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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-x-elio-financing-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
X-ELIO, a solar project developer, <a href="https://mercomcapital.com/x-elio-secures-97-million-financing-for-solar-projects-in-spain/" target="_blank" rel="noopener">announced</a> the closing of €89 million (~$96.75 million) financing deal with Societe Generale as sole bookrunner, mandated lead arranger, and hedge provider. The funds will be utilized for the development and construction of three solar projects totaling 123 MW in Spain. The assets involved in the operation are an X-ELIO PV plant in Almeria, which is currently reaching the end of its construction phase, and two further plants, one located in Murcia and the other in Granada, both under construction since the end of 2023. The financing deal closed in February 2024.
Sonnedix, an independent solar power producer, <a href="https://mercomcapital.com/sonnedix-acquires-49-mw-solar-portfolio-in-portugal/" target="_blank" rel="noopener">announced</a> the acquisition of a 49 MW portfolio of solar projects in Portugal from Cubico Sustainable Investments. All the projects that were brought into operation between 2012 and 2014 are located across southern Portugal in the regions of Evora, Setubal, and Faro. The already-in-operation portfolio adds immediate capacity without permitting and construction risk.
Standard Solar, a solar energy company specializing in developing and financing solar electric systems, <a href="https://mercomcapital.com/standard-solar-acquires-solar-project-portfolio-vermont/" target="_blank" rel="noopener">announced</a> the acquisition of an 18.5 MW solar project portfolio in Vermont from MHG Solar, a solar project developer. The portfolio consists of six solar projects, all owned and operated by Standard Solar, and will provide clean energy to Vermont’s electric utilities under the state’s Standard Offer Program.
RIC Energy, an independent renewable energy project developer, <a href="https://mercomcapital.com/ric-energy-sells-community-solar-projects/" target="_blank" rel="noopener">announced</a> the sale of three community solar projects with a combined capacity of 20 MW in New York to Luminace, a provider of decarbonization-as-a-service solutions owned by Brookfield. The solar projects are located in New York State Electric and Gas and National Grid service territories in upstate New York.
GridStor, a developer and operator of utility-scale battery energy storage projects, <a href="https://www.businesswire.com/news/home/20240307723501/en/GridStor-Announces-Acquisition-of-Galveston-County-Battery-Energy-Storage-Project-From-Balanced-Rock-Power" target="_blank" rel="noopener">announced</a> that it has acquired a 450 MW / 900 MWh project in Galveston County, Texas, from Balanced Rock Power. The Evelyn Battery Energy Storage project, which is slated to begin construction in Summer 2024, has an anticipated online date of Spring 2025.
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-funding-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: X-ELIO Secures $97 Million Financing for Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-gridstor-energy-storage-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
GridStor, a developer and operator of grid-scale battery energy storage systems, announced the <a href="https://mercomcapital.com/gridstor-acquires-2-gwh-energy-storage-projects/">acquisition</a> of a portfolio of storage projects currently in development in the greater Los Angeles area from Upstream Energy. The portfolio of battery storage systems consists of multiple projects representing over 500 MW/2,000 MWh of capacity.
France-based energy firm ENGIE has <a href="https://mercomindia.com/engie-acquires-6-gw-solar-and-battery-storage-capacity-in-the-us/">acquired</a> a 6 GW portfolio of solar, paired storage, and standalone battery storage capacity from Belltown Power to add to its development pipeline in the U.S. These projects consist of approximately 2.7 GW of solar with 0.7 GW of paired storage and 2.6 GW of standalone battery storage. The projects are located across the Electric Reliability Council of Texas, Midcontinent Independent System Operator, Pennsylvania-New Jersey-Maryland Interconnection, and Western Electricity Coordinating Council.
Bhutan is set to get its first utility-scale solar photovoltaic power project, with the Asian Development Bank (ADB) approving <a href="https://mercomindia.com/adb-18-million-bhutans-utility-scale-solar-project/">financing</a> of $18.26 million for its construction. The project will have a capacity of 17.38 MW and will produce 25 GWh of power annually. The project will help diversify Bhutan’s energy mix, which relies on hydropower making the sector vulnerable to variations in climate. The Bhutan government will contribute $990,000 to the project. The financing from ADB also includes an $8.26 million concessional loan and an ADB-administered $10 million grant from the Asian Development Fund.
Matrix Renewables, the TPG Rise-backed global renewable energy platform, <a href="https://mercomcapital.com/matrix-renewables-closes-financing-solar-projects/" target="_blank" rel="noopener">closed</a> construction loans, tax equity bridge loans, and back-levered term loans for the Gaskell West 2 and Gaskell West 3 projects. The financing of $217 million was provided by MUFG, HSBC, National Bank of Canada, and Commonwealth Bank and follows the $92 million in tax equity financing Matrix received from Bank of America N.A. in June 2022.
Fotowatio Renewable Ventures, a developer of sustainable energy solutions and part of Abdul Latif Jameel Energy, has announced the <a href="https://frv.com/en/frv-to-acquire-2-new-battery-energy-storage-projects-in-the-uk/" target="_blank" rel="noopener">acquisition</a> of two battery energy storage projects in the Midlands, U.K. The projects will consist of two lithium-ion battery storage systems totaling a combined capacity of up to 100 MW, allowing importing and exporting energy connected to the distribution network.
Gore Street Energy Storage Fund (GSF), a London-listed energy storage fund supporting the transition to low-carbon power, announced that it has agreed to <a href="https://www.gsenergystoragefund.com/content/news/archive/2022/311022" target="_blank" rel="noopener">acquire</a> from Kona Energy a 200 MW construction-ready energy storage project in Heysham, North West England.  The project is GSF’s largest acquisition to date. With this acquisition, GSF’s portfolio will consist of 25 projects with a total capacity of 898 MW in operation and construction in the UK, Ireland, Germany, and the U.S.
NextEnergy Solar Fund, a specialist solar and energy storage climate impact fund with a combined installed power capacity of 865 MW, has announced that it has <a href="https://tools.euroland.com/tools/PressReleases/GetPressRelease/?ID=4181204&amp;lang=en-GB&amp;companycode=services" target="_blank" rel="noopener">acquired</a> a 250 MW/500 MWh portfolio of battery storage projects and grid connections.  The strategic portfolio named ‘Project Lion,’ located in the East of England, was acquired for a consideration of £32.5 million (~$38 million) and will increase the current announced standalone battery storage in NESF’s joint venture partnership with Eelpower to 300 MW.
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’s project finance <a href="https://mercomindia.com/project-finance-brief-pivot-energy-raises/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: GridStor Acquires 2 GWh of Energy Storage Projects

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