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ENGIE to Build 22 MW Solar Project for Saudi Cement Factory

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-atlas-secures-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Atlas Renewable Energy, a solar and wind project developer, <a href="https://mercomcapital.com/atlas-renewable-energy-secures-113-million-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> a COP 473.77 billion (~$113 million) senior loan to develop, construct, and operate the 201 MW Shangri-La solar project in the Tolima Department of Colombia. IDB Invest and Bancolombia provided the financial package. The project is expected to reach commercial operation at the end of 2025.
Sol Systems, a solar finance and development company, <a href="https://mercomcapital.com/sol-systems-acquires-2-gw-of-hybrid-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the acquisition of over 2 GW of utility-scale hybrid solar and storage projects across the Midwest from Tenaska, the Omaha-based energy company. The portfolio spans multiple states within the Midwest. The projects, each exceeding 100 MW, are expected to reach commercial operation between 2028 and 2029.
Eurowind Energy, a Danish-based renewable energy project developer, <a href="https://mercomcapital.com/eurowind-energy-acquires-eleven-solar-projects-totaling-55-mw-in-portugal/" target="_blank" rel="noopener">announced</a> the signing of a shares purchase agreement in August to acquire 11 solar projects with 5 MWac capacity each. Most of the projects are grouped in clusters of three (15 MW each), and all are in the Aveiro district in the center of Portugal. The projects are currently in an advanced stage of development and are expected to reach the ready-to-build stage between Q3 2024 and Q2 2025.
OX2, a solar and energy storage project developer, announced the <a href="https://mercomcapital.com/ox2-sells-two-solar-projects-totaling-137-mw-in-australia/" target="_blank" rel="noopener">sale</a> of two solar projects totaling 137 MWp/105 MWac to European Energy, a Danish renewable energy project developer. The deal includes project rights for the 106 MWp/80 MWac Lancaster solar in Victoria and the 31 MWp/25 MWac Mulwala solar in New South Wales, Australia. The construction of both projects is scheduled to begin in the first quarter of 2025, and commercial operations are expected in 2026.
Encavis, a solar and wind project developer, has <a href="https://mercomcapital.com/encavis-secures-67-million-financing-for-114-mw-solar-project/" target="_blank" rel="noopener">signed</a> a non-recourse project financing agreement of €60.7 million (~$67.10 million) for its 114.2 MW Lindenhof solar project in Germany. Bayerische Landesbank, a long-standing financing partner of ENCAVIS for years, provided the financing, thereby supporting the group’s future growth strategy. In total, the funding includes €46.8 million (~$51.73 million) in term loan facilities, a €2.75 million (~$3.04 million) VAT facility, and €11.1 million (~$12.27 million) in letter of credit facilities.
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-ox2-sells-solar-project-australia/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Atlas Secures $113 Million Financing for Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-encavis-acquires-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Germany-based independent power producer Encavis <a href="https://mercomcapital.com/encavis-acquires-30-mw-solar-project-italy/" target="_blank" rel="noopener">acquired</a> 30 MW of ready-to-build Pozzolo solar project in Italy. 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.
Radial Power, a developer-owner-operator of distributed clean energy assets across large real estate portfolios, <a href="https://mercomcapital.com/radial-power-secures-community-solar-projects/" target="_blank" rel="noopener">secured</a> $80 million in tax equity financing 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.
German development bank Kreditanstalt für Wiederaufbau (KfW) has <a href="https://www.mercomindia.com/kfw-loans-218-million-solar-expansion-india" target="_blank" rel="noopener">granted</a> a Є130 million (~$142 million) loan to the Indian Ministry of Finance and a Є70 million (~$ 76 million) loan 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.
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, 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.
Goldbeck Solar Investment, the investment arm of Goldbeck Solar and Suncatcher Polska, <a href="https://mercomcapital.com/goldbeck-solar-investment-suncatcher-polska-solar-projects/" target="_blank" rel="noopener">sold</a> 9 MW of solar projects in Poland. 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.
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-goldenpeaks-acquires-solar-projects-poland/" target="_blank" rel="noopener">brief</a>.

