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Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-enfinity-secures-195-million-for-70-mw-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Enfinity Global, a renewable energy project developer, <a href="https://mercomcapital.com/enfinity-global-secures-financing-for-70-mw-solar-project/" target="_blank" rel="noopener">secured</a> $195 million in long-term project financing for a 70 MW solar project in Japan. Nomura Securities International, a financial institution, acted as the initial lead arranger/sole bookrunner, and Aozora Bank, a Japanese commercial bank, acted as the lead arranger/agent. The project is located in Aomori Prefecture in northern Japan. It was recently completed and is expected to produce more than 75 GWh of clean energy annually.
Globeleq, an independent solar power producer, <a href="https://mercomcapital.com/globeleq-acquires-stake-in-solar-project-in-egypt/" target="_blank" rel="noopener">announced</a> the acquisition of a 48.3% equity stake in the 25 MW Winnergy solar project in Egypt. The solar project was acquired from Enerray, Enerray Global Solar Opportunities, and Desert Technologies. The solar project is already operational and is located in Egypt’s flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq’s 66 MW ARC solar project.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://mercomcapital.com/matrix-renewables-secures-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> €179 million (~$191.54 million) in non-recourse project financing with Banco Sabadell to develop 239 MW solar projects in Spain. The portfolio comprises five solar projects in the Palencia province of Castilla León and Badajoz province of Extremadura, Spain. The construction phase of the solar projects commenced in December 2023, and the projects are expected to generate approximately 430 full-time jobs.
BW Solar, a solar and storage project developer, <a href="https://mercomcapital.com/bw-solar-sells-community-solar-project-portfolio-to-catalyze/" target="_blank" rel="noopener">announced</a> the sale of 12 community solar projects with a total capacity of 76.7 MW in New York to Catalyze, a clean energy transition company that finances, builds, owns, and operates solar and battery storage systems. The portfolio consists of projects in the range of 6~38.2 MW, currently under pre-construction, and another group of projects in the range of 6~38.5 MW, which are in the early stage of development and are all located in upstate New York.
Renewable energy company BluPine Energy has <a href="https://www.mercomindia.com/blupine-energy-secures-solar-project-in-gujarat" target="_blank" rel="noopener">secured</a> debt financing of ₹4.18 billion (~$50.1 million) from HDFC Bank for its 120 MW solar power project in Sadla, Gujarat. The company won the project in Gujarat Urja Vikas Nigam’s auction to supply solar power projects (Tranche XVIII) in January 2023. BluPine had won 50 MW in the initial auction for 500 MW solar projects at ₹2.52 (~$0.0302)/kWh and later received additional greenshoe capacity.
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&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-origis-secures-solar-project" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Enfinity Secures $195 Million for 70 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-scale-microgrids-acquires-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Scale Microgrids, a vertically integrated distributed energy platform, <a href="https://mercomcapital.com/scale-microgrids-acquires-500-mw-community-solar-projects/" target="_blank" rel="noopener">entered</a> into a definitive agreement with Gutami to acquire 500 MW of distributed solar and storage projects. All the projects are located across multiple states, including California and New York. The acquisition is built on the company’s existing 100 MW partnership in New York. Scale and Gutami have executed an expansion agreement under which Gutami will develop 500 MW of energy transition infrastructure assets, which Scale will acquire, finance, and own.
Infiniti Energy, a solar project developer and independent power producer, <a href="https://mercomcapital.com/infiniti-energy-closes-financing-commercial-solar-project/" target="_blank" rel="noopener">announced</a> the closure of an $83 million structured finance facility with Fifth Third Bank, who acted as the administrative agent, to support a portfolio totaling 21 MW commercial solar projects. The construction facility is being financed through Fiera Private Debt, and Flagstar Bank is providing the tax equity.
FP Lux, an investment firm, through its FP Lux Energy Transition Fund, <a href="https://www.re-cap.ch/wp-content/uploads/2024/01/2024-01-18_recap-global_investors_FP_Lux_Group_buys_solar-park_portfolio_in_Italy_RZ.pdf" target="_blank" rel="noopener">announced</a> the acquisition of 114 MW of solar projects in Italy from PNE, a German-based renewable energy project developer. The deal covers twelve photovoltaic projects across Italy that can supply a medium-sized city with 75,000 households with green electricity, saving up to 104,400 tons of CO2 per year.
SSE Renewables, a developer and operator of renewable energy projects, <a href="https://mercomcapital.com/sse-renewables-acquires-400-mw-solar-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 400 MW solar project portfolio in Poland from IBC Solar, a solar project developer. The solar projects acquired are currently in the early stage of development. This follows the company’s earlier acquisition of 500 MW solar projects in Poland from Optisol. The two solar portfolios bring the company’s prospective pipeline of solar PV projects in Poland to 900 MW.
Globeleq, an independent solar power producer, <a href="https://mercomcapital.com/globeleq-secures-37-million-debt-financing-for-solar-projects/" target="_blank" rel="noopener">announced</a> the completion of a $37 million senior debt restructuring for 11 MW of Aries and 11 MW of Konkoonsies solar projects in the Northern Cape of South Africa. By lowering the cost of debt for the projects, the restructuring led by Standard Bank Limited allows for a significant reduction in wholesale electricity prices from the projects.
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-mytilineos-secures-financing-588-mw-solar-portfolio/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Scale Microgrids Acquires 500 MW Community Solar Projects

