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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-ox2-sells-solar-project-australia/" target="_blank" rel="noopener">Mercom Capital Group</a>
OX2, a solar and energy storage project developer, has <a href="https://mercomcapital.com/ox2-sells-119-mw-solar-project-in-australia/" target="_blank" rel="noopener">entered</a> into an agreement to sell a 119 MWac solar project in Victoria, Australia, to an undisclosed buyer. OX2 will manage the construction of the project on behalf of the buyer. The project is expected to be operational in 2027 and produce about 242 GWh of clean electricity annually, enough to power approximately 51,000 households in Australia.
Doral Renewables, a utility-scale renewable energy developer, <a href="https://mercomcapital.com/doral-renewables-secures-debt-financing-mammoth-solar-project/" target="_blank" rel="noopener">announced</a> closing a $285 million debt financing package to support the initial construction of the remaining phases of the Mammoth Solar complex in Northern Indiana. These phases consist of three ground-mounted, single-axis systems, each with a capacity of 300 MW, totaling 900 MW overall.
Arevon Energy, a solar and energy storage project developer, <a href="https://mercomcapital.com/arevon-energy-secures-299-million-financing-for-solar-projects-in-indiana/" target="_blank" rel="noopener">announced</a> the financial closure of $299 million debt financing commitments for the 192 MWdc Ratts 1 solar and 73 MWdc (60 MWac) Heirloom solar projects. The projects are part of the Midwest and Midcontinent Independent System Operator territory, adding 264 MWdc capacity to Pike County, Indiana. Construction on the Ratts 1 and Heirloom solar projects began in August 2024, and both projects are expected to be in commercial operation by Q3 2025.
Q ENERGY, a solar, energy storage, and wind project developer, <a href="https://mercomcapital.com/q-energy-secures-56-million-debt-financing-for-floating-solar-project/" target="_blank" rel="noopener">secured</a> €50.4 million (~$55.68 million) in debt financing for the Les Ilots Blandin solar project development. The floating solar project spans over a former gravel pit in the Haute-Marne region of France and has a total capacity of 74.3 MW.
The Greenvolt Group, a solar and wind project developer, <a href="https://mercomcapital.com/greenvolt-sells-153-mw-solar-project-portfolio-in-italy/" target="_blank" rel="noopener">reached</a> an agreement with Nuveen Infrastructure to sell a 153 MW solar project portfolio across various regions of Italy for €18.7 million (~$20.69 million). The portfolio comprises 19 projects that will be sold in phases and are expected to reach the ready-to-build stage between 2024 and 2025.
Independent power producer Sunsure Energy has <a href="https://www.mercomindia.com/sunsure-2-billion-tata-capital" target="_blank" rel="noopener">secured</a> ₹2.26 billion (~$26.92 million) in long-term debt financing from Tata Capital to bolster its portfolio of open access solar projects in Uttar Pradesh, India with a total operational capacity of 75 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-swift-current-energy-secures-financing-for-800-mw-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: OX2 Sells 119 MW Solar Project in Australia

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-q-energy-sells-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Q ENERGY, a solar, energy storage, and wind project developer, <a href="https://mercomcapital.com/q-energy-sells-33-mw-solar-project-in-england/" target="_blank" rel="noopener">announced</a> the sale of a 33 MW Whinfield Solar Project near Darlington in Northeast England to AlphaReal, an assets investment manager. The project, currently under construction, will have around 60,000 ground-mounted solar modules. Once operational, Q Energy expects the Whinfield project to generate clean electricity enough to power over 8,700 households in the UK.
BayWa r.e., a renewable energy service provider, developer, and distributor, <a href="https://mercomcapital.com/baywa-r-e-acquires-46-mw-solar-project-in-romania/" target="_blank" rel="noopener">announced</a> the acquisition of the 46 MW White Gate solar project in Constanța county in Southeastern Romania. Romanian-based law firm Filip &amp; Company advised the company. Financial details about the transaction were not disclosed.
Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, announced that it <a href="https://mercomcapital.com/recurrent-energy-secures-103-million-tax-credit-transfer-agreement-for-solar-project/" target="_blank" rel="noopener">signed</a> a $103 million tax credit facilitation agreement with Bank of America for the 160 MW North Fork Solar Project. The already operational project is located southwest of Oklahoma City. NordLB and Rabobank provided financing for the project. CRC-IB and Latham &amp; Watkins advised Recurrent Energy on the tax credit transfer transaction.
Savion, a utility-scale solar and energy storage project developer, announced the <a href="https://mercomcapital.com/savion-sells-150-mw-solar-project-to-ameren-missouri/" target="_blank" rel="noopener">completion</a> of the 150 MW Cass County Solar Project sale to Ameren Missouri, an electric power utility company. Located near Beardstown, Illinois, and spanning about 1,700 acres, the construction of the solar project began in June 2023 and is anticipated to be completed by the end of 2024. Up to 330,000 solar modules are expected to be utilized in the project. Once operational, the project will supply electricity to the Midcontinent Independent System Operator power grid.
Renewable energy solutions provider KPI Green Energy has <a href="https://www.mercomindia.com/kpi-green-secures-mw-solar-project" target="_blank" rel="noopener">secured</a> a credit facility of ₹6.86 billion (~$82.1 million) to develop a 200 MW solar photovoltaic power project in Khavda, Kutch District. The credit facility comes after the company recently raised ₹3 billion (~$36.08 million) through qualified institutions placement.
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-dri-acquires-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Q ENERGY Sells 33 MW Solar Project in England

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-ampyr-secures-project-finance-facility/" target="_blank" rel="noopener">Mercom Capital Group</a>
AMPYR Solar Europe, an independent solar power producer, has <a href="https://mercomcapital.com/ampyr-solar-europe-secures-project-finance-facility/" target="_blank" rel="noopener">secured</a> a €200 million (~$215 million) project finance facility with Rabobank to construct and operate 350 MW of solar photovoltaic projects across Europe. The facility will be drawn immediately to finance three solar photovoltaic assets in the Netherlands, with more to follow later this year.
Spearmint Energy, a green energy trading and development company, <a href="https://mercomcapital.com/spearmint-energy-secures-bess-storage-projects-texas/" target="_blank" rel="noopener">closed</a> a $200 million credit facility with Aiga Capital Partners, an investment management firm. The term loan will support the development of Spearmint’s 1.2 GW / 2.4 GWh portfolio of battery energy storage system assets in Texas’ ERCOT power market and continued expansion of the Company’s innovative, utility-scale storage portfolio across the U.S.
Spain-based independent power producer Iberdrola and the European Investment Bank have signed a <a href="https://mercomcapital.com/iberdrola-secures-eib-renewable-energy-projects/" target="_blank" rel="noopener">loan</a> agreement worth €1 billion (~$1.07 billion) to bolster the energy transition in Europe by building 22 renewable energy projects with an installed capacity of 2.2 GW. The loan will help co-finance the construction of 19 solar power projects and three onshore wind farms in Spain, Portugal, and Germany.
The AES Corporation, a U.S.-based utility and power generation company, has <a href="https://mercomcapital.com/aes-andes-acquires-bolero-solar-project-chile/" target="_blank" rel="noopener">acquired</a> ownership of the Bellefield solar-plus-storage project with a capacity of 2 GW in the United States. Located in Kern County, California, the project comprises two phases, each of 500 MW of solar capacity and up to 500 MW of four-hour duration battery energy storage.
Q Energy, a solar, wind, and storage project developer, <a href="https://mercomcapital.com/q-energy-sells-solar-project-portfolio-spain/" target="_blank" rel="noopener">sold</a> a 76 MW solar project portfolio in Spain. The portfolio consists of two solar projects, around 38 MW each, in the Spanish province of Ciudad Real. The projects are ready to build and are expected to be connected to the grid by 2024. Q ENERGY will install more than 138,00 high-performance solar modules on trackers to maximize the system’s energy yields.
