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Daily News Wrap-Up: MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

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AutoNxt Secures Pre-Series A Funding to Finance Electric Tractor Launch

Daily News Wrap-Up: REC Records Highest-Ever Loan Approvals in FY24


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					</table><p><strong>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-acquires-420-mw-solar-portfolio-in-spain/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Recurrent Energy, a global developer, owner, and operator of solar and energy storage and a subsidiary of Canadian Solar, </strong><a href="https://mercomcapital.com/recurrent-energy-acquires-420-mw-solar-portfolio-in-spain/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a solar PV portfolio</strong> with more than 420 MW capacity in South Spain. The portfolio, located in Carmona, consists of a cluster of four projects, Rey I, II, III, and IV, which are under construction and will feature Canadian Solar’s TopBiHiKu7 N-type bifacial TOPCon technology modules.</p>
<p><strong>Invenergy, a developer of renewable energy projects, has </strong><a href="https://mercomcapital.com/invenergy-secures-1-3-billion-to-develop-renewable-energy-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $1.27 billion in financing. The funding round of funding was led by Natixis Corporate and Investment Banking</strong> and is earmarked for the development and construction of Invenergy’s renewable energy initiatives located in Kansas and Texas. The four projects together represent a total capacity of 677MW.</p>
<p><strong>Doral Renewables, a utility-scale renewable energy project developer, </strong><a href="https://mercomcapital.com/doral-renewables-secures-debt-financing-solar-project/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a construction debt facility for its Great Bend solar project</strong>. The company secured $114 million in financing from the sole lender, HSBC, for the project, which consists of a $36 million construction-to-term loan facility, a $57 million tax equity bridge loan, and a $21 million letter of credit facility.</p>
<p><strong>Solarpack, a solar project developer, has </strong><a href="https://mercomcapital.com/solarpack-secures-176-million-financing-for-san-martin-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $176.6 million senior financing package for the 300 MW San Martin solar project in Peru</strong>. The financing has been secured from Crédit Agricole Corporate and Investment Bank, Natixis Corporate &amp; Investment Baking, BBVA, and BNP Paribas using a project finance structure, being the first renewable project financed in Peru based on a power purchase agreement  between private parties.</p>
<p><strong>Greenvolt, a solar and wind project developer, through its subsidiary Greenvolt Power, </strong><a href="https://mercomcapital.com/greenvolt-secures-39-million-project-finance/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a €36 million (~$39.34 million) project finance</strong> with UniCredit Bank Hungary for the construction, operation, and maintenance of a 57 MW solar project in Hungary.</p>
<p><strong>AXS Energia, a solar energy company, </strong><a href="https://mercomcapital.com/axs-energia-secures-project-financing-for-39-7-mw-solar-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $5 million senior debt facility from Triodos Emerging Markets Renewable Energy Fund and Triodos Groenfonds</strong> for the construction of 14 ground-mounted solar projects in Brazil with a combined capacity of 39.7 MW. CIFI Services is the lead arranger of this $54 million project.</p>
<p>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.</p>
<p>Read last week’s project finance <a href="https://www.mercomindia.com/project-finance-brief-primergy-secures-solar-project" target="_blank" rel="noopener">brief</a>.</p>
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Project Finance Brief: Recurrent Energy Acquires 420 MW Solar Portfolio in Spain


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-project-financing/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar </strong><a href="https://mercomcapital.com/recurrent-energy-secures-160-million-project-financing/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $160 million in project financing</strong> for the 127 MW<sub>dc </sub>Bayou Galion Solar project located in Morehouse Parish in Northeast Louisiana. The project is under construction and is expected to be operational by fall 2024. The company began the development of the Bayou Galion Solar project in 2018, and construction began in December 2023.</p>
<p><strong>Nautilus Solar Energy, on behalf of its affiliate Nautilus US Power Holdco, has </strong><a href="https://mercomcapital.com/nautilus-acquires-12-7-mw-community-solar-portfolio/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 12.7 MW portfolio of community solar projects</strong> in New York from SoIAmercia Energy. Both solar projects are expected to be fully operational in 2024. Once completed, the community solar projects are expected to provide clean energy to power over 1,800 residential subscribers within the National Grid utility territory.</p>
