to sell a 750 MW solar and battery storage project in Arizona, US. </strong>The project is Eolus’ third to be sold in the United States. The buyer is a United States-based portfolio company backed by a large publicly traded global private equity investment firm. The project is a mid-stage development asset expected to have an initial aggregate capacity of 750 MWac solar photovoltaic generation and battery storage capacity. Commissioning is currently planned for 2025.</p>
<p><strong>TagEnergy, a company focused on developing, financing, construction, and asset management of wind, solar, and storage projects,</strong> <a href="https://tag-en.com/50mw-battery-storage-acquisition/" target="_blank" rel="noopener">acquired</a> the 50 MW Pitkevy battery storage project from ILI Group, a clean energy development company focused on energy storage in the UK. The project is located in Scotland and will connect to the grid in 2024. ILI Group is developing over 4 GW of energy storage projects in the UK, with a project pipeline comprising 2.5 GW of Pumped Storage Hydro and 1.9 GW of Battery Storage.</p>
<p>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>.</p>
<p>Read last week’s project finance <a href="https://mercomindia.com/project-finance-brief-neoen-completes-battery-storage-project/" target="_blank" rel="noopener">brief</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Project Finance Brief: APG Acquires 49% Stake in Gemini Solar + Storage Project in Las Vegas

<p>Capital Dynamics, an independent global asset manager, has announced capital commitments of $1.2 billion for the closing of its Clean Energy and Infrastructure VII JV LLC fund (&#8220;CEI VII&#8221;).</p>
<p>This is a successor fund to CEI V, which held its final closing earlier this year at $1.2 billion. It has now been fully invested in over 1.5 GW of solar projects in the U.S.</p>
<p>Capital Dynamics manages approximately $4.8 billion for its clean energy infrastructure strategy and is the second largest owner of solar projects in the United States, according to the company.</p>
<p>Dutch asset manager APG, the California State Teachers’ Retirement System (&#8220;CalSTRS&#8221;) and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (&#8220;ADIA&#8221;), the three investors in the CEI V vehicle, are the primary equity participants in CEI VII. The fund will be invested in U.S.-based utility-scale renewable generation assets.</p>
<p>&#8220;With the close of CEI VII, we will continue to execute our proven investment strategy of investing in high-quality renewable energy generation projects,&#8221; said John Breckenridge, head of the Capital Dynamics Clean Energy Infrastructure business.</p>
<p>He added, “We greatly appreciate the continued confidence of our major investors and are committed to helping them achieve both their investment and ESG goals. Our highly focused and efficient approach to the sector has led to great success for CEI V and we look forward to continuing to execute our strategy with CEI VII.”</p>
<p><a href="https://mercomindia.com/global-solar-funding-rises-5-3-billion-first-half-2018/" target="_blank" rel="noopener">Recently</a>, the data released by Mercom Capital Group’s <a href="http://store.mercom.mercomcapital.com/product/q2-2018-solar-funding-and-ma-report/" target="_blank" rel="noopener">Q2 2018 Solar Funding and M&amp;A Report</a> found that the total corporate funding, including venture capital funding, public market, and debt financing rose to $5.3 billion in the first half (1H) of 2018 compared to the $4.6 billion raised in 1H 2017. This correlates to a 15 percent increase year-over-year (YoY).</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nitin/" class="vcard author" rel="author"><span class="fn">Nitin Kabeer</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft wp-image-9822" src="https://mercomindia.com/wp-content/uploads/2018/04/nitin-2.png" alt="" width="99" height="105" /><span style="font-family: Calibri"><span style="color: #000000"><span>Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism &amp; Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. <a href="https://mercomindia.com/author/nitin/">More articles from Nitin Kabeer</a></span></span></span></p>
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Capital Dynamics Closes $1.2 Billion Clean Energy and Infrastructure Deal

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