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					</table><p><strong>Sustainable infrastructure investor Greenbacker Capital Management has </strong><a href="https://mercomcapital.com/greenbacker-acquires-bess-project-california/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 30-MW/120-MWh battery energy storage system project</strong> in Imperial County, California, from the solar and storage developer SunCode. The project has a long-term power purchase agreement in place with an investment-grade utility and is expected to enter commercial operation in the third quarter of 2023.</p>
<p><strong>Altus Power, an independent solar power producer, </strong><a href="https://mercomcapital.com/altus-power-secures-funding-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> an incremental $47 million in debt funding from Blackstone</strong>. The total debt will provide long-term fixed-rate financing for 35 MW of operating assets in Altus Power’s portfolio. The proceeds will be used to pay off $15.8 million outstanding under the company’s construction facility, with the remainder as net cash proceeds to be reinvested in its business.</p>
<p><strong>European Energy, a solar project developer, <a href="https://mercomcapital.com/european-energy-sells-solar-project-italy/" target="_blank" rel="noopener">signed</a> an agreement with IREN, an Italian energy group, for the sale of the ready-to-build 20.39 MW of Noto solar project in Sicily.</strong> The agreement falls within the framework of the partnership signed between the companies in January 2022 for the pipeline of more than 437.5 MW photovoltaic projects on sites in Lazio, Puglia, and Sicily.</p>
<p><strong>Investment firm Blackstone Infrastructure Partners has </strong><a href="https://mercomcapital.com/blackstone-completes-equity-investment-invenergy-renewables/" target="_blank" rel="noopener"><strong>finalized</strong></a><strong> an approximately $1 billion equity investment in sustainable energy solutions provider Invenergy Renewables Holdings</strong>. The infusion of funds will play a vital role in supporting Invenergy’s diverse portfolio of projects, which encompasses solar and onshore wind farms, energy storage facilities, offshore wind initiatives, high-voltage direct current interregional transmission lines, clean hydrogen projects, solar module manufacturing, and the burgeoning its Reactivate venture that focuses on community solar initiatives.</p>
<p><strong>Uzma, an energy service provider company, announced that through its subsidiary, Uzma Kuala Muda successfully </strong><a href="https://mercomcapital.com/uzma-secures-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> RM225 million</strong> (~$48.44 million) Syndicated Islamic Financing Facilities to support the construction, development, operation, and maintenance of a 50 MW solar project. Affin Islamic Bank and the Export-Import Bank of Malaysia provided the funding. The project will be constructed at Lot 4, Bukit Selambau, Mukim Kuala Muda, Sungai Petani, Kedah Darul Aman.</p>
<p>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.</p>
<p>Read last week’s project finance <a href="https://www.mercomindia.com/project-finance-brief-grenergy-solar-project-spain" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Greenbacker Acquires 120 MWh BESS Project in California


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					</table><p>Investment firm <a href="https://www.blackstone.com/our-businesses/infrastructure/" target="_blank" rel="noopener">Blackstone Infrastructure Partners</a> have finalized an approximately $1 billion equity investment in sustainable energy solutions provider <a href="https://invenergy.com/" target="_blank" rel="noopener">Invenergy Renewables Holdings</a>.</p>
<p>The infusion of funds will play a vital role in supporting Invenergy&#8217;s diverse portfolio of projects, which encompasses solar and onshore wind farms, energy storage facilities, offshore wind initiatives, high-voltage direct current interregional transmission lines, clean hydrogen projects, solar module manufacturing, and the burgeoning its Reactivate venture that focuses on community solar initiatives.</p>
<p>In Jan 2022, Blackstone announced that funds managed by Blackstone Infrastructure Partners have entered into a definitive agreement with Caisse de depot et placement du Quebec (CDPQ) and Invenergy for an approximately $3 billion equity investment in Invenergy Renewables, a renewable energy company in North America.</p>
<p>Invenergy&#8217;s ownership includes Blackstone, CDPQ, and Invenergy management. The Invenergy management will continue as the company&#8217;s managing member with day-to-day responsibility for the execution of the business.</p>
<p>&#8220;The additional equity capital from Blackstone will help accelerate the execution of our existing project portfolio and our new business initiatives,&#8221; said Jim Murphy, President, and Corporate Business Leader at Invenergy. &#8220;We greatly value our long-term relationship with Blackstone and CDPQ and look forward to continuing to lead the clean energy transition with the support of these trusted partners.&#8221;</p>
<p>Invenergy and its affiliated companies have successfully developed over 30 GW of projects in operation, construction, or contracted, including wind, solar, transmission infrastructure, natural gas power generation, and advanced energy storage projects focused on partnerships with utilities, financial institutions, and commercial and industrial customers.</p>
<p>Last February, Invenergy <a href="https://www.mercomindia.com/project-finance-brief-enfinity-global-japan" target="_blank" rel="noopener">announced</a> an agreement with Ameren Missouri, a subsidiary of Ameren to sell a 150 MW solar project being developed in southeastern Illinois. The project will begin generating clean energy by 2024.</p>
<p>IRG Acquisition Holdings, a company owned by Invenergy, CPDQ, and funds managed by Blackstone Infrastructure, recently <a href="https://www.mercomindia.com/aep-sell-renewable-irg" target="_blank" rel="noopener">acquired</a> 1,365 MW of renewable portfolio from American Electric Power at an enterprise value of $1.5 billion.</p>