<p><strong>SMT Energy, an energy storage project developer, </strong><a href="https://www.prnewswire.com/news-releases/smt-energy-sells-400-megawatts-of-battery-energy-storage-facilities-to-ubs-asset-management-302055312.html" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of 400 MW of battery energy storage projects</strong> in Texas to UBS Asset Management. The projects are connected to the ERCOT power grid and are on track to come online in 2024 and 2025.</p>
<p><strong>Sonnedix, an independent solar power producer, </strong><a href="https://mercomcapital.com/sonnedix-secures-280-million-green-loan-financing/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a €260 million (~$280 million) green loan to finance the acquisition and construction of renewable energy projects</strong> in Italy. The multi-borrower loan includes greenfield project finance for the construction of two photovoltaic plants located in Sicily and Sardinia with a total capacity of around 200 MW, as well as an acquisition finance line of an operating asset.</p>
<p><strong>Renewable energy power producer Sunly </strong><a href="https://mercomcapital.com/sunly-secures-71-million-funding-for-solar-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €65.9 million (~$71.10 million) in senior non-recourse project funding from mBank</strong> to develop renewable energy projects in Poland. The funding will be used to construct 58 solar projects with a total capacity of about 98 MW. Most of them will be located in the south of Poland, in the provinces of Małopolska, Opole, Podkarpackie, Silesia, and Świętokrzyskie, but individual installations are also planned in other regions.</p>
<p>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.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-vesper-energy-solar-project/" target="_blank" rel="noopener">brief</a>.</p>
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Project Finance Brief: Recurrent Energy Secures $160 Million Project Financing


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Recurrent Energy, a wholly-owned subsidiary of Canadian Solar and a utility-scale solar and energy storage project developer, </strong><a href="https://mercomcapital.com/recurrent-energy-secures-financing-liberty-solar-project/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> project financing</strong> for its 134 MW (100 MWac) Liberty Solar project. The project is under construction in Liberty County, Texas, and is expected to reach operations in 2024. Rabobank, Nord LB, and U.S. Bank will provide construction debt, a letter of credit facility, and a term facility totaling $120 million. U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, will provide the tax equity totaling $80 million.</p>
<p><strong>Southern Power, an electric utility subsidiary of Southern Company, </strong><a href="https://mercomcapital.com/southern-power-acquires-solar-project-200mw-texas/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> the 200 MW Millers Branch solar project from EDF Renewables</strong>. The solar facility is currently in the early stages of development and has the potential to expand up to 500 MW. The project is located in Haskell County, Texas. Southern Power will lead the continued development and construction of the Millers Branch, which is expected to achieve commercial operation in the fourth quarter of 2025.</p>
<p><strong>Cubico Sustainable Investments, a London-based renewable energy developer and asset owner, has </strong><a href="https://www.prnewswire.co.uk/news-releases/cubico-sustainable-investments-acquires-121-mw-of-wind-and-solar-in-uruguay-301936150.html" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the acquisition of three operational projects</strong> in Uruguay from Brookfield. The transaction comprises two wind projects, 52 MW Carape I and 43 MW Carape II in Maldonado, and one solar photovoltaic project, 26 MW Alto Cielo in Artigas.</p>
<p><strong>Renewable energy company Enfinity Global has </strong><a href="https://www.mercomindia.com/enfinity-boosts-renewable-solar-asset-acquisition-in-us" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of 546 MW of solar assets under development in Colorado</strong>, United States, from the engineering, procurement, and construction (EPC) firm CS Energy. The acquisition encompasses three solar projects in Colorado, a region with a mandate to achieve 100% renewable energy by 2050.</p>
<p><strong>DSD Renewables, a solar and energy storage solutions provider, </strong><a href="https://mercomcapital.com/dsd-acquires-community-solar-portfolio-in-minnesota/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a community solar portfolio totaling 15 MW in Minnesota from New Energy Equity</strong>. The construction of the four solar projects is already ongoing and is slated to start at the remaining five sites by the end of 2023. Completion of the entire portfolio is expected by 2024.</p>
<p>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.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-samsung-sells-solar-energy-projects/" target="_blank" rel="noopener">brief</a>.</p>
