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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-enerpac-financing-solar-hybrid-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
ENERPARC AG, a solar project developer, <a href="https://mercomcapital.com/enerpac-secures-bridge-financing-325-mw-solar-hybrid-projects-in-germany/" target="_blank" rel="noopener">secured</a> bridge financing for a 325 MW project portfolio consisting of solar photovoltaic (PV) and hybrid projects, including energy storage. The French investment firm, Eiffel Investment Group, provided the financing. The portfolio consists of fifteen solar projects located in the states of Rhineland-Palatinate, Schleswig-Holstein, and Brandenburg. The projects vary in size, with the smallest at approximately 6 MW and the largest at 39 MW.
Plus Power, a developer and owner of energy storage projects <a href="https://mercomcapital.com/plus-power-secures-nearly-100-million-tax-equity-financing/" target="_blank" rel="noopener">secured</a> approximately $98 million in tax equity financing from Greenprint Capital Management to develop the 200 MW/ 400 MWh Ebony energy storage project. The Ebony energy storage project is located near San Antonio, Texas. The construction started in March 2023, and the project is expected to go online during the spring of 2024. The investment from Greenprint Capital Management is expected to help the project stabilize ERCOT’s power system during dynamic summer demand and cold winter storms.
CDPQ, an investment company, <a href="https://www.cdpq.com/en/news/pressreleases/cdpq-acquires-80-stake-solar-plant-japan" target="_blank" rel="noopener">acquired</a> an 80% stake in a 31 MW solar power project in Japan alongside its portfolio company, Shizen Energy. The Inuyama project, which went into operation in the last few days, has a total solar power generation capacity that is enough to power the equivalent of 7,850 homes. The solar power project is located in Aichi prefecture. The acquisition will be CDPQ’s first co-investment with Japan’s Shizen Energy as part of a JPY 50 billion (~$0.33 billion) co-investment framework announced in October 2022, when CDPQ invested JPY 20 billion (~$0.13 billion) in the company to support its growth.
ib vogt, a renewable energy project developer, <a href="https://mercomcapital.com/ib-vogt-secures-376m-in-financing-spanish-solar-project-portfolio/" target="_blank" rel="noopener">achieved</a> financial closure for a 418 MW solar PV portfolio in Spain. The PV portfolio consists of three projects clustered around Segovia, in the autonomous community of Castile and León, Spain. The project financing was provided by Norddeutsche Landesbank -Girozentrale, Santander CIB, and BBVA. The total debt raised for the portfolio amounts to approximately €350 million (~$375.61 million).
Standard Solar, a solar energy company specializing in developing and financing solar electric systems, <a href="https://mercomcapital.com/standard-solar-acquires-84-mw-community-solar-portfolio/" target="_blank" rel="noopener">acquired</a> an 84 MW community solar portfolio in Illinois from New Leaf Energy. The portfolio consists of three sets of community solar gardens in Illinois: six sites with a capacity of approximately 47 MW, four sites totaling 12 MW, and four sites representing 25 MW.
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-project-financing/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: ENERPARC Secures Financing for 325 MW Solar, Hybrid Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-plus-power-secures-billion/" target="_blank" rel="noopener">Mercom Capital Group</a>
Plus Power, a developer and owner of energy storage projects, <a href="https://mercomcapital.com/plus-power-secures-for-standalone-storage-projects/" target="_blank" rel="noopener">announced</a> the completion of $1.8 billion in new financing for the construction and operation of five standalone battery energy storage projects. The financing commitments announced will cover the five projects with a cumulative 1,040 MW/2,760 MWh capacity. The transactions will support the portfolio’s construction and operations, including construction financing, term financing, letters of credit, and tax equity investments in partnership with 11 leading industry lenders and investors.
Grenergy, an independent solar and wind power producer, has <a href="https://mercomcapital.com/grenergy-sells-300-mw-of-solar-projects-in-spain/" target="_blank" rel="noopener">agreed</a> to sell two solar projects of nearly 300 MW capacity in Spain to Allianz Capital Partners on behalf of Allianz insurance companies and institutional investors for €270.6 million (~$284.61 million). The transaction’s closing, subject to the satisfaction of customary conditions, is expected to occur on June 30, 2025. The projects are expected to reach commercial operation by the second half of 2024.
Spearmint Energy, an energy storage project developer, <a href="https://mercomcapital.com/spearmint-energy-secures-tax-equity-financing-for-energy-storage-project/" target="_blank" rel="noopener">announced</a> the successful closure of a $92 million tax equity investment for a 150 MW/300 MWh battery energy storage project in West Texas provided by Greenprint Capital Management, an investment firm. This marks one of the first applications of the Investment Tax Credit structure for a standalone battery energy storage system following the passing of the Inflation Reduction Act. The project named Revolution reached its completion this summer and is scheduled to begin operations later this year.
Opdenergy, an independent renewable energy producer, <a href="https://mercomcapital.com/opdenergy-secures-252-million-project-financing/" target="_blank" rel="noopener">closed</a> a $252 million project financing package for two solar power projects in the U.S. The first solar project, “Blake, “located in Jefferson County, West Virginia, has an installed capacity of 100 MW, and the second solar project, “Elizabeth,” located in Allen Parish, Louisiana, has an installed capacity of 160 MW. Both solar projects are currently under construction and are expected to be operational within the next few months.
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://mercomcapital.com/project-finance-brief-voltalia-solar-project-newave-energia/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Energy Storage Firm Plus Power Secures $1.8 Billion

