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SMA Solar Net Income Plunges 44.8% YoY in Q1 2024 on Increased Costs


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-altus-power-acquires-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Altus Power, an independent developer, owner, and operator of commercial-scale solar facilities, </strong><a href="https://mercomcapital.com/altus-power-acquires-121-mw-of-solar-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of Project Hyperion</strong>, which owns 121 MW of solar power projects in North and South Carolina. Altus acquired the projects using the funds advised by Basalt Infrastructure Partners and Soltage, an owner and developer of distributed solar and storage assets.</p>
<p><strong>Emeren, a solar project developer, announced the </strong><a href="https://mercomcapital.com/emeren-acquires-solar-portfolio-in-spain/" target="_blank" rel="noopener"><strong>acquisition</strong></a><strong> of an 86 MW utility-scale solar power project portfolio in Spain</strong> from Negratin Global Services, an industrial and service group company. The project portfolio comprises 13 utility-scale solar projects ranging from 6 MW to 14 MW. All the projects are in the ready-to-build stage and are expected to begin construction in late 2024.</p>
<p><strong>European Energy, a solar project developer, announced the </strong><a href="https://mercomcapital.com/european-energy-sells-over-100-mw-solar-wind-projects/" target="_blank" rel="noopener"><strong>sale</strong></a><strong> of three renewable energy projects in Germany and the UK</strong>, with a cumulative capacity of over 100 MW. The projects include Bubney Solar Farm in the UK, with a capacity of 40.4 MW, and the Bloosballich Wind Park in Germany, with a 12.6 MW capacity. The divestment also included an additional wind power project in Germany, which the company did not name and accounted for the remaining capacity.</p>
<p><strong>Dominion, an electric utility company, </strong><a href="https://mercomcapital.com/dominion-sells-38-mw-solar-project-spain/" target="_blank" rel="noopener"><strong>sold</strong></a><strong> the 37.83 MW Valdecarretas solar photovoltaic project in Spain to Renewables Japan Corporation</strong>, a Japan-headquarter power generation company. The Valdecarretas photovoltaic park is located in Zamora (Spain) and has been operating since its commissioning last July.</p>
<p><strong>In a first-of-its-kind transaction undertaken by a public sector undertaking, SJVN, a joint venture between the Government of India and the state of Himachal Pradesh</strong>, <a href="https://www.mercomindia.com/sjvn-%e2%82%b9100-billion-fund-construction-renewable-projects" target="_blank" rel="noopener">secured</a> ₹100 billion (~$1.2 billion) of Construction Financing Facility to fund its upcoming renewable power projects. The financing was raised by Deutsche Bank, State Bank of India, Punjab National Bank, Bank of India and, Mitsubishi and United Financial of Japan Financial Group (MUFG) Bank.</p>
<p><strong>GreenYellow, a decentralized solar photovoltaic production company, </strong><a href="https://fr.greenyellow.com/en/news/greenyellow-acquires-three-asset-portfolios-demeter" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of three portfolios of operational solar assets</strong> from Demeter Investment Managers totaling 20 MW in France. The acquired assets include Eifficentre, a portfolio of energy efficiency projects in partnership with Eiffage, as well as the solar power plants Vanilla Solar and Lavanda Solar.</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-encavis-acquires-solar-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Altus Power Acquires 121 MW Solar Projects