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Project Finance Brief: Recurrent Secures Financing for 100 MW Solar Project


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-secures-solar-project-oklahoma/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Recurrent Energy, a wholly-owned subsidiary of Canadian Solar, a vertically integrated silicon ingot, wafers, and photovoltaic cells and modules manufacturer, has </strong><a href="https://mercomcapital.com/recurrent-energy-secures-project-financing-for-north-fork-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $112 million project financing</strong> for its 160 MW (120 MWac) North Fork Solar project in Oklahoma City. NordLB acted as Coordinating Lead Arranger and Joint Lead Arranger. Rabobank acted as Joint Lead Arranger. The project is expected to be operational in 2024. Oklahoma Municipal Power Authority will purchase 100% of the energy produced by North Fork Solar under a 15-year agreement.</p>
<p><strong>SunVest Solar, a vertically integrated distributed solar project developer, </strong><a href="https://mercomcapital.com/sunvest-solar-secures-construction-loan-facility/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $60 million construction loan facility to support 50 MW of community solar project</strong>s across Illinois, Maine, and Minnesota through the remainder of 2023 and into 2024. All the projects under the facility will be owned and operated by SunVest, bringing its total assets under management to over 125 MW.</p>
<p><strong>United States-based Peregrine Energy Solutions, a clean energy platform with a strategic focus on utility-scale energy storage, has </strong><a href="https://www.mercomindia.com/peregrine-for-clean-energy-expansion-in-us" target="_blank" rel="noopener"><strong>announced</strong></a><strong> a partnership</strong> with AB CarVal, a global alternative investment manager, to raise more than $700 million in credit, equity, and debt financing. The funding will be directed toward Peregrine’s substantial pipeline of projects, encompassing over 7 GW of technologies, including standalone battery, solar, and wind systems.</p>
<p><strong>Aspen Power, developer of a distributed generation platform focused on solar and storage assets across the U.S., along with Foss &amp; Company, an investment fund sponsor, </strong><a href="https://mercomcapital.com/aspen-power-foss-company-secure-tax-equity-solar-projects/" target="_blank" rel="noopener"><strong>announced</strong></a> a $60 million tax equity funding for 27 solar projects across four states totaling 82.8 MW. Of the 27 solar projects, 19 are operational, and the complete portfolio represents 82.8 MW of solar generating capacity.</p>
<p><strong>Germany-based independent power producer Encavis </strong><a href="https://www.encavis.com/en/newsroom/press-releases/2585019-encavis-ag-acquires-its-first-battery-project-to-optimise-the-marketing-of-electricity-from-german-wind-and-solar-parks" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 12MW/24MWh ready-to-build battery energy storage project</strong> in Hettstedt, Germany. The project is based on lithium-ion technology and is scheduled to be connected to the grid in the first half of 2024.</p>
<p>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.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-lynher-energy-secures-solar-project/" target="_blank" rel="noopener">brief</a>.</p>
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Project Finance Brief: Recurrent Energy Secures $112 Million for Solar Project in Oklahoma


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-northvolt-raises-400-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Northvolt, a battery manufacturer, </strong><a href="https://mercomcapital.com/battery-manufacturer-northvolt-raises-400-million-in-funding/" target="_blank" rel="noopener"><strong>received</strong></a><strong> a $400 million investment from the Investment Management Corporation of Ontario</strong>, a Canadian pension fund manager, in collaboration with Global Infrastructure Groups. The investment was converted into notes and will support Northvolt’s expansion plans. The company aims to deliver batteries with an 80% lower carbon footprint. It operates a recycling facility that recovers used batteries and turns them into raw materials for new ones.</p>
<p><strong>Recurrent Energy – a utility-scale solar and energy storage developer and a subsidiary of Canadian Solar – </strong><a href="https://mercomcapital.com/recurrent-energy-secures-164-million-in-debt-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a €150 million (~$164 million) </strong>multicurrency facility from Santander Corporate &amp; Investment Banking, a financial institution. The funding will help Recurrent Energy grow its business and retain more ownership of its assets in select markets. The company has a total global solar project pipeline of 25 GW and 47 GWh of battery storage, of which 14 GW and 12 GWh have interconnections granted.</p>
