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					</table><p><strong>From: <a href="https://mercomcapital.com/project-finance-brief-strata-clean-energy-secures-storage-project/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Strata Clean Energy, a developer, owner, and operator of renewable energy projects, <a href="https://www.businesswire.com/news/home/20240221070832/en/Strata-Clean-Energy-Secures-559-Million-Financing-for-1GWh-Battery-Energy-Storage-Project-in-Arizona" target="_blank" rel="noopener">secured</a> $559 million in financing for a 255 MW/1,020 MWh</strong> Scatter Wash energy storage complex. The energy storage project construction began on January 18 and is expected to be operational by April 2025. A consortium of financial institutions collaborated to secure the necessary funding for this project. J.P. Morgan and Nomura acted as Coordinating Lead Arrangers and Joint Bookrunners.</p>
<p><strong>Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://mercomcapital.com/matrix-renewables-secures-283-million-project-financing/" target="_blank" rel="noopener">secured</a> construction to term loan financing of $283 million</strong> for a 260 MW solar project in Idaho. The company also executed a production tax credit transfer agreement for this project. The debt transaction led by MUFG as a coordinated lead arranger includes a construction loan, term loan, and Letter of Credit support. HSBC, SMBC, National Bank of Canada, Commonwealth Bank of Australia, and Mizuho acted as Mandated Lead Arrangers.</p>
<p><strong>Arevon Energy</strong><strong>, a solar and storage project developer, <a href="https://mercomcapital.com/arevon-renewables-secures-funding-for-solar-plus-storage-project/" target="_blank" rel="noopener">secured</a> more than $1 billion in aggregate funding commitments</strong> for its Eland 2 Solar-plus-Storage Project in Kern County, California. The 374 MW<sub>dc </sub>solar project coupled with 150 MW/600 MWh of energy storage system is under early-stage construction, and the commercial operations are scheduled for the first quarter of 2025. The company obtained a $431 million tax equity commitment from Wells Fargo and $654 million of debt funding, including a construction-to-term loan, a tax equity bridge loan, and a letter of credit facilities.</p>
<p><strong>TagEnergy, a clean energy company investing in competitive generation and storage assets,</strong><a href="https://mercomcapital.com/tagenergy-reaches-financial-close-energy-storage-project/" target="_blank" rel="noopener"><strong> secured</strong></a><strong> financial closure on the 49.9 MW/ 99.8 MWh</strong> Pitkevy facility in Fife, Scotland. The energy storage project was financed under a non-recourse green loan package of up to £70 million (~$88.35 million), provided by lenders Santander UK, Rabobank, and Triple Point on a full merchant basis (except for Capacity Market revenues).</p>
<p><strong>NorthRenew Energy, a U.S.-based renewable and sustainable project developer, </strong><a href="https://mercomcapital.com/northrenew-energy-sells-300-mw-hybrid-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of its Arco wind and solar project in Idaho</strong> to PacifiCorp, a grid operator in the western United States. The Arco Wind and Solar project is located in Bingham and Bonneville counties in Idaho and has a total capacity of over 300 MW. Construction on the project is expected to commence in 2025, with commercial operations planned for late 2026.</p>
<p><strong>Highfield Solar, a solar project developer, <a href="https://mercomcapital.com/highfield-solar-secures-70-million-in-financing-for-ireland-solar-project/" target="_blank" rel="noopener">secured</a> a €65 million (~$70.45 million) debt facility for the construction and operation of the 93 MW Gaskinstown solar photovoltaic power project</strong> in Ireland. The project is financed by the Coöperatieve Rabobank U.A., which also financed the Rathnaskilloge 106 MW project developed by Highfield Solar in December 2023. The Gaskinstown solar project will be built on an area of 81 hectares near the Duleek village in Meath County.</p>
<p>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>.</p>
<p>Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-enerpac-financing-solar-hybrid-projects" target="_blank" rel="noopener">brief</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Project Finance Brief: Strata Clean Energy Secures $559 Million for Storage Project

<p><a href="https://therisefund.com/" target="_blank" rel="noopener noreferrer">The Rise Fund</a>, a global impact investment fund managed by TPG (formerly Texas Pacific Group), announced that it had acquired about 1 GW of solar projects from Chinese solar module manufacturer <a href="https://www.trinasolar.com/us" target="_blank" rel="noopener noreferrer">Trina Solar</a>.</p>
<p>According to The Rise Fund’s press statement, the solar projects include ones that are currently operational, under construction, and in late stages of development nearing ready-to-build status across Spain, Chile, Colombia, and Mexico. The statement did not release any other details of the transaction.</p>
<p>These projects will become part of the portfolio of the newly created entity &#8211; Matrix Renewables – that will be based in Madrid, Spain, the statement added. Through the new company, and with their combined resources, TPG and The Rise Fund intend to develop and acquire new solar projects globally.</p>
<p>“With the establishment of Matrix Renewables and the leadership of a seasoned management team, we are actively looking for additional strategic opportunities to grow our global portfolio and build out the platform,” said Ed Beckley, a Partner at TPG who leads the firm’s infrastructure investing efforts.</p>
<p>“Solar PV development is one of the many ways The Rise Fund is tackling climate change and addressing the climate, energy, and responsible consumption-focused United Nations Sustainable Development Goals. We look forward to growing the Matrix Renewables portfolio to accelerate positive environmental impact well-beyond this initial 1GW of clean energy generation,” added Steve Ellis, Co-Managing Partner of The Rise Fund.</p>
<p>Mercom India Research’s <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-2020-market-shares-profiles/" target="_blank" rel="noopener noreferrer">India Solar Market Leaderboard 2020</a> showed that Trina Solar was one of the top three suppliers of solar modules to India in terms of cumulative shipments as of December 2019. The other two companies were Canadian Solar and JA Solar. Recently, it also <a href="https://mercomindia.com/trina-solar-achieves-23-39-percent-efficiency-perc-cells/" target="_blank" rel="noopener noreferrer">fabricated</a> passivated emitter rear cells (PERC) with a 23.39% power conversion efficiency rate by using only standard manufacturing equipment. The China-based solar cell and module manufacturer said that to the best of their knowledge, this was the highest conversion efficiency confirmed by ISO/IEC 17025 certified calibration laboratory for such an industrial cell.</p>
<p>Previously, Trina also <a href="https://mercomindia.com/trina-solar-aquires-spanish-nclave/" target="_blank" rel="noopener noreferrer">acquired</a> Nclave Renewable S.L., a Spanish solar tracker system manufacturer.</p>
<p>In June 2018, Fourth Partner Energy, a distributed energy management company, <a href="https://mercomindia.com/fourth-partner-energy-tpg-growths-rise-fund/" target="_blank" rel="noopener noreferrer">said</a> it raised a $70 million investment from The Rise Fund.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nithin-thomas-prasad/" class="vcard author" rel="author"><span class="fn">Nithin Thomas</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Nithin Thomas,</strong> Staff reporter at Mercom India<br />
<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" target="_blank" rel="noopener">More articles from Nithin Thomas.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="102" height="102" /><a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">Nithin Thomas</a> is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor&#8217;s Degree in Commerce from Loyola College, Chennai.<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">More articles from Nithin Thomas Prasad</a></div>
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TPG’s Rise Fund Acquires 1 GW of Solar Projects from Trina Solar

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