Northeast Frontier Railway Tenders 5.7 MW of Rooftop Solar Projects

RBI to Raise ₹200 Billion in Sovereign Green Bonds in Second Half of 2024-25

HLE Glascoat to Procure Power from CleanMax’s Wind and Solar Projects  

Daily News Wrap-Up: NVVN Awards 66 MW Solar Projects to Two Companies

Kirloskar and Oriana Win Contracts for 66 MW of Solar Projects from NVVN

SECI Invites Bids for Supply of 400 MW of India-made Solar Modules

Torrent Power’s Revenue Grows 3% YoY in Q2 FY 2025

CleanMax to Supply 33 MW of Renewable Energy to Equinix’s Data Centers in Mumbai

CERC Proposes New Regulations for Trading in Carbon Credit Certificates

UAE’s Masdar Signs Investment Agreement for 1 GW Wind Project in Kazakhstan

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-sabanci-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings, <a href="https://mercomcapital.com/sabanci-renewables-secures-137-million-financing-for-oriana-solar-project/" target="_blank" rel="noopener">announced</a> the closing of $137 million in tax equity financing for its 232 MW Oriana Solar Project, located approximately 120 miles southeast of San Antonio in Victoria County, Texas. Advantage Capital, an investment firm, provided funding for the utility-scale solar project currently under construction. The project is expected to begin commercial operations in Spring 2025.
ContourGlobal, an independent power producer and a KKR company, <a href="https://mercomcapital.com/contourglobal-acquires-151-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 151 MW solar project portfolio in South Carolina from Sun Tribe Development, a solar and energy storage project developer. The portfolio comprises two solar projects in the late stages of development, and long-term power purchase agreements have been signed. The projects are scheduled to reach commercial operations in 2029.
Qcells, a utility-scale solar and energy storage project developer and solar EPC provider, announced the <a href="https://mercomcapital.com/qcells-sells-142-mw-appaloosa-solar-project/" target="_blank" rel="noopener">sale</a> of the 142 MW Appaloosa solar project in Garfield County, Washington, to Puget Sound Energy, an energy utility company. The project will be co-located with the Lower Snake River Wind facility. The project is expected to begin construction in 2025 and commercial operation in December 2026.
Highfield Solar, a solar project developer, secured project financing to <a href="https://mercomcapital.com/highfield-solar-secures-financing-solar-projects/" target="_blank" rel="noopener">support</a> the construction and operation of two solar projects in Ireland having a total capacity of 132 MW. Coöperatieve Rabobank U.A., a Netherlands-based financial services company, provided the funding. The portfolio comprises the 70 MW Clonin North and 62 MW North Arklow solar project. The Clonin North project will be located near the village of Rhode, County Offaly, while the North Arklow project will be located near the town of Arklow in County Wicklow.
The International Finance Corporation is partnering with Axis Bank to <a href="https://www.mercomindia.com/ifc-and-axis-bank-to-provide-500-million-loan-for-green-projects" target="_blank" rel="noopener">provide</a> a $500 million loan to help develop a blue finance market and scale up financing of green projects in India. The funding will also aid in expanding Axis Bank’s climate finance portfolio. Besides tackling climate change issues, the loan will be utilized to develop offshore renewable energy.
Clearway Energy Group, a developer and operator of clean energy projects, <a href="https://mercomcapital.com/clearway-closes-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the financial closure of the 300 MW Pine Forest solar and 200 MW Pine Forest standalone storage projects in Hopkins County, Texas, which are now under construction.
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-ze-energy-financing-solar-storage/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Sabanci Renewables Secures Financing for Oriana Solar Project