<p><strong>Sustainable infrastructure investor Actis has </strong><a href="https://www.mercomindia.com/engie-and-meridiam-bte-renewables-from-actis" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to sell the entirety of BTE Renewables to France-based energy firm ENGIE</strong> and global investor and asset manager Meridiam. Upon completion of the transaction, ENGIE will acquire BTE’s South African renewable project portfolio and team, while Meridiam will take ownership of the Kenyan portfolio and team. BTE primarily focuses on utility-scale wind and solar projects across the pan-African region.</p>
<p><strong>GridPoint, an energy efficiency solutions provider, </strong><a href="https://www.gridpoint.com/news/gridpoint-hasi-announcement/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a credit facility of up to $150 million from HASI, a climate solutions investor</strong>. The facility will allow GridPoint to expand its subscription model platform that uses data analytics, patented algorithms, and intelligent automation to optimize the energy profile of businesses. It monitors and controls on-site assets, such as HVACs, meters, and sensors, and provides real-time energy consumption and performance insights. The funding round expands on the partnership between GridPoint and HASI that started in 2019.</p>
<p><strong>Applied Value Group, an Investment, Management Consulting, and Social Impact group, has </strong><a href="https://mercomcapital.com/applied-value-group-acquires-solar-storage-installer/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> its acquisition</strong><strong> of ES Solar</strong>, a residential and commercial solar and battery installer. The deal will enable ES Solar to expand its operations, launch new products, and strengthen its position in the renewable energy sector. The company offers customized renewable energy systems for residential, commercial, and industrial customers, specializing in battery storage solutions with solar.</p>
<p><strong>SafEarth, an India-based technology platform for renewable energy transition, has </strong><a href="https://www.mercomindia.com/renewable-energy-safearth-secures-%e2%82%b935-million-funding" target="_blank" rel="noopener"><strong>completed</strong></a><strong> a funding round of ₹35 million ($426,755)</strong> to support the company’s product development initiatives and expansion into new industrial belts across the country. The funding round was led by Anthill Ventures, Third Derivative, and Mumbai Angels. SafEarth is an energy transition platform assisting commercial and industrial consumers in evaluating solar transition options and savings.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-battery-company-talga-funding" target="_blank" rel="noopener">roundup</a>.</p>
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Funding and M&A Roundup: Battery Manufacturer Northvolt Raises $400 Million


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-acquires-energy-storage-projects/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Recurrent Energy, a wholly-owned subsidiary of Canadian Solar, acquired two standalone energy storage projects from Black Mountain Energy Storage. </strong>The projects are in the South Load Zone of the Texas ERCOT market, and each is likely to store up to 200 MWh of energy. Both projects are in development and are expected to reach notice to proceed in 2023 and begin operation in the second quarter of 2024. Recurrent Energy has developed 2.9 GWh of energy storage projects under construction or operation and has an additional pipeline of 15.5 GWh of projects under early to mid-stage development. The two standalone energy storage projects added to the company’s development pipeline will be operated as merchant projects in the ERCOT market.</p>
<p><strong>Global </strong><strong>energy business giant bp has </strong><a href="https://mercomindia.com/bp-acquire-40-5-stake-26-gw-asian-renewable-energy-hub/" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to acquire a 40.5% stake in the Asian Renewable Energy Hub (AREH), one of the world’s largest renewable and green hydrogen hubs. </strong>AREH has plans to develop onshore wind and solar power generation in multiple phases in the Pilbara region of West Australia. The plan is to achieve a total generating capacity of up to 26 GW of solar and wind energy. This facility will serve the domestic Australian market and export energy to countries such as Japan and South Korea. Under the terms of the new agreement, bp will acquire a 40.5% share in the project and will assume operatorship from July 1, 2022, subject to approvals. The other stakeholders in AREH are InterContinental Energy (26.4%), CWP Global (17.8%), and Macquarie Capital and Macquarie’s Green Investment Group (15.3%).</p>
<p><strong>Octopus Renewables Infrastructure Trust (ORIT), which is building a diversified portfolio of renewable energy assets, including solar, </strong><a href="https://mercomcapital.com/octopus-renewables-acquires-solar-project/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> the 68 MW Breach solar ready-to-build project in Cambridgeshire, UK, from AGR Renewables.</strong> The total cost of acquisition and construction of the project is expected to be £50 million (~$61 million). The acquisition includes the right to construct a battery storage project, which is expected to be ready to build later in 2022, with a 50 MW/100 MWh capacity. In a separate transaction, the company also agreed to acquire a 50% stake in a 12 MW/24 MWh ready-to-build battery storage project in Bedfordshire, UK, from Gridsource.</p>