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-encavis-acquires-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Germany-based independent power producer Encavis </strong><a href="https://mercomcapital.com/encavis-acquires-30-mw-solar-project-italy/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> 30 MW of ready-to-build Pozzolo solar project in Italy</strong>. The value of the transaction and the vendor’s name were not disclosed. The solar project is expected to generate an average of around 42 GWh of electricity annually and will be connected to the grid in the second quarter of 2025.</p>
<p><strong>Radial Power, a developer-owner-operator of distributed clean energy assets across large real estate portfolios, </strong><a href="https://mercomcapital.com/radial-power-secures-community-solar-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $80 million in tax equity financing</strong> from Bank of America to fund developing and installing 96 MW Commercial and Industrial (C&amp;I) and community solar projects across the U.S. The company will use the funding to support its pipeline of distributed generation projects through late 2024, encompassing both asset and portfolio-level turn-key integrated C&amp;I and community solar solutions.</p>
<p><strong>German development bank Kreditanstalt für Wiederaufbau (KfW) has </strong><a href="https://www.mercomindia.com/kfw-loans-218-million-solar-expansion-india" target="_blank" rel="noopener"><strong>granted</strong></a><strong> a Є130 million (~$142 million) loan to the Indian Ministry of Finance and a Є70 million (~$ 76 million) loan</strong> to the State Bank of India (SBI) recently. SBI will use the funds to refinance solar projects with a total capacity of 180 MW as part of phase III. The loan extended to the power generation company of Maharashtra through the Ministry of Finance will support both ground-mounted solar systems with a total capacity of 330 MW and transmission lines from solar projects to the nearest substation.</p>
<p><strong>Emeren, a solar project developer, <a href="https://mercomcapital.com/emeren-group-sells-solar-project-portfolio-hungary/" target="_blank" rel="noopener">announced</a> the sale of a 53.6 MW solar project portfolio in Hungary to Kronospan / Douglas Renewables</strong>, a manufacturer of wood-based panels. The portfolio encompasses six projects at various stages of advanced development. Four of them are already operational. One more power plant is scheduled to commence operations at the end of Q4 2023, with the final project expected to come online by mid-2024.</p>
<p><strong>Goldbeck Solar Investment, the investment arm of Goldbeck Solar and Suncatcher Polska, </strong><a href="https://mercomcapital.com/goldbeck-solar-investment-suncatcher-polska-solar-projects/" target="_blank" rel="noopener"><strong>sold</strong></a><strong> 9 MW of solar projects in Poland</strong>. The transaction details were not disclosed. The cluster comprises two solar parks in Barlinek in the Western Pomeranian Voivodeship in Poland. It has been operating since December 2023.</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-goldenpeaks-acquires-solar-projects-poland/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Encavis Acquires 30 MW Solar Project in Italy


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-emeren-sells-energy-storage-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Emeren, a solar project developer, owner, and operator, </strong><a href="https://mercomcapital.com/emeren-group-sells-battery-energy-storage-portfolio/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of a 410 MW energy storage portfolio comprising five battery energy storage projects </strong>in Italy to Matrix Renewables. The five projects consist of standalone storage systems with a cumulative capacity of 3,787 MWh. The entire portfolio is strategically located in the Italian southern region of Apulia. The Ready-To-Build status is expected to be achieved by late 2024.</p>
<p><strong>Arevon Energy, a solar and storage project developer, </strong><a href="https://mercomcapital.com/arevon-energy-secures-vikings-solar-and-storage-project/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> the financing on the Vikings solar-plus-storage project with a combination of debt financing and tax credit transfer</strong>. The company secured a commitment with J.P. Morgan to purchase $191 million in investment tax credits and production tax credits leveraging the Inflation Reduction Act’s transferability provision. The Viking project is located in Imperial County, California, consisting of 157 MW of solar coupled with 150 MW/ 600 MWh of energy storage project. Arevon also secured an additional $338 million debt facility.</p>
<p><strong>Soltec, a single-axis solar tracker firm, has <a href="https://mercomcapital.com/soltec-secures-project-financing-solar-project-spain/" target="_blank" rel="noopener">secured</a> €3.6 million (~$3.8 million) in project finance, with an additional €550,000 (~$589,520) from local communities </strong>to construct a 5.6 MW solar project in Spain. The financing includes senior debt financing combined with investment from local communities in the same project through a crowdfunding platform for constructing the Totana IV photovoltaic solar project.</p>
<p><strong>Aypa Power, a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects</strong>, <a href="https://mercomcapital.com/aypa-power-secures-financing-for-energy-storage-projects/" target="_blank" rel="noopener"><strong>secured</strong></a> $550 million in debt and tax equity financing for energy storage projects. The First Citizens Bank &amp; Trust Company, Nomura Securities International, National Bank of Canada, and MUFG Bank served as lenders, and U.S. Bancorp Impact Finance as the portfolio’s tax equity investor.</p>
<p><strong>esVolta, LP, a developer, owner, and operator of utility-scale energy storage projects in North America, </strong><a href="https://www.businesswire.com/news/home/20231109094937/en/esVolta-Secures-Tax-Equity-Investment-from-U.S.-Bank-for-Energy-Storage-Project-in-California" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has closed a tax equity investment</strong> with U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, to finance its Santa Paula Energy Storage project. The new tax equity financing will support the completion of a 30 MW / 60 MWh battery project currently under construction about 60 miles northwest of Los Angeles.</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-hive-energy-sells-solar-projects/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Emeren Sells 3.8 GWh Battery Energy Storage Portfolio