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					</table>From: <a href="https://mercomcapital.com/lightsource-bp-sells-solar-storage-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Lightsource bp, a solar project developer, <a href="https://mercomcapital.com/lightsource-bp-sells-49-9-mw-solar-storage-project-to-schroders-greencoat/" target="_blank" rel="noopener">announced</a> the sale of the 49.9 MWac Tiln Farm solar and co-located 25 MW/50 MWh (two-hour duration) energy storage project to Schroders Greencoat, an investment manager dedicated to renewable infrastructure. The Tiln Farm project is located near Retford in Nottinghamshire, UK. The project began construction in 2022.
Enfinity Global, a U.S.-based renewable energy project developer, announced the financial <a href="https://mercomcapital.com/enfinity-global-secures-558-million-financing-solar-projects-italy/" target="_blank" rel="noopener">close</a> of €500 million (~$558.73 million), which will support the development and construction of around 1.5 GW of solar projects in Italy. The funding has been provided through a club deal structure in partnership with several investors, including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management, and QIC (Queensland Investment Corporation).
Clearway Energy Group, a developer and operator of clean energy projects, <a href="https://mercomcapital.com/clearway-secures-550-million-financing-for-solar-and-storage-project/" target="_blank" rel="noopener">closed</a> $550 million in financing for developing its Rosamond South I solar and storage project in Kern County, California. Upon completion, the solar portion will have a total capacity of 140 MW, and the storage capacity will be 118 MW.  The company has started constructing the Rosamond South I project and is expected to reach commercial operations in 2025.
Sun Investment Group, a solar project developer and investment management company, <a href="https://mercomcapital.com/sig-secures-construction-bridge-facility-29-mw-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> a €16 million (~$17.87 million) construction bridge financing facility from an international debt fund. The funding will support the development of a portfolio of solar projects totaling 29 MW across Poland.
Sunly, a renewable energy power producer, <a href="https://mercomcapital.com/sunly-secures-335-million-for-hybrid-renewable-projects-in-baltics-and-poland/" target="_blank" rel="noopener">secured</a> €300 million ($335.15 million) financing from Scandinavian and French investors for developing 1.3 GW of solar, wind, storage, and hybrid projects. The funding will support the development of large-scale hybrid projects across the Baltics and Poland. The investors include Rivage Investment, which operates in France through a fund dedicated to solutions to climate problems; Copenhagen Infrastructure Partners through the Green Credit I fund; and Norway pension fund, KLP.
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-swift-current-energy-secures-financing-for-800-mw-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Lightsource bp Sells 49.9 MW Solar and Storage Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-juwi-sells-solar-portfolio-greece/" target="_blank" rel="noopener">Mercom Capital Group</a>
JUWI, a renewable energy project developer and wholly owned subsidiary of MVV Energie, announced the <a href="https://mercomcapital.com/juwi-sells-267-mw-solar-portfolio-in-greece/" target="_blank" rel="noopener">sale</a> of a 267 MW solar portfolio in Greece to Foresight and Mirova, a Paris headquartered asset management company. The construction of the projects is expected to begin in August 2024. The portfolio comprises three solar projects with an individual capacity of 160 MW, 40 MW, and 67 MW.
Clearway Energy Group, a developer and operator of clean energy projects, <a href="https://mercomcapital.com/clearway-secures-700-million-financing-for-solar-and-storage-project/" target="_blank" rel="noopener">announced</a> that it has secured more than $700 million in construction financing for the 200 MW Luna Valley Solar Project and a 113.5 MW standalone energy storage project in San Bernardino County, which is in the final phase of the 482 MW Daggett Solar + 394 MW Storage complex. The construction of the projects has already begun, and commercial operations of both projects are scheduled for 2025.
Frontier Energy, an Australian clean energy project developer, <a href="https://mercomcapital.com/frontier-energy-secures-142-million-in-debt-financing/" target="_blank" rel="noopener">secured</a> A$215 million (~$142.42 million) in senior project debt financing for developing the Waroona Renewable Energy Project  with Infradebt, an Australian infrastructure fund manager. The funding will support the construction and operation of Stage One of the WERP, a solar plus storage project.
GoldenPeaks Capital, an independent renewable energy power producer, <a href="https://mercomcapital.com/goldenpeaks-capital-secures-financing-for-177-mw-solar-project-portfolio-in-poland/" target="_blank" rel="noopener">secured</a> €109 million (~$118.46 million) in financing across separate transactions for two large-scale solar project portfolios in Poland. Both portfolios, having a total capacity of 177 MW, are being developed by GoldenPeaks Capital. The two portfolios comprise over 100 solar projects, which are in various stages of construction and scheduled for commercial operations by Q4 2024.
Green Genius, a renewable energy project developer, entered into an <a href="https://mercomcapital.com/green-genius-sells-34-mw-solar-portfolio-in-lithuania/" target="_blank" rel="noopener">agreement</a> to sell a 34 MW solar project portfolio in Lithuania to Nala Renewables, a renewable energy investment and development platform. Nala Renewables additionally signed an agreement with Green Genius to acquire further 45 MW of solar projects in the near term. The acquisitions are expected to raise the total size of the portfolio in Lithuania to 79 MW.
India-based renewable energy company BluPine Energy said it has <a href="https://www.mercomindia.com/blupine-energy-secures-%E2%82%B92-39-billion-from-tata-capital" target="_blank" rel="noopener">secured</a> a funding of ₹2.39 billion (~$ 28.54 million) from Tata Capital. The funding will be utilized for a 75 MW solar power project in Chhattisgarh, India. The project is expected to generate close to 117 million units of energy per year and offset more than 107,000 tons of carbon emissions.
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-intersect-power-project-financing/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: JUWI Sells 267 MW Solar Portfolio in Greece