<p><strong>CrossBoundary </strong><strong>Energy Access (CBEA), the first project finance facility for mini-grids, </strong><a href="https://www.crossboundary.com/energy-access/announcement/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $25 million in new funding commitments from ARCH Emerging Markets Partners Limited, Bank of America, and Microsoft Climate Innovation Fund.</strong> This investment will leverage an additional $25 million in senior debt to deploy $50 million of capital into CBEA’s near-term pipeline of solar-powered mini-grids. CBEA will deploy $150 million over the next two years to bring clean energy to one million people in Africa.  The mini-grids combine solar and batteries to provide 24/7 grid-quality power to households and businesses. This initiative will enable individual local residential and small business subscribers to access renewable electricity for the first time. These solar-powered mini-grids will help bridge the gap by bringing clean electricity to rural areas of Africa that do not presently have access to electricity.</p>
<p><strong>Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, has </strong><a href="https://mercomcapital.com/canadian-solar-28-million/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> BRL 136 million (~$28 million) non-recourse project financing </strong>from Banco do Nordeste do Brasil (BNB) to the support the construction and operation of its 79 MW Lavras II solar project in Brazil. The project is expected to reach commercial operation in the second quarter of 2022 and will be powered by Canadian Solar high-efficiency BiHiKu modules. Canadian Solar won the project in a private auction held by COPEL Energia, part of COPEL Group, in September 2019, with a 15-year, inflation-adjusted PPA. This inflation-linked debt tied to the National Consumer Price Index (IPCA) will provide improved capital and resource alignment with the Brazilian economy.</p>
<p><strong>The </strong><strong>Board of Directors of the North American Development Bank (NADBank) </strong><a href="https://www.nadb.org/news/nadbank-board-approved-300-million-green-loan-program-and-156-million-for-three-projects-in-wastewater-management-mobility-and-renewable-energy" target="_blank" rel="noopener"><strong>approved</strong></a><strong> the Green Loan Program and three environmental infrastructure projects. </strong><strong>NADBank will provide a loan for up to $65.7</strong> million to support the implementation of a 160 MW solar project and a 40 MW, two-hour battery energy storage system to be built approximately six miles west of Brackettville in Kinney County. The project is expected to generate approximately 414.31 GWh of electricity during the first year of operation, which is equivalent to the annual consumption of 30,286 households.</p>
<p><strong>U.S.-based Doral Renewables, a renewable energy development arm of Israel-based Doral Group, </strong><a href="https://mercomcapital.com/doral-renewables-secures-solar-project-us/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $392 million project financing for Mammoth North</strong>, the first phase of Doral’s Mammoth Solar project. Mammoth North is located on 4,500 acres in Starke County, Indiana, in the northwestern region of PJM. The project is a ground-mounted single-axis PV project with an installed capacity of 400 MW. Deutsche Bank, New York Branch acted as sole bookrunner, sole structuring bank, and mandated lead arranger for the financing, which comprises a $157 million construction-to-term loan facility, a $170 million tax equity bridge loan, and a $65 million letter of credit facility. Bayerische Landesbank, New York Branch, and National Bank of Canada acted as Lead Managers with Banco de Sabadell, Miami Branch, Comerica Bank, a Texas banking association, Intesa Sanpaolo, New York Branch, and Metropolitan Life Insurance Company, rounding out the syndicate for the debt and letter of credit facilities.</p>
<p><strong>Greece-based construction company AVAX and PPC SA, an electric power company in Greece, </strong><a href="https://mercomcapital.com/ppc-renewables-acquires-112mw/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that AVAX’s 100% subsidiary Volterra entered into a binding agreement to sell its portfolio of renewable energy sources with a total capacity of 112 MW to PPC Renewables. </strong>The transaction corresponds to an enterprise value of €133 (~$138.6 million). PPC Renewables acquired 55% of the shares of Volterra K-R and Volterra Lykovouni, in which PPC Renewables had a 45% stake since 2019. Volterra K-R and Volterra Lykovouni own 67.7 MW wind projects in Etoloakarnania and Viotia in central Greece. PPC Renewables also acquires 100% of Iliophania, which owns a 2.7 MW solar project in Viotia, and Volterra Doukas, Volterra Koukouli, which owns wind projects with a total capacity of 39.5 MW in Kozani and Kastoria in northern Greece, with the construction commencing shortly.</p>