Blackstone Completes $1 Billion Equity Investment in Invenergy Renewables

<p>Global investment firm <a href="https://www.blackstone.com/" target="_blank" rel="noopener">Blackstone</a> has announced that funds managed by Blackstone Infrastructure Partners will invest approximately $3 billion equity investment in Invenergy Renewables Holdings.</p>
<p>Caisse de dépôt et placement du Québec (CDPQ) and Invenergy management will remain the company&#8217;s majority owners, and <a href="https://invenergy.com/" target="_blank" rel="noopener">Invenergy</a> will continue as the managing member.</p>
<p>Invenergy Renewables is one of the largest private renewable energy companies in North America.</p>
<p>The investment is expected to increase Invenergy&#8217;s renewable deployment activities. The company has over 175 projects totaling nearly 25 GW developed across four continents, and the company&#8217;s projects have offset 167 million tons of carbon dioxide.</p>
<p>Invenergy Renewables has a significant development and construction pipeline, and its affiliate Invenergy Transmission is developing some of the world&#8217;s most innovative transmission infrastructure projects. The company is also developing wind and solar projects in the United States to deliver a combined capacity of 3 GW of clean energy by 2023.</p>
<p>The company has been working towards expanding its portfolio to include solar power generation since 2012. Currently, Invenergy has nearly 6 GW of solar capacity with 49 projects and nearly 17.5 GW of wind capacity with 110 projects.</p>
<p>Early last year, Invenergy had <a href="https://mercomindia.com/invenergy-financing-america-largest-solar/" target="_blank" rel="noopener">reported</a> the completion of construction financing for the first phase of Samson Solar Energy center in Northern Texas, one of the largest solar energy facilities in the US.</p>
<p>Since 2019, Blackstone has committed nearly $13 billion in investments that the company believes are consistent with the broader energy transition. In September 2020, it had <a href="https://mercomindia.com/blackstone-sets-up-250-million-fund-for-distributed-projects/" target="_blank" rel="noopener">announced</a> a $250 million fund for distributed and sustainable energy infrastructure assets to ride on the renewable energy wave that&#8217;s sweeping energy markets globally.</p>
<p>Earlier, Loanpal, a U.S.-based financial technology company, had <a href="https://mercomindia.com/blackstone-to-invest-300-million/" target="_blank" rel="noopener">revealed</a> that Blackstone would invest nearly $300 million (~₹22.44 billion) in residential solar loans on the Loanpal platform.</p>
<p>According to Mercom’s 9M and Q3 2021 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report" target="_blank" rel="noopener">Report</a>, corporate funding activity in the global solar market, including venture capital funding, public market, and debt financing in the first nine months (9M) of 2021, came to $22.8 billion in 112 deals, a 190% increase compared to $7.9 billion in 72 deals in 9M 2020. In 9M 2021, the solar sector raised $2.2 billion in VC funding in 39 deals, a 466% increase compared to $394 million in 29 deals in 9M 2020.</p>


Blackstone to Invest Nearly $3 Billion in Renewable Energy Developer Invenergy

<p>The United States-based global investment firm, <a href="https://www.blackstone.com/" target="_blank" rel="noopener noreferrer">Blackstone</a>, has announced a $250 million fund for distributed and sustainable energy infrastructure assets to ride on the renewable energy wave that’s sweeping energy markets globally.</p>
<p>“The market for on-site renewable projects is multiplying as energy consumers are faced with rising energy costs, service outages caused by extreme weather and natural disasters,” the firm said in the statement.</p>
<p>Blackstone manages assets worth $571 billion and has floated a new portfolio company, ClearGen LLC, through funds managed by GSO Capital Partners LP, to undertake the investments. ClearGen will finance and own distributed and sustainable energy infrastructure assets for commercial, industrial, and institutional customers.</p>
<p>The firm plans to expand the size of the renewable energy fund over time. It plans to offer flexible capital solutions and investments. It will work closely with equipment manufacturers, developers, and energy service companies involved in developing, building, and operating distributed infrastructure.</p>
<p>Plans include investment in microgrids, distributed generation, renewable energy combined with battery storage, energy efficiency investments, combined heat, and power plants and, green transportation.</p>
<p>These assets will serve sectors, including technology, telecommunications, healthcare, real estate, industrials, and other commercial and industrial energy consumers.</p>
<p>“Energy consumers face a range of challenges, including cost and risk management and the reliability of supply that affects critical operation,” said George Plattenburg, chief executive officer at ClearGen.</p>
<p>“ClearGen will finance a wide range of revenue streams and diverse customers to allow our partners to accelerate growth,” Collin Franceschi said ClearGen’s chief development officer said.</p>
<p>The company intends to offer a full range of low-cost, flexible capital through credit and insurance businesses. It will allow Blackstone to be a one-stop-shop for infrastructure capital needs.</p>
<p>In August, Blackstone <a href="https://mercomindia.com/blackstone-to-invest-300-million/" target="_blank" rel="noopener noreferrer">announced</a> a $300 million investment plan in solar loans. Investments will be in the residential solar loan segment serviced on Loanpal’s platform. Loanpal, a leading financier of residential rooftop solar energy in the U.S., will offer Blackstone the option of financing solar installations homeowners.</p>
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