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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-scatec-solar-storage-project-egypt/" target="_blank" rel="noopener">Mercom Capital Group</a>
Scatec, a renewable energy solutions provider, has <a href="https://mercomcapital.com/scatec-secures-479-million-for-solar-and-storage-project-in-egypt/" target="_blank" rel="noopener">secured</a> $479.1 million of non-recourse project financing to develop the Obelisk hybrid solar and battery storage project located in Egypt. The funding, which corresponds to approximately 80% of the total estimated capital expenditure of $590 million, was provided by the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and British International Investment (BII). The project, which has a total capacity of 1.1 GW Solar and 100/200 MWh battery energy storage, will be constructed in two phases.
CleanChoice Energy, a U.S.-based renewable energy company, <a href="https://mercomcapital.com/cleanchoice-energy-acquires-54-2-mw-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of two solar projects totaling 54.2 MW in New York State from CS Energy, a solar project developer. Both solar projects will have a capacity of 27.1 MW each, with the Dolan project located in Washington County and the Hawthorn project in Rensselaer County. The construction of the projects is expected to begin in the fall of 2025, with a planned interconnection date in the fourth quarter of 2026.
Earthrise Energy, a renewable energy independent power producer, <a href="https://mercomcapital.com/earthrise-secures-630-million-financing-for-260-mw-solar-project/" target="_blank" rel="noopener">announced</a> the closing of $630 million in tax equity and debt financing for its 260 MWac Gibson City solar project within Illinois’s MISO power market. The project is expected to reach commercial operation in 2026. The debt financing includes a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility.
Lightsource bp, a solar project developer, <a href="https://mercomcapital.com/lightsource-bp-secures-200-million-financing-for-115-mw-fishery-solar-projects/" target="_blank" rel="noopener">secured</a> around TWD 6 billion (~$200 million) in financing for its 115 MWp fishery solar project in Budai and Yizhu Township, Chiayi County, Taiwan. The project’s construction is expected to begin in June 2025. The Budai project is expected to produce 180,000 MWh of renewable energy annually once operational.
Soltage, an independent power producer and developer of utility-scale solar and energy storage projects across the U.S., <a href="https://mercomcapital.com/soltage-secures-260m-financing-solar-storage-projects/" target="_blank" rel="noopener">announced</a> the closing of a $260 million construction and term debt financing facility to support the near-term deployment of solar and storage projects from the company’s more than 2 GW development pipeline across the U.S.
Ingka Investments, the investment arm of Ingka Group, <a href="https://mercomcapital.com/ingka-investments-acquires-76-3-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 76.3 MW solar project portfolio in the Netherlands from the SUSI Renewable Energy Fund II, an investment vehicle managed by SUSI Partners, a Swiss-based infrastructure investment manager.  The portfolio comprises three operating solar projects: 54.36 MW Scaldia, 11.72 MW Achtkarspelen, and 10.20 MW De Kie.
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-enlight-secures-hybrid-renewable-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Scatec Secures $479 Million for Solar and Storage Project in Egypt