From: <a href="https://mercomcapital.com/project-finance-brief-globeleq-solar/" target="_blank" rel="noopener">Mercom Capital Group</a>
Globeleq, an independent power company in Africa, has <a href="https://www.globeleq.com/blog/globeleq-acquires-egyptian-solar-plant/" target="_blank" rel="noopener">completed</a> the acquisition of the ARC for Renewable Energy S.A.E (ARC) 66 MW solar PV project located at the Benban Solar Park near Aswan, Egypt. The ARC plant was developed by the SECI Energia, Enerray, and Desert Technologies consortium as part of the second round of the Egyptian government’s feed-in-tariff program. It achieved commercial operation in November 2019 and provides clean electricity to the Egyptian Electricity and Transmission Company (EETC) under a 25-year power purchase agreement. The project was financed by the International Finance Corporation (IFC), Globeleq’s shareholder, CDC Group (CDC), the Asian Infrastructure Investment Bank, Europe Arab Bank, and Finance in Motion.
France-based solar developer Technique Solaire has <a href="https://mercomindia.com/technique-solaire-acquires-solar-jakson-group/" target="_blank" rel="noopener">acquired</a> a 34 MW ground-mounted solar project in Uttar Pradesh from the Jakson Group and businessman Ravi Goyal. With this acquisition, Technique Solaire’s operational solar capacity in India reaches 68 MW. The project, commissioned in 2017, has a power purchase agreement (PPA) with Uttar Pradesh Power Corporation.
The Indian Renewable Energy Development Agency (IREDA) has <a href="https://mercomindia.com/vector-green-11-billion-loan-ireda/" target="_blank" rel="noopener">disbursed</a> a loan of ~₹11 billion (~$146.43 million) to Vector Green Energy, a Mumbai-based independent power producer focused on solar and wind energy. IREDA said that it is the highest-ever disbursement to a single company in a day. It is also the highest single-day transaction for Vector Green Energy, the Indian green energy platform of Global Infrastructure Partners. The ₹11 billion (~$146.43 million) released of the total ₹13.82 billion (~$183.97 million) will be utilized for Vector Green’s six operational solar projects.
Summit Ridge Energy (SRE), an owner-operator of community solar, has <a href="https://www.prnewswire.com/news-releases/summit-ridge-energy-breaks-ground-on-44mw-maine-portfolio-acquisition-from-revision-energy-301398285.html" target="_blank" rel="noopener">begun</a> construction in Maine on the first of 13 projects acquired from Revision Energy. The community solar portfolio will total 44 MW and operate under the Maine NEB program. The projects are expected to reach commercial operation between 2022 and 2023.
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/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-altus-power-solar-funding/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Globeleq Acquires a 66 MW Solar Project in Egypt