AES Andes, an electric utility company, has <a href="https://mercomcapital.com/aes-andes-acquires-bolero-solar-project-chile/" target="_blank" rel="noopener">acquired</a> a 146 MW solar project in Chile from EDF Renewables Chile and Marubeni Corporation. The Bolero solar project is located in the municipality of Sierra Gorda, in the Atacama Desert, in the region of Antofagasta. The photovoltaic project has an installed capacity of 146 MW over 518 hectares. The photovoltaic park is divided into two sections: Bolero Este and Bolero Oeste, with an installed capacity of 60 MWp and 86 MWp, respectively.
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://www.mercomindia.com/project-finance-brief-solek-closes-379-million-for-solar-projects" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: AMPYR Secures $215 Million Project Finance Facility

From: <a href="https://mercomcapital.com/project-finance-brief-uks-nextpower-acquires-17-4-mw-solar-project-in-portugal/" target="_blank" rel="noopener">Mercom Capital Group</a>
Global wind and solar development company Mainstream Renewable Power has <a href="https://tinyurl.com/mercommstn" target="_blank" rel="noopener noreferrer">closed</a> a $280 million mezzanine construction finance facility with leading alternative lender AMP Capital Infrastructure Debt Fund IV. The AMP Capital facility complements the $1.25 billion of senior project finance debt raised to date through two separate financings completed in October 2019 and August 2020. The mezzanine financing is structured in three different tranches.
UK investment and asset manager NextEnergy Capital Group, through its third institutional solar fund NextPower III, <a href="https://tinyurl.com/mercomncpo" target="_blank" rel="noopener noreferrer">acquired</a> a 17.4 MW solar project in Portugal from developers Azimuth Molecule and Cardinal Flexivel. It intends to start building the solar project this year and bring it online in the third quarter of 2021. Once operational, the project will sell its output under a 10-year power purchase agreement.
Fotowatio Renewable Ventures (FRV), a part of Abdul Latif Jameel Energy and renewable utility-scale project developer, has <a href="https://tinyurl.com/mercomfrvg" target="_blank" rel="noopener noreferrer">secured</a> a green loan from ING to provide all of the borrowing needs for the 90 MW Sebastopol solar project that it is about to build in NSW. FRV did not reveal the loan&#8217;s size or the project&#8217;s overall cost but said the non-recourse facility would account for all of the project&#8217;s borrowing needs. It is the first time that FRV has signed a green loan in Australia. Construction of Sebastopol has already begun and is due for completion in 2021.
French wind and solar project developer Valorem has <a href="https://renewablesnow.com/news/valorem-refinances-175-mw-of-french-renewables-assets-716877/" target="_blank" rel="noopener noreferrer">completed</a> the refinancing of over 175 MW of renewable energy assets in France. The refinancing consisted of two transactions tied to a portfolio of wind and solar projects and a group of hydropower facilities. The total refinanced amount amounts to €360 million (~$425.5 million). The amount was provided by Societe Generale, Credit Agricole Group, including CACIB and Unifergie, and Bpifrance.
Sonnedix Japan, a subsidiary of independent power producer Sonnedix, has <a href="https://tinyurl.com/mercomsncf" target="_blank" rel="noopener noreferrer">completed</a> the acquisition of a 14 MW solar PV project in the Yamaguchi prefecture of Japan from global PV developer X-Elio. The project is located in the city of Mine and has been in commercial operation since June 2020.
Spanish investment manager Q-Energy <a href="https://tinyurl.com/mercomcdpq" target="_blank" rel="noopener noreferrer">announced</a> the sale of a portfolio of regulated solar PV projects to Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor. The portfolio is made up of 73 projects with a total capacity of 216 MW located throughout Spain. These assets produce over 355,000 MWh annually, which is enough clean electricity to supply more than 115,000 households, or the equivalent consumption of cities such as Valladolid, Alicante, or Córdoba in Spain.
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 noreferrer">here</a>.
Read last week&#8217;s project finance <a href="https://mercomindia.com/project-finance-brief-hellenic-petroleum/" target="_blank" rel="noopener noreferrer">brief</a>.
Image credit: Tata Power Solar

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