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

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-matrix-renewables-secures-financing/" target="_blank" rel="noopener">Mercom Capital Group</a>
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://mercomcapital.com/matrix-renewables-secures-for-50-mw-solar-project/" target="_blank" rel="noopener">secured</a> €47 million (~$50.47 million) non-recourse financing for constructing a 50 MW solar power project in the La Rinconada municipality area in Seville province of Spain. The project funding was provided by Banco Sabadell, which also acted as the sole loan coordinator. The project construction began in May 2023 and is expected to start operating by the first quarter of 2024.
Keppel MET Renewables, a renewable energy investment firm, <a href="https://mercomcapital.com/keppel-met-acquires-38-mw-solar-project-in-italy/" target="_blank" rel="noopener">acquired</a> a 100% stake in a 38 MW solar project in southern Italy. The project is currently in an early stage of development, expected to reach ready-to-build status in 2025 and start commercial operations in 2026.
The Dubai Electricity and Water Authority and Abu Dhabi Future Energy Company Masdar <a href="https://www.mercomindia.com/uaes-masdar-to-develop-solar-park-for-dewa" target="_blank" rel="noopener">signed</a> an agreement to construct and operate the 1.8 GW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park. The project will cost up to AED5.51 billion (~$1.5 billion).
Germany-based independent power producer Encavis <a href="https://mercomcapital.com/encavis-acquires-28-mw-of-solar-project-in-spain/" target="_blank" rel="noopener">acquired</a> a 28 MW solar project in Spain from ILOS Projects. The construction of the solar project is expected to begin shortly, and the grid connection is planned for the end of 2024. Once completed, the project will generate more than 50 GWh of renewable energy annually.
BlueWave, a solar and storage project developer, <a href="https://mercomcapital.com/bluewave-secures-financing-agrivoltaics-projects-massachusetts/" target="_blank" rel="noopener">secured</a> $91 million in financing from KeyBank and U.S. Bancorp Impact Finance for the construction and long-term financing of five agrivoltaic solar projects in Massachusetts. The financing includes a debt raise of $64 million with KeyBank and a tax equity raise of $27 million with U.S. Bancorp Impact Finance.
GreenYellow, a renewable energy project developer, <a href="https://mercomcapital.com/greenyellow-secures-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> €31 million (~$33.25 million) financing with Caisse d’Epargne CEPAC, acting as Mandated Arranger, and Natixis, acting as Cover Bank for the construction of 55 solar power projects totaling 32 MW in mainland France and the French overseas territories.
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-recurrent-energy-secures-solar-project-oklahoma/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Matrix Renewables Secures Financing for 50 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-secures-solar-project-oklahoma/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a wholly-owned subsidiary of Canadian Solar, a vertically integrated silicon ingot, wafers, and photovoltaic cells and modules manufacturer, has <a href="https://mercomcapital.com/recurrent-energy-secures-project-financing-for-north-fork-solar-project/" target="_blank" rel="noopener">secured</a> $112 million project financing for its 160 MW (120 MWac) North Fork Solar project in Oklahoma City. NordLB acted as Coordinating Lead Arranger and Joint Lead Arranger. Rabobank acted as Joint Lead Arranger. The project is expected to be operational in 2024. Oklahoma Municipal Power Authority will purchase 100% of the energy produced by North Fork Solar under a 15-year agreement.
SunVest Solar, a vertically integrated distributed solar project developer, <a href="https://mercomcapital.com/sunvest-solar-secures-construction-loan-facility/" target="_blank" rel="noopener">closed</a> a $60 million construction loan facility to support 50 MW of community solar projects across Illinois, Maine, and Minnesota through the remainder of 2023 and into 2024. All the projects under the facility will be owned and operated by SunVest, bringing its total assets under management to over 125 MW.
United States-based Peregrine Energy Solutions, a clean energy platform with a strategic focus on utility-scale energy storage, has <a href="https://www.mercomindia.com/peregrine-for-clean-energy-expansion-in-us" target="_blank" rel="noopener">announced</a> a partnership with AB CarVal, a global alternative investment manager, to raise more than $700 million in credit, equity, and debt financing. The funding will be directed toward Peregrine’s substantial pipeline of projects, encompassing over 7 GW of technologies, including standalone battery, solar, and wind systems.
Aspen Power, developer of a distributed generation platform focused on solar and storage assets across the U.S., along with Foss &amp; Company, an investment fund sponsor, <a href="https://mercomcapital.com/aspen-power-foss-company-secure-tax-equity-solar-projects/" target="_blank" rel="noopener">announced</a> a $60 million tax equity funding for 27 solar projects across four states totaling 82.8 MW. Of the 27 solar projects, 19 are operational, and the complete portfolio represents 82.8 MW of solar generating capacity.
Germany-based independent power producer Encavis <a href="https://www.encavis.com/en/newsroom/press-releases/2585019-encavis-ag-acquires-its-first-battery-project-to-optimise-the-marketing-of-electricity-from-german-wind-and-solar-parks" target="_blank" rel="noopener">acquired</a> a 12MW/24MWh ready-to-build battery energy storage project in Hettstedt, Germany. The project is based on lithium-ion technology and is scheduled to be connected to the grid in the first half of 2024.
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-lynher-energy-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Recurrent Energy Secures $112 Million for Solar Project in Oklahoma

