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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-matrix-renewables-financing-projects/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Matrix Renewables, a global renewable energy company, </strong><a href="https://mercomcapital.com/matrix-renewables-secures-financing-for-240-mw-solar-projects-in-spain/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a €50 million (~$54.74 million) green loan with the European Investment Bank</strong> to support the development and construction of five solar projects in Spain. With a total installed capacity of 240 MW, the projects are located in Castilla y Leon and Extremadura. The projects are expected to reach commercial operations by the end of 2025.</p>
<p><strong>CleanCapital, a mid-market renewables project financing group, </strong><a href="https://mercomcapital.com/cleancapital-acquires-13-mw-solar-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of two fully operational solar projects totaling 13 MW</strong>. BQ Energy Development has developed projects that supply clean energy to a local university, healthcare provider, and municipality in upstate New York. Both projects are financed by M&amp;T Bank’s Commercial Equipment Finance Group.</p>
<p><strong>JERA Nex, a renewable energy company headquartered in London and launched by JERA, </strong><a href="https://mercomcapital.com/jera-nex-acquires-395-mw-solar-projects-from-lightsource-bp/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of two solar projects</strong> with a total capacity of 395 MW from Lightsource bp, a solar and energy storage project developer. The portfolio comprises the 300 MW Oxbow solar project in Louisiana and the 95 MW Happy solar project in Arkansas. Both projects are in commercial operation.</p>
<p><strong>Summit Ridge Energy, a community solar project owner and operator, and HASI, an investor in climate solutions, </strong><a href="https://mercomcapital.com/summit-ridge-energy-and-hasi-secure-term-loan-on-community-solar-portfolio/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $309 million back-leveraged term loan on a portfolio</strong> of 80 operating community solar projects. Summit Ridge Capital Holdings, a joint venture between Summit Ridge Energy and HASI, owns the projects. The portfolio, built by Summit Ridge over the last five years, includes ground-mount and rooftop community solar projects with a total capacity of 216 MW.</p>
<p><strong>Origis Energy, the provider of a vertically integrated renewable energy platform and a solar project developer, </strong><a href="https://mercomcapital.com/origis-energy-secures-71-million-tax-equity-financing/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the close of $71 million in tax equity financing</strong> for the development of the 75 MW Rice Creek Solar project in Florida. The tax equity financing was secured from U.S. Bank subsidiary U.S. Bancorp Impact Finance, a renewable energy investor.</p>
<p><strong>Renewable energy platform Blueleaf Energy </strong><a href="https://www.mercomindia.com/blueleaf-secures-170-million-for-200-mw-wind-solar-project" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the financial closure of its 200 MW wind-solar hybrid power project under development in Madhya Pradesh, India</strong>. The company has secured around $170 million in financing from Axis Bank for the Pachora hybrid power project and grid access at the Pachora Inter-State Transmission System substation.</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://mercomcapital.com/project-finance-brief-orlen-group-solar-project-portfolio-poland/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Matrix Renewables Secures Financing for 240 MW Solar Projects