<a href="https://www.pluspower.com/" target="_blank" rel="noopener">Plus Power</a>, a U.S.-based renewable energy company, said it had closed a credit facility for its 185 MW/565 MWh Kapolei Energy Storage project in Hawaii.
The company has signed a contract with <a href="https://www.hawaiianelectric.com/" target="_blank" rel="noopener">Hawaiian Electric</a> for a credit facility of $219 million, including $188 million in non-recourse construction debt and $31 million in letters of credit.
Mizuho Securities USA and KeyBanc led the financing and were joined by CoBank and Silicon Valley Bank.
The Kapolei Energy Storage project is located on the island of Oahu, where it will interconnect at a critical Hawaiian Electric substation. The project will provide capacity and shifting of low-cost renewable energy to periods of high demand and deliver 50 MW of fast-frequency response services. It will support the closing of Hawaii’s coal facility, reduce renewable energy curtailment, and allow the procurement and integration of new renewable energy resources in line with the state’s transition to 100% renewable generation.
The project received approval from the Hawai’i Public Utilities Commission in May 2021. The project received unanimous support from the local Neighborhood Board and approval of its Conditional Use Permit-Minor from the City and County of Honolulu. Situated in I-2 (Industrial) zoning outside the Tsunami Evacuation Zone, the project site is optimal for new energy infrastructure.
The company has a pipeline of over 7 GW of battery storage projects across more than 20 states. Its transmission-scale standalone battery storage systems provide capacity, energy, and ancillary services, shifting low-cost renewable energy delivery to meet the demand. The projects can be sited to deliver services that allow accelerated decarbonization through integrating onshore and offshore utility-scale renewable energy and distributed renewable projects.
Brandon Keefe, General Manager at Plus Power, said, “The financing highlights Plus Power’s ability to execute on projects that deliver energy, capacity, and grid services for our consumers and attract capital from top tier financiers like Mizuho and KeyBanc. Very rapid growth in standalone battery storage projects will be needed to transition the grid to 100% renewable energy.”
In a <a href="https://mercomindia.com/us-pipeline-solar-projects-battery-storage/" target="_blank" rel="noopener">recent</a> report, the Lawrence Berkeley National Laboratory said that the U.S. had a pipeline of 460 GW of solar capacity at the end of 2020. Of this, 160 GW or 34% of projects include battery storage facilities.
According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2021-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">9M and Q3 2021 Funding and M&amp;A Report for Storage, Grid and Efficiency</a>, in 9M 2021, a record $2.5 billion was raised in 15 publicly announced battery storage project funding deals compared to $182 million in eight deals in 9M 2020.
Image credit: Plus Power

Plus Power Secures $219 Million Loan for a 185 MW/565 MWh Energy Storage Project in Hawaii

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