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-nrg-energy-buys-smart-grid-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">Mercom Capital Group</a>
NRG Energy has entered into a definitive agreement to <a href="https://mercomcapital.com/nrg-energy-acquires-smart-grid-solutions-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">acquire</a> Vivint Smart Home in an all-cash transaction at $12 per share totaling $2.8 billion. The acquisition is expected to help accelerate NRG’s new growth strategy and diversify the company’s financial profile. The transaction is expected to close in the first quarter of 2023.
Europe-based independent power producer Encavis AG’s fund Encavis Asset Management has <a href="https://mercomindia.com/power-producer-encavis-ags-fund-phase-with-e1-13-billion/" target="_blank" rel="noopener">completed</a> the investment phase of the Encavis Infrastructure Fund II (EIF II) with a total value of €1.13 billion (~$1.19 billion). EIF II is a pan-European renewable portfolio created in 2017. It is one of Germany’s largest clean energy funds, with investments in ~680 MW of capacity.
Tigo Energy, a provider of intelligent solar and energy storage solutions, has <a href="https://mercomcapital.com/tigo-energy-to-go-public-via-600-million-spac-deal/" target="_blank" rel="noopener">signed</a> a definitive business combination agreement with Roth CH Acquisition IV (ROCG). As per the agreement, ROCG will acquire Tigo for a pre-money equity value of $600 million, which will result in Tigo becoming a public company. The transaction is expected to close in the second quarter of 2023.
Customcells, a developer of battery cells, <a href="https://mercomcapital.com/battery-cell-developer-customcells-secures-63-million-in-series-a-funding/" target="_blank" rel="noopener">announced</a> the completion of a €60 million (~$63 million) Series A funding round, proceeds of which would be used to promote electric flights and expand the company’s global footprint. The European climate tech VC World Fund led the funding round with participation from Abacon Capital, Vsquared Ventures, and Porsche. The funding will help to expand activities in the electrification of air traffic and create a competitive advantage through a First2Market approach.
ZincFive, a nickel-zinc battery-based solutions company, has <a href="https://mercomcapital.com/battery-storage-company-zincfive-raises-54-million/" target="_blank" rel="noopener">raised</a> $54 million in Series D funding, bringing the company’s total investment to $139 million. Helios Climate Ventures led the funding round with additional participation from existing investors Senator Investment Group and Standard Investments. New investors participating in the round include OGCI Climate Investments and Japan Energy Fund.
Hover Energy, a provider of on-site power solutions, announced the <a href="https://mercomcapital.com/hover-energy-acquires-shine-development-partners/" target="_blank" rel="noopener">acquisition</a> of Shine Development Partners, a solar energy solutions company, to expand its reach to commercial and industrial customers and bring its solar capabilities in-house. Shine focuses on developing, financing, and asset management of medium to large-scale commercial solar, energy storage, distributed wind, and clean technology projects.
Australia’s Squadron Energy, a part of the Tattarang group of companies, said it had <a href="https://mercomindia.com/australias-squadron-energy-acquires-cwp-renewables/" target="_blank" rel="noopener">acquired</a> renewable energy developer CWP Renewables for an undisclosed sum. The acquisition will boost Squadron’s operating portfolio to 2.4 GW with an Australian development pipeline of 20 GW. Squadron said it would integrate CWP Renewables into its existing business, which includes majority ownership of Windlab, an asset management company specializing in managing clean energy assets.
Ostrom, a provider of energy management solutions, has <a href="https://www.ostrom.de/post/ostrom-raises-9-3eur-million-series-a" target="_blank" rel="noopener">raised</a> a further €9.3 million (~$9.7 million) in a Series A round bringing the total funding of Ostrom close to €14 million (~$14.7 million). Adjacent and Union Square Venture provided the financing, which will be used to broaden the company’s offering, including smart meter support, real-time dynamic pricing tariffs, electric vehicle (EV) charging, heat pump optimization, and more.
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/">here</a>.
Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-bboxx-edf-secure-11-million-loan-to-expand-clean-energy/" target="_blank" rel="noopener">roundup</a>.

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