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					</table><p>Utility-scale solar and battery storage projects developer <a href="https://emeren.com/" target="_blank" rel="noopener">Emeren Group</a> recorded a net income of $8.3 million during the second quarter (Q2) of 2023, marking the highest level seen in the past five years and accounting for a massive year-over-year (YoY) improvement from a loss of $204,000.</p>
<p>The surge in net income was attributed to solar and battery storage project execution in Europe.</p>
<p>The company recorded a revenue of $33.85 million, a YoY increase of 312.3%, which was driven by strong contributions across all of its business lines.</p>
<p>The gross profit margin reached 37.4%, mainly due to a better blend of more profitable projects, especially in Europe, where they capitalized on increased energy prices.</p>
<p>The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were recorded at $9.31 million, a YoY improvement of 307% from $2.29 million.</p>
<p><strong>Operational Highlights in Q2 </strong></p>
<p>In their project development business, the company completed the sale of two solar projects in Poland and Hungary, totaling 62 MW.</p>
<p>In July, the company successfully concluded the sale of an 11.5 MW solar project in Germany to the Swiss-based energy firm <a href="https://group.met.com/en" target="_blank" rel="noopener">MET Group</a>.</p>
<p>Additionally, during the quarter, healthy revenue and margin contributions were observed from the recently acquired solar farm in Branston, U.K., attributed to favorable energy pricing.</p>
<p>Furthermore, in the second quarter, the company executed its storage pipeline strategy and commenced its monetization process by initiating 260 MW of battery energy storage system projects in Italy.</p>
<p>The initiative was part of their recently announced strategic partnership with <a href="https://matrixrenewables.com/" target="_blank" rel="noopener">Matrix</a>, aimed at developing up to 1.5 GW of a portfolio of battery energy storage systems in Italy.</p>
<p><strong>1H 2023</strong></p>
<p>During the first half (1H) of the year, the company recorded a net income of $8.15 million, an impressive improvement of 331% YoY from a loss of $1.89 million.</p>
<p>Emeren Group’s revenue for the period of January to June accounted for $46.72 million, a YoY improvement of 298%.</p>
<p>The company’s EBITDA for 1H stood at $8.8 million, a YoY increase of 205% as compared to $2.88 million.</p>
<p>Emeren has been a strategic partner of Renesola Power since 2021 to co-develop clean projects in Italy. The latter <a href="https://www.mercomindia.com/funding-and-ma-roundup-form-energy" target="_blank" rel="noopener">acquired</a> the solar and battery storage projects developer last year in October.</p>
<p>The company&#8217;s revenue <a href="https://www.mercomindia.com/emerens-q1-revenue-surgeshigh-income-epc-businesses" target="_blank" rel="noopener">grew</a> by 271% year-over-year (YoY) to $13 million in Q1, with significant contributions from the company’s IPP (independent power producer) and engineering, procurement, and construction businesses.</p>