<p><strong>Turkish </strong><strong>green steel producer Tosyali has </strong><a href="https://renewablesnow.com/news/bbva-bankrolls-tosyalis-usd-71m-rooftop-solar-project-in-turkey-788276/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a loan from a Spanish banking major for its $71 million rooftop solar project announced earlier this year. </strong>Banco Bilbao Vizcaya Argentaria (BBVA) is providing a TRY 400 million (~$23 million) loan to Tosyali Turkiye for the projecct. As unveiled by the green steel producer in March, it will install 140 MW of solar panels on top of its facilities by April 2023 in partnership with Huawei and local installation services provider SolarApex.</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’s project finance <a href="https://mercomindia.com/project-finance-brief-signal-iduna-acquires-solar-project-germany/" target="_blank" rel="noopener">brief</a>.</p>
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Project Finance Brief: Recurrent Energy Acquires Two 200 MWh Energy Storage Projects

<p>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-firefly-energy-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, </strong><a href="https://recurrentenergy.com/recurrent-energy-signs-agreement-to-sell-150-mwac-virginia-solar-project-to-appalachian-power/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> its wholly-owned subsidiary, Recurrent Energy, has completed a purchase and </strong>sale agreement with Appalachian Power for Recurrent’s Firefly Energy solar project located in Pittsylvania County, Virginia. With a capacity of 150 MW, the project will be Appalachian Power’s largest solar energy acquisition to date and will help the utility meet its clean energy requirements under the Virginia Clean Economy Act (VCEA).</p>
<p><strong>Swedish wind project developer Eolus Project Holdings </strong><a href="https://mercomcapital.com/eolus-project-holdings-sells-battery-storage-project/" target="_blank" rel="noopener"><strong>sold</strong></a><strong> a 120 MW battery storage project in California to Aypa Power, an energy storage company, and a portfolio company of alternative asset</strong> manager Blackstone. The financial terms of the deal were not disclosed. The company sold its Cald standalone energy storage project in Los Angeles, currently in development. The project will be operational in 2024.</p>
<p><strong>Everwood Capital, a Spanish investment manager, </strong><a href="https://www.vivienna.it/2021/12/26/la-spagnola-everwood-capital-acquista-un-progetto-solare-da-66-mw-a-troina/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 66 MW solar PV project in Sicily, Italy. The project will be located in the municipality of Troina, in the Sicilian province of Enna.</strong> The project will use bifacial panels mounted on a 1-axis tracking system. Connection rights and land in Troina have been secured. The fund manager expects the finalize the permitting process by the end of 2023 and start construction immediately.</p>
<p><strong>Alternus Energy, an independent power producer, has </strong><a href="https://alternusenergy.com/alternus-energy-continues-polish-expansion-with-closing-of-acquisition-of-13-mw-operational-portfolio-as-part-of-24-mw-contract/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> 12.9 MW of operational solar PV assets in Poland. The projects, each 1 MW in size, are located across the country.</strong> Alternus partnered with an experienced local developer to develop and construct the projects. The commercial operation date (COD) for the acquired portfolio was reached in December. This forms part of the agreement between Alternus and the developer for a total contracted pipeline of 24 MW. The additional 11 MW is currently expected to reach COD in Q1 2022.</p>
<p><strong>ReneSola, a fully integrated solar project developer, </strong><a href="https://ir.renesolapower.com/news-releases/news-release-details/renesola-power-closes-new-sale-projects-poland-obton" target="_blank" rel="noopener"><strong>closed</strong></a><strong> the sale of 37 MW of solar projects located in Poland to Obton, an international solar investment company.</strong> The 37 MW portfolio is in addition to the 38 MW sale to Obton announced in July 2021, for a combined total of 75 MWs. The portfolio comprises 37 solar utility projects across Poland with a capacity of 1 MW each for 33 MW and a 4 MW project. The projects were awarded to ReneSola Power in the country’s solar power auction in September 2021. The projects are eligible for a 15-year guaranteed tariff and are expected to be grid-connected within the next year. The projects are being sold at the “Ready to Build” (RtB) stage. Upon closing the sale, ReneSola Power will be responsible for EPC management, project financing, and final delivery to Obton.</p>