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					</table><p>Renewable energy platform <a href="https://www.blueleafenergy.com/" target="_blank" rel="noopener">Blueleaf Energy</a> announced the financial closure of its 200 MW wind-solar hybrid power project under development in Madhya Pradesh.</p>
<p>The company has secured around $170 million in financing from <a href="https://www.axisbank.com/" target="_blank" rel="noopener">Axis Bank</a> for the Pachora hybrid power project and grid access at the Pachora Inter-State Transmission System (ISTS) substation.</p>
<p>The project, which is expected to start operations in 2025, is estimated to produce over 600 GWh of energy a year.</p>
<p>Blueleaf Energy is a pan-Asian firm that develops, finances, owns, and operates renewables and storage assets to accelerate the energy transition towards net zero and beyond. It has a development pipeline of solar, wind, and storage projects of more than 7 GW.</p>
<p>Blueleaf Energy India Country Head Pratyush Thakur said, &#8220;The Pachora Hybrid Power Project will be Blueleaf&#8217;s first utility-scale initiative in India. The project&#8217;s offtake has been structured innovatively, unbundling the environmental and energy components. Environmental attributes, in the form of International Renewable Energy Certificates (I-RECs), will be supplied to a large international tech company, while power without attributes will be delivered to a leading Indian power trader.&#8221;</p>
<p>Ganesh Sankaran, Group Executive and Head of Wholesale Banking Coverage Group, Axis Bank, said, &#8220;Axis Bank is glad to partner with Blueleaf Energy on its first greenfield 200 MW wind-solar hybrid power project in India. Our focus is to scale business activities to support India&#8217;s sustainable and equitable transition to a green economy. We are constantly exploring specialized products and services that are in line with the SDGs and climate action and adapting to emerging regulatory guidance and market practices.&#8221;</p>
<p>In May 2023, Blueleaf Energy and SunAsia Energy were <a href="https://www.mercomindia.com/philippines-610-mw-floating-solar-project" target="_blank" rel="noopener">awarded</a> contracts by the Philippine government to construct and manage what is claimed to be the world&#8217;s largest floating solar project with a combined capacity of 610.5 MW.</p>


Blueleaf Secures $170 Million for 200 MW Wind-Solar Project in Madhya Pradesh


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					</table><p><a href="https://www.blueleafenergy.com/" target="_blank" rel="noopener">Blueleaf Energy</a> and <a href="http://sunasiaenergy.com/" target="_blank" rel="noopener">SunAsia Energy</a> have been awarded contracts by the Philippine government to construct and manage what is claimed to be the world’s largest floating solar project with a combined capacity of 610.5 MW.</p>
<p>The move is viewed as a milestone in the country’s energy sector with the issuance of Solar Energy Operating Contracts (SEOCs) by the Department of Energy (DOE) for a cumulative capacity of 1.3 GW in floating solar projects.</p>
<p>Blueleaf Energy and SunAsia Energy will collaborate on the construction of a sizable floating solar installation on Laguna Lake, which extends across the developing urban cities of Calamba, Sta. Rosa and Cabuyao, as well as the towns of Bay and Victoria.</p>
<p>At the contract turnover ceremonies, Energy Secretary Raphael Lotilla restated his commitment to enhancing the renewable energy sector and declared the DOE&#8217;s unwavering support for commercializing floating solar facilities as an emerging technology.</p>
<p>Blueleaf Energy CEO, Raghuram Natarajan, said that the Philippines holds great potential to add significant renewable energy capacity to its energy mix and, at the same time, deliver green energy at an affordable cost compared to fossil fuels.</p>
<p>Natarajan also noted that removing foreign ownership restrictions is an important step in attracting much-needed foreign direct investments in the Philippine renewable energy sector to accelerate the country&#8217;s energy transition to meet decarbonization and net-zero targets.</p>
<p>Emphasizing cooperation among public and private stakeholders to ensure the successful development of the project, Natarajan added that this project would contribute to the country&#8217;s renewable energy goals and spark green job growth locally during construction and long-term operations.</p>
<p>Blueleaf Energy has developed and built almost 2 GW of solar capacity globally, including 250 MW in the Philippines.</p>
<p>SunAsia Energy&#8217;s President and CEO, Tetchi Capellan, pointed out that there is a strong incentive to build floating solar projects on the water as land use is becoming a big issue for renewables.</p>
<p>SunAsia Energy has been operating a testbed on Laguna Lake since 2019, aiming to contribute to the growing knowledge of floating solar panels on the lake.</p>
<p>SunAsia Energy has partnered with various entities to develop solar projects since its inception in 2013, including the 60 MW Toledo solar project in Cebu and the 20 MW Dagupan solar project in Pangasinan.</p>
<p>In June 2022, the Philippines’ DOE <a href="https://www.mercomindia.com/philippines-awards-renewables-under-green-energy-auction" target="_blank" rel="noopener">awarded</a> 19 contracts to develop 1.57 GW of renewable energy projects under the first round of the 2 GW Green Energy Auction Program. The auction was held for solar, hydro, wind, and biomass projects in the country’s Luzon, Visayas, and Mindanao regions.</p>
<p>Earlier in February, through its Green Energy Auction program, the department <a href="https://www.mercomindia.com/philippines-launches-tender-renewables" target="_blank" rel="noopener">launched</a> an auction to allocate 2 GW of renewable energy capacity across its three main power territories.</p>