Renewable Developer Emeren’s Net Income Hits Five-Year High in Q2 2023


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					</table><p>Utility-scale solar and battery storage projects developer <a href="https://emeren.com/" target="_blank" rel="noopener">Emeren Group</a>’s revenue grew by 271% year-over-year (YoY) to $13 million in the first quarter (Q1) of the financial year (FY) 2023 with significant contribution from the company’s IPP (independent power producer) and engineering, procurement, and construction businesses.</p>
<p>The company’s net loss narrowed by 89% YoY to $194,000 for Q1 of FY 2023 compared to the loss of $1.7 million in Q1 2022.</p>
<p>Total operating expenses were $4.6 million for the January-March quarter compared to $3.4 million last year.</p>
<p>The adjusted Earnings Before Interest, Tax, Depreciation, and Amortization grew to $1.8 million from a negative $0.05 million in Q1 2022.</p>
<p>Emeren has been a strategic partner of Renesola Power since 2021 to co-develop clean projects in Italy. The latter <a href="https://www.mercomindia.com/funding-and-ma-roundup-form-energy" target="_blank" rel="noopener">acquired</a> the solar and battery storage projects developer last year in October.</p>
<p>Group CEO Yumin Liu said, “Our Q1 revenue reflected solid contribution from our IPP and EPC business, driven partially by our recent acquisitions. However, delays in receipt of the final approvals and more conservative judgment in the change of control in our RTB (ready-to-build) project sales business resulted in no revenue recognition during Q1 2023. In May, we completed the sale of 58 megawatts (MW) solar farm projects in Poland, and this will be recognized in our Q2 results.”</p>
<p>The company has 258 MW of IPP assets across Europe, the United States, and China by the end of Q1 2023, while the company has a mid-to-late stage project pipeline of 3.2 GW and a storage pipeline of 6.1 GW.</p>
<p>The developer said it plans to monetize approximately 500 MW of projects in 2023.</p>
<p>The company’s net income was $5.9 million for FY 2022, <a href="https://www.mercomindia.com/emeren-group-in-q4-on-european-projects" target="_blank" rel="noopener">down</a> by 14% YoY. Emeren said that the fall in revenue was mainly due to capital expenditures related to constructing its IPP assets in Poland and Hungary.</p>


Emeren’s Q1 Revenue Surges 271% YoY on High Income from IPP and EPC Businesses


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					</table><p>Utility-scale solar and battery storage projects developer <a href="https://emeren.com/" target="_blank" rel="noopener">Emeren Group</a> (formerly Renesola Power) posted a net profit of $4.8 million for the fourth quarter (Q4) of the financial year (FY) 2022 against the net loss of $1.6 million year-over-year (YoY).</p>
<p>The company’s European project development business and accruals from a recent <a href="https://www.mercomindia.com/renesola-powers-q3-net-income-million-on-china-assets" target="_blank" rel="noopener">acquisition</a> of a UK-based solar farm in the last quarter drove its performance.</p>
<p>Emeren’s total revenue for the October-December quarter surged 79% YoY to $40.8 million.</p>
<p>The company said that its total project pipeline in Europe, the U.S., and China stood at 3,072 MW by the end of Q4. The largest pipeline is in Europe with 2,161 MW.</p>
<p>The company’s storage pipeline stood at 1.5 GW in the U.S. and Europe at the end of the fourth quarter.</p>
<p>ReneSola <a href="https://www.mercomindia.com/funding-and-ma-roundup-form-energy" target="_blank" rel="noopener">acquired</a> Emeren in October 2022. The latter has been a strategic partner of Renesola Power to co-develop ground-mounted solar and storage projects in Italy since 2021.</p>
<p>Emeren’s CEO Yumin Liu said, “During Q4, we monetized about 192 megawatts of solar projects in 2022 compared to 128 megawatts in 2021. We acquired a 50 megawatts fully operational solar farm in Branston in the U.K., which initiated our European IPP strategy, adding predictable and stable cash flows to complement our project sales business.”</p>
<p>The company operationalized 252 MW of renewable projects, including 168 MW of distributed generation projects in China, 60 MW in Europe, and 24 MW in the U.S.</p>
<p>The company’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) rose 24% YoY to $8.3 million for Q4 2022.</p>
<p><strong>Full Year 2022</strong></p>
<p>Emeren posted a 14% YoY slump in its net income for the full year at $5.9 million. The company said that the drop in income was primarily due to capital expenditures related to constructing its IPP assets in Poland and Hungary.</p>
<p>The company’s revenue increased by 21% YoY to $81.4 million for FY 2022.</p>
<p>Emeren’s adjusted EBITDA dropped marginally by 2% to $17.4 million compared to $17.7 million in the previous year.</p>
<p>The company’s revenue for the third quarter <a href="https://www.mercomindia.com/renesola-powers-q3-net-income-million-on-china-assets" target="_blank" rel="noopener">stood</a> at $28.89 million, an increase of 85% YoY, mainly driven by IPP solar assets in China, project development business in the U.S., and strong EPC revenue from Poland.</p>
<p>During the second quarter, Renesola <a href="https://www.mercomindia.com/supply-disruptions-delayed-sales-hit-renesolas-financials-q2-2022" target="_blank" rel="noopener">signed</a> 25-year power purchase agreements for new distributed generation projects in China. The company maintained its focus on the Yangtze River delta area with high economic growth. It has 156 MW of net metering projects under various stages of development in China.</p>


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