<a href="https://totalenergies.com/" target="_blank" rel="noopener">TotalEnergies</a> announced the signing of agreements with the Global Infrastructure Partners (<a href="https://www.global-infra.com/" target="_blank" rel="noopener">GIP</a>) to acquire 50% of Clearway Energy Group (<a href="https://www.clearwayenergygroup.com/" target="_blank" rel="noopener">CEG</a>), a U.S.-based renewable energy company.
TotalEnergies said that the acquisition is its largest in the renewable energy sector in the U.S., one of the world&#8217;s top three renewable markets.
CEG is a developer of renewables projects and controls and owns 42% of the economic interest of its listed subsidiary, Clearway Energy (CWEN), into which projects are dropped when they reach commercial operation.
The company operates 7 GW of wind and solar assets through its listed subsidiary CWEN. It has a 25 GW pipeline of renewable and storage projects, of which 15 GW are in an advanced stage of development.
Under the transaction, GIP will receive $1.6 billion in cash and an interest of 50% minus one share in the TotalEnergies subsidiary that holds its 50.6% ownership in SunPower Corporation, a residential solar company in the U.S.
The transaction took into account valuations of $35.1 per share for CWEN and $18 per share for SunPower.
As part of this partnership, TotalEnergies will contribute to enhancing Clearway’s growth prospects by providing CWEN in the U.S. with access to its power trading capabilities and giving it a priority on the farm down of its own developed projects.
TotalEnergies, along with GIP as an equity partner, expects to support SunPower management’s growth strategy.
Commenting on the acquisition, Patrick Pouyanné, Chairman and CEO of TotalEnergies, said, “We are delighted with this partnership with Global Infrastructure Partners, a major player in renewables, particularly in the United States. This transaction perfectly fits with our strategy to make renewable electricity one of our main growth drivers, along with liquefied natural gas that we have recently reinforced with the launch of the Cameron extension. It illustrates our priority to accelerate the transformation of the company to become a sustainable and profitable multi-energy company.”
The acquisition brings TotalEnergies&#8217; renewable portfolio in the U.S. to more than 25 GW and contributes to the objective that the U.S. accounts for at least 25% of the company&#8217;s global target of 100 GW by 2030.
In April this year, TotalEnergies <a href="https://mercomindia.com/totalenergies-acquires-core-solar/" target="_blank" rel="noopener">acquired</a> Core Solar, an Austin-based solar project developer with a solar and energy storage project portfolio of more than 4 GW across the U.S.
For the first quarter (Q1) of 2022, TotalEnergies <a href="https://mercomindia.com/totalenergies-net-income-surges/" target="_blank" rel="noopener">reported</a> a net income of $4.9 billion, a 48% year-over-year increase compared to $3.3 billion in Q1 of 2021.

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