Philippines Awards Contracts for 610 MW Floating Solar Project

<p><a href="https://www.blueleafenergy.com/" target="_blank" rel="noopener noreferrer">Blueleaf Energy</a>, a Singapore-based renewable energy company, announced that it acquired a majority stake in an Indian clean energy solutions provider, <a href="https://www.vibrantenergyholdings.com/" target="_blank" rel="noopener noreferrer">Vibrate Energy Holdings</a>, from <a href="https://atni.com/" target="_blank" rel="noopener noreferrer">ATN International</a>.</p>
<p>Blueleaf Energy specializes in the development, finance, construction, and operation of both commercial and industrial (C&amp;I) and utility-scale solar systems across the Asia Pacific region. Blueleaf Energy also actively acquires and develops onshore wind and battery storage projects.</p>
<p>BlueLeaf Energy would combine its global consumer base and technical expertise with Vibrant Energy’s strong project pipeline and local knowledge through this acquisition. The company, owned by Macquarie’s Green Investment Group (<a href="https://www.greeninvestmentgroup.com/" target="_blank" rel="noopener noreferrer">GIG</a>), stated that the acquisition would provide commercial and industrial consumers an opportunity to manage their energy needs and achieve decarbonization targets.</p>
<p>“With the acquisition of Vibrant Energy, we have secured a talented team and an impressive development pipeline in one of the significant markets for the solar energy industry,” said Sol Proops, Interim Chief Executive Officer of Blueleaf Energy.</p>
<p>According to the press statement, Vibrant Energy Holdings has 66 MW of operational solar projects, and another 400 MW of solar projects are under pipeline across India.</p>
<p>“The acquisition positions Vibrant Energy to become an innovative commercial and industrial platform in India by cross-leveraging the expertise of BlueLeaf and ATN. With the guidance of BlueLeaf, Vibrant aims to lead the transition of C&amp;I consumers to a sustainable future,” said Srini Viswanathan, Chief Executive Officer of Vibrant Energy Holdings. BlueLeaf Energy said it has so far developed and operated around 2 GW of solar projects worldwide, which also includes over 500 MW of solar projects in the Asia Pacific region.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">9M and Q3 Solar Funding and M&amp;A Report</a>, 42 corporate solar mergers and acquisitions (M&amp;A) transactions (11 disclosed for $7 billion) were announced across the globe in the first nine months of 2020, compared to 57 transactions (ten disclosed for $600 million) in 9M 2019. In the third quarter of 2020, 17 solar M&amp;A transactions were executed (five disclosed for $6.8 billion) compared to 13 transactions in the last quarter.</p>
<p>In August 2020, Malaysia-based Yinson Holdings Berhad <a href="https://mercomindia.com/yinson-increases-stake/" target="_blank" rel="noopener noreferrer">announced</a> that it would acquire an additional 57.5% equity interest in Rising Sun Energy Private Limited, an Indian company engaged in solar development.</p>
<p>Earlier this year, Orix Corporation, a Japan-based financial services group, <a href="https://mercomindia.com/orix-acquire-stake-greenko/" target="_blank" rel="noopener noreferrer">announced</a> that it had signed a framework agreement with renewable energy project developer Greenko Energy Holdings to acquire approximately 20% of its shares.</p>


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