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-ingka-investments-acquires-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Ingka Investments, the investment arm of Ingka Group, <a href="https://mercomcapital.com/ingka-investments-acquires-solar-project-in-romania/" target="_blank" rel="noopener">acquired</a> 300 MW of ready-to-build solar PV projects in Romania. The total investment in the solar PV project will amount to over €200 million (~$211.74 million). The project is located in Dâmbovița County, northwest of Bucharest, and has a total installed capacity of 300 MW that, once operational towards the end of 2025, will produce enough renewable energy for the equivalent of roughly 95,000 European households.
Gore Street Energy Storage Fund, a UK-based energy storage fund, <a href="https://mercomcapital.com/gore-street-energy-secures-financing-for-energy-storage-project/" target="_blank" rel="noopener">secured</a> financing for a 200 MW energy storage project in Imperial County, California. The First Citizens Bank, through its energy finance business, served as the lead agent. The company’s subsidiary, Big Rock ESS Assets, owns the 200 MW/ 400 MWh California battery storage project, which will benefit from contracted revenue through the Resource Adequacy program. The financing will support the remaining development of the project and provide Gore Street Energy Storage with additional liquidity for its growing portfolio.
Atlas Renewable Energy, a solar and wind project developer, <a href="https://mercomcapital.com/atlas-renewable-energy-brazilian-solar-project-portfolio-engie/" target="_blank" rel="noopener">reached</a> an agreement to sell 546 MW portfolio of operating solar assets with Engie Brasil Energia Complementares Participações, a part of the Engie Group in Brazil. The operating portfolio includes solar power assets, namely, Juazeiro, Sao Pedro, Sol do Futuro, Sertao Solar, and Lar do Sol, and located across the states of Bahia, Ceara and Minas Gerais.
Enfinity Global, a renewable energy company, has <a href="https://mercomcapital.com/enfinity-global-sells-minority-stake-in-solar-project/" target="_blank" rel="noopener">agreed</a> to sell a minority stake in its 400 MW operating solar projects portfolio in the U.S. to Kyushu Electric, a Japan-based utility company. Upon completion of the deal, Kyushu Electric will hold a 40% equity interest in the portfolio. Enfinity Global will retain a 60% equity interest and will be the long-term asset manager of the portfolio.
SUNfarming, a solar project developer and installer, <a href="https://mercomcapital.com/sunfarming-secures-mezzanine-debt-solar-projects/" target="_blank" rel="noopener">secured</a> mezzanine debt financing in a double-digit million amount for 185 MW of solar projects. The subordinated debt was provided by a managed account, which is administered by Prime Capital. The funds were raised in the form of bearer bonds at the level of group companies. Capcora acted as the exclusive financial advisor to SUNfarming in the transaction.
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-plus-power-secures-billion/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Ingka Investments Acquires 300 MW of Solar Projects

<a href="https://www.ingka.com/" target="_blank" rel="noopener">Ingka Group</a>, which owns most of the IKEA retail stores across the globe, through its investment arm Ingka Investments, has acquired nine solar PV projects totaling 440 MW in Germany and Spain from the European solar project developer <a href="https://www.enerparc.de/" target="_blank" rel="noopener">Enerparc</a>.
The total investment in the solar PV development portfolio would amount to about €340 million (~$371 million).
Four out of the nine solar power projects will be developed in Germany with an expected capacity of around 300 MW. The remaining five will be in Spain, totaling 140 MW.
The energy generated from these solar projects will help power roughly 140,000 European households and all IKEA stores and warehouses in Germany and Spain.
The projects are in the early stages and are expected to be ready for construction at the end of 2022, progressing into 2023, with a construction timeline of six months.
As a part of a €6.5 billion (~$7.10 billion) initiative to support 100% renewable energy consumption across the value chain and beyond, Ingka Investments has invested and committed more than €2.7billion (~$2.95 billion) into renewable energy projects (wind and solar).
Krister Mattsson, Managing Director, Ingka Investments, commenting on the acquisition, said, “We are delighted to be announcing this important initiative to enable renewable electricity consumption in Germany and Spain, which is another step in accelerating our energy production in Europe and North America. With our solar and wind projects, we want to make renewable energy available throughout the IKEA value chain and beyond.”
The development of the solar power projects in Germany and Spain are part of IKEA’s commitment to becoming climate positive by 2030 by reducing more greenhouse gases (GHG) emissions than the IKEA value chain emits.
Currently, Ingka Group owns and manages 547 wind turbines in 14 countries, ten solar projects, and 935,000 solar panels on the roofs of IKEA stores and warehouses. Together, this produces more than 4 TWh, equivalent to the annual electricity consumption of over 1 million European households.
Ingka Group, in September 2020 had, <a href="https://mercomindia.com/investment-planned-enhance-ikea-sustainability/" target="_blank" rel="noopener">announced</a> its plans to invest €600 million (~$710 million) to help IKEA keep its commitment to become climate positive by 2030. The investment was planned toward innovative companies, solutions, and operations to facilitate the shift towards a net-zero carbon economy.
Over 68 GW of solar projects were acquired in 2021, compared to 39.5 GW in 2020, according to Mercom’s <a href="https://mercomcapital.com/product/annual-q4-2021-solar-funding-ma-report/" target="_blank" rel="noopener">Annual and Q4 2021 Solar Funding and M&amp;A Report</a>.

IKEA Acquires 440 MW of Solar Projects in Europe for €340 Million

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