<p><strong>The SDAX-listed wind and solar park operator Encavis </strong><a href="https://www.encavis.com/news/pressemitteilungen/pressemitteilung/encavis-ag-akquiriert-zwei-solarparks-105-mwp-in-daenemark-von-european-energy/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> the purchase agreement for two solar projects in Denmark with a total generation capacity of 105 MW. </strong>The subsidy-free and already connected to the grid, the Svinningegarden solar project in the north-western part of Zealand has a generation capacity of 34 MW. The Rodby Fjord solar project on Lolland, in the most south-western part of Zealand, has a generation capacity of 71 MW and is to be connected to the grid in Q1 2022. European Energy developed, built, and sold the two solar parks to Encavis. The electricity produced is sold directly to respectable tech companies over ten years under long-term power purchase agreements (PPAs) based on a pay-as-produced structure.</p>
<p><strong>The SDAX-listed wind and solar park operator Encavis is </strong><a href="https://www.encavis.com/news/pressemitteilungen/pressemitteilung/encavis-ag-mission-erfuellt-encavis-besitzt-nun-rund-100-seines-gesamten-solarparkportfolios/" target="_blank" rel="noopener"><strong>acquiring</strong></a><strong> the outstanding minority stake from Statkraft ( 19.99%) of the 300 MW Talayuela solar project</strong> in the Spanish province of Extramadura. Statkraft developed, built, and sold the project to Encavis.</p>
<p><strong>Sonnedix, an independent solar power producer, has </strong><a href="https://www.sonnedix.com/news/sonnedix-acquires-a-100mw-solar-pv-portfolio-reaching-1-2gw-of-total-capacity-in-spain" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the acquisition of a 100 MW operational portfolio in Spain from ACS Servicios, Comunicaciones y Energia.</strong> The portfolio comprises two 50 MW ground-mounted solar PV projects located in Castilla la Mancha and Cáceres, which have been in operation since December 2019 and November 2021, respectively.</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’s project finance <a href="https://mercomindia.com/project-finance-brief-scout-clean-energy-acquires-blue-sky-solar-project/" target="_blank" rel="noopener">brief</a>.</p>
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Project Finance Brief: Recurrent Energy to Sell 150 MW Firefly Energy Solar Project

<p>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-texas/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Canadian Solar announced its wholly-owned subsidiary, Recurrent Energy, </strong><a href="https://www.prnewswire.com/news-releases/recurrent-energy-completes-the-sale-of-328-mwp-of-solar-projects-in-texas-301338300.html" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the sale of the Maplewood 1 and Maplewood 2 solar projects to a U.S. annuity and life insurance company. </strong>Both projects are located in Pecos County, Texas, near the towns of Fort Stockton and McCamey, and have a combined capacity of 328 MW (250 MW (AC)). Both the projects are currently under construction and are expected to reach commercial operation before the end of Q3 2021. The Maplewood projects&#8217; off-takers are Anheuser-Busch and Energy Transfer Partners. Anheuser-Busch will purchase the 222 MW (AC) from the Maplewood 1 project under a 15-year power purchase agreement (PPA), Maplewood 2 will deliver 28 MW (AC) of clean power to Energy Transfer Partners under a 15-year PPA.</p>
<p><strong>EDP Renewables, an independent renewable energy producer, has </strong><a href="https://www.edpr.com/en/news/2021/07/21/edpr-signs-asset-rotation-deal-a-221-mw-wind-portfolio-enterprise-value-532-million" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a sale and purchase agreement with Onex Renewables to sell a 100% equity stake in a 221 MW wind</strong> portfolio located in Portugal for an estimated enterprise value of €532 million (~$627 million). The transaction comprises five wind projects, with an average age of 1.4 years as of 2021, out of which three are in operation, and two are under construction with the expected commercial operation until 2021. The five wind projects will be managed upon completion by Exus Management Partners.</p>
<p><strong>Cubico Sustainable Investments (Cubico), a global investor in renewable energy, has </strong><a href="https://www.cubicoinvest.com/news/cubico-sustainable-investments-acquires-panachaiko-wind-farms-in-greece/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the acquisition of Aoliki Panachaikou, the owner of two operational onshore wind projects in Greece</strong>, from Enora. The wind projects have a combined capacity of 48.5 MW and are located in the Panachaiko mountains. Enora and its sister company Enteka Services, will continue to manage the sites. Cubico was supported by Katatzas and Partners (legal), Natural Power (technical), Marsh (insurance), and Grant Thornton (financial and model audit).</p>
<p><strong>Iberdrola, a Spanish multinational electric utility, </strong><a href="https://www.iberdrola.com/press-room/news/detail/investment-asia-pacific-renewables-sowitec-vietnam" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> Sowitec Vietnam, a company with a 550 MW renewable pipeline under development.</strong> The pipeline consists of six projects, five onshore wind projects, and a 50 MW floating solar PV project. The projects, set to be developed between 2022 and 2024, are being developed as part of Vietnam&#8217;s energy strategy, which mainly covers the growth of energy demand with renewable sources.</p>