Here are some noteworthy cleantech announcements of the day from around the world:
Africa-based independent power producer Globeleq and its project partners, Source Energia and Electricidade de Moçambique (EDM), have begun <a href="https://www.prnewswire.co.uk/news-releases/cuamba-solar-pv-energy-storage-project-breaks-ground-in-mozambique-875262971.html" target="_blank" rel="noopener">construction</a> of the 19 MW Cuamba Solar photovoltaic project and a 2 MW energy storage system. The $32 million project is located in the Tetereane district in Cuamba, Niassa province. Electricity will be sold through a 25-year power purchase agreement. The project is expected to receive $19 million in debt funding from The Emerging Africa Infrastructure Fund, a Private Infrastructure Development Group member. The project will also receive $7 million in grant funding from the development group&#8217;s viability gap funding facility and a $1 million grant from CDC Plus.
<a href="https://cleantechsolar.com/" target="_blank" rel="noopener">Cleantech Solar</a> has <a href="https://cleantechsolar.com/cleantech-solar-completes-rooftop-pv-project-for-kotra-pharma-melaka/" target="_blank" rel="noopener">commissioned</a> a rooftop solar system for Kotra Pharma, a Malaysian pharmaceutical company with its research and manufacturing hub located in Melaka. The 600 kW solar system retrofitted on the facility is expected to generate about 790 MWh of electricity in the first year. The solar project was awarded to Cleantech Solar under a long-term power purchase agreement where Cleantech Solar would be responsible for funding, building, operating, and maintaining the system across the term of the agreement.
Electrical service provider company <a href="https://srexpower.com/" target="_blank" rel="noopener">Srex Power</a> has won the bid to construct 400 kV substations at four different cities (Imphal, Bongaigaon, Sitamarhi, and Surjamaninagar) in India. The projects will be built at an estimated cost of ₹581 million (~$7.93 million). Srex Power India Renewable arm has also bagged another order for a project valued over ₹224 million (~$3.06 million). The order is to construct a greenfield 220 kV substation for a 300 MW solar project being developed by ENEL Green Energy in Bikaner, Rajasthan.
<a href="https://www.indiapower.com/" target="_blank" rel="noopener">India Power</a>, a power distribution company in Kolkata, has reported a profit after tax of ₹266.5 million (~$3.64 million) in the financial year (FY) 2020-21 as compared to ₹166.9 million (~$2.29 million) a year earlier, registering a growth of 60%. India Power&#8217;s customer base expanded by 52%. The company&#8217;s sales increased by 2 million units in FY21 despite the impact of pandemic and lockdown during the first two quarters of the financial year. Total income for the year was at ₹5.184 billion (~$70.77 million). India Power purchased 12.1% of its power requirement from renewable energy in FY21 and plans to increase it to 35% by FY 2022-23.

Daily News Wrap-Up: Solar Project with Energy Storage Coming Up in Mozambique

Globeleq, an energy company focused on Africa has announced the financial closure of a 40 MW Malindi Solar photovoltaic project in Kenya. The company has also announced that it has started the construction of the project. The construction of the project may take around twelve months with the project expected to reach its commercial operation in mid-2020, as per <a href="https://www.globeleq.com/" target="_blank" rel="noopener noreferrer">Globeleq</a>.
The project, which is expected to cost around $69 million is located in Langobaya, Malindi District, Kilifi County, about 120 km north-east of Mombasa, and is one of the first IPP-owned utility-scale solar power projects in Kenya to begin construction. Electricity generated from the project will be sold through a 20-year agreement to the national utility, Kenya Power.
The Africa Energy Development Corporation (AEDC) will hold 10% ownership of the project, and its partner, IDEA Power is expected to bring the project to completion by providing equity, project development, and construction management experience.
CDC, the U.K.’s development finance institution, as the mandated lead arranger, has sourced $52 million in debt financing including $20 million from DEG, the German development finance institution.
Paul Hanrahan, Globeleq’s CEO, said: “The attractive investment climate combined with strong local community support sets the stage for this important project as well as future investments in Kenya. We are extremely pleased to be making this investment into the Kenyan energy sector.’’
Zohrab Mawani, AEDC’s director, added: “AEDC is excited to have reached this significant milestone with the Malindi project. Working with our partners, we are very pleased to contribute to sustainable economic development in Kenya and look forward to continued growth in Sub Saharan Africa.”
<a href="https://sterlingandwilson.com/" target="_blank" rel="noopener noreferrer">Sterling and Wilson Solar</a> will be contracted as the engineering, procurement, and construction company. According to Globeleq, the project has acquired land rights, and necessary environmental and local approvals have also been obtained. The project team has been conducting regular community consultations.
According to <a href="https://mercomcapital.com/research/" target="_blank" rel="noopener noreferrer">Mercom Research</a>, in July 2018 &#8211; CDC &#8211; a development finance institution of the U.K. government &#8211; partnered with Globeleq to provide $66 million in debt financing to Malindi Solar Group, a solar project developer in Kenya. CDC will invest $50 million while Globeleq will provide $16 million for the development of a 52 MW solar PV project in Southeast Kenya. The long-term financing has been made available for 16 years. Globeleq will be 90% shareholder of the Malindi project and its partner AEDC will have the remaining 10%.

Globeleq Announces Financial Closure for its 40 MW Solar Project in Kenya

Globeleq, an independent power producer and developer in Africa, is set to acquire Brookfield Asset Management&#8217;s interests in its South African renewable energy portfolio.
The agreement is subject to various closing conditions and once fulfilled, will give Globeleq a majority shareholding in six renewable projects totaling 178 MW, as well as ownership in Brookfield&#8217;s South African asset management company.
The assets include five solar projects: Aries (11 MW), Boshoff (66 MW); Konkoonsies (11 MW); Soutpan (31 MW), and Witkop (33 MW) and the Klipheuwel wind farm (27 MW).  The six projects were part of rounds 1 and 2 of the South African Government&#8217;s renewable energy program and reached commercial operations in 2014.
All projects have a 20-year power purchase agreement (PPA) with Eskom.
The addition of the Brookfield assets fully complements its existing power plants in South Africa where it owns, operates and manages 238 MW of solar and wind projects and sets the stage for Globeleq to continue to expand its renewable energy portfolio throughout the continent.
Paul Hanrahan, Globeleq&#8217;s CEO said in a media release, &#8220;Our team is working hard to complete this very exciting transaction.  The expertise of our South African team will be able to enhance these assets by driving operational improvements and improve the existing social and economic development programs.&#8221;
<a href="https://mercomindia.com/cdc-globeleq-fund-52-mw-solar-kenya/" target="_blank" rel="noopener">Recently</a>, Mercom reported that CDC, a development finance institution of the UK government, has partnered with <a href="https://www.globeleq.com/" target="_blank" rel="noopener">Globeleq</a>, to provide $66 million debt financing to Malindi Solar Group.
The financing will be utilized for the development of a 52 MW solar photovoltaic power project in South-East Kenya.

Globeleq Set to Acquire Brookfield’s Renewable Assets in South Africa

CDC, a development finance institution of the UK government, has partnered with <a href="https://www.globeleq.com" target="_blank" rel="noopener">Globeleq</a>, an independent power producer and developer in Africa, to provide $66 million debt financing to Malindi Solar Group.
The financing will be utilized for the development of a 52 MW solar photovoltaic power project in South-East Kenya.
The long-term financing has been made available for a period of 16 years and it is expected to improve the power situation in Malindi region, which relies on expensive thermal power and suffers from widespread load shedding.
“Power infrastructure is vital for Africa’s economic growth and for the millions of individuals, families and businesses who struggle to access the electricity they need. Our investment will bring clean energy and jobs to a region of Kenya that struggles to reach its potential because of energy shortages,” said Nick O’Donohoe, CEO of CDC in a media statement.
Kenya’s per capita electricity consumption is well below the Sub-Saharan average. It is 44 percent below the level expected for the corresponding per capita GDP. Hence, the power produced from the Malindi project will be consumed locally and create employment opportunities.
Malindi is first of the four utility-scale solar power plants in Kenya which await the beginning of construction. Globeleq will be 90 percent shareholder of the Malindi project and its partner AEDC will have the remaining 10 percent.
Paul Hanrahan, CEO of Globeleq said, “Obtaining CDC’s support to help the project move forward is essential in order to supply 52 MWp of clean, renewable power to the grid and support the Kenyan government’s targets to build new generation.”
<a href="https://mercomindia.com/world-bank-fund-kenya/" target="_blank" rel="noopener">Recently</a>, the World Bank also <a href="http://www.worldbank.org/en/news/press-release/2018/04/26/kenya-world-bank-approves-180-million-to-support-energy-sector" target="_blank" rel="noopener">approved</a> $180 million in assistance to Kenya to strengthen the financial health of the Kenya Electricity Generation Company Limited (KenGen) and improve private sector financing in the energy sector.
<a href="https://mercomindia.com/pawame-2-million-footprint-kenya/" target="_blank" rel="noopener">Mercom earlier reported</a> that an Abu Dhabi-based off-grid solar power provider <a href="https://www.pawame.com/" target="_blank" rel="noopener">Pawame</a> recently raised $2 million from Gulf investors to increase its footprint in Kenya.
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