<p><strong>The Galician renewables producer Greenalia </strong><a href="https://www.greenalia.es/greenalia-enters-the-u-s-market-acquiring-a-renewable-energy-company/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> the acquisition of a renewable energy generation company, plans to develop 670 MW of solar PV,</strong> <strong>all in the ready-to-build phase, and begin </strong>construction<strong> </strong>over the next year. To the commissioning of these solar MWs, the company will add another 170 MW of battery storage.</p>
<p><strong>Longroad Energy, a renewable energy developer, owner, and operator </strong><a href="https://www.longroadenergy.com/longroad-energy-completes-term-financing-of-200-mwdc-sun-streams-2-solar-project/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> term financing for Sun Streams 2, its 200 MW solar project located in Maricopa County, Arizona. Longroad owns 100% of</strong> the project after acquiring it in early 2021 from First Solar, the original developer. CIBC was the coordinating lead arranger, collateral agent, and issuing bank. Silicon Valley Bank served as coordinating lead arranger and administrative agent. Helaba participated. PNC Bank was the sole tax equity investor. The project was built by McCarthy, and the trackers were supplied by Nextracker, and SMA supplied inverters.</p>
<p><strong>Vienna-based renewable energy company Enery Development has </strong><a href="https://renewablesnow.com/news/austrias-enery-buys-71-mw-solar-pv-portfolio-in-czechia-748143/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 71 MW portfolio of operational solar projects in the Czech Republic </strong>from funds managed by Central and Eastern Europe (CEE) Equity Partners. The Energy 21 portfolio comprises 36 solar photovoltaic projects, many of them located in the Moravia and Bohemia regions. The acquisition was finalized for an undisclosed price. Enery will merge the Energy 21 portfolio with its existing solar PV capacity in the Czech Republic, which comes at 21 MW across six solar projects. Following the acquisition, Enery now owns 45 solar PV projects in operation in CEE.</p>
<p><strong>Highfield Solar, a joint venture between ib vogt, Highfield Energy and Aura Power, </strong><a href="https://www.ibvogt.com/home/vogt-news/highfield-solar-secure-eur160m-financing-for-irish-solar-pv-duo.html" target="_blank" rel="noopener"><strong>reached</strong></a><strong> financial close on a €160 million (~$188.5 million) debt financing for two solar PV projects in Ireland. </strong>The lenders for the projects are Cooperatieve Rabobank, Landesbank Baden-Württemberg (LBBW), and Norddeutsche Landesbank (NORD/LB), providing one-third of the senior debt each, consisting of a blend of KFW and commercial loans. The Rosspile solar PV project (141 MW) will be located in the Wexford County, Gillinstown solar PV project with the same capacity in Meath County.</p>
<p><strong>The </strong><strong>Asian Infrastructure Investment Bank, a multilateral development bank, </strong><a href="https://mercomindia.com/aiib-approves-loan-enel-green-solar-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it had approved a $50 million loan facility to Italy-based Enel Green Power</strong> <strong>to develop a 300 MW solar</strong> project in Rajasthan. The Beijing-based bank said that the project is being developed in Bikaner, Rajasthan, and is expected to be commissioned in December 2022. The company has signed a 25-year power purchase agreement with Solar Energy Corporation of India for energy offtake from the project.</p>
<p><strong>EDP Renewables, a renewable energy producer, has </strong><a href="https://www.edpr.com/en/news/2021/07/21/edpr-enters-uk-onshore-market-a-544-mw-wind-and-solar-portfolio-0" target="_blank" rel="noopener"><strong>reached</strong></a><strong> agreements to acquire a 544 MW wind and solar portfolio in the UK. The transaction has been reached through two separate agreements </strong>with the renewable energy companies Vento Ludens and Wind2 for a total consideration of up to GBP 71 million (~$97.5 million). The portfolio consists of a 5 MW operating wind project commissioned in 2012 with a 20-year feed-in tariff, 192 MW of wind projects under advanced stage of development, aiming to enter in operation until 2025. It also consists of 347 MW of projects under development, including 229 MW of wind and 118 MW of solar.</p>
<p><strong>Avangrid Renewables and Primergy Solar have confirmed a sale </strong><a href="https://renews.biz/71148/avangrid-team-advances-600mw-nevada-pv-portfolio/" target="_blank" rel="noopener"><strong>agreement</strong></a><strong> that will advance 600 MW of solar plus storage projects in Nevada. The portfolio includes the 355 MW Hot Pot array </strong>paired with 280 MW battery storage and the 250 MW Iron Point project with 200 MW of storage. Under the agreement, Avangrid Renewables will perform development services for the projects, while Primergy will oversee the projects’ detailed design, procurement, financing, construction, and ultimately entering into commercial operation. The projects are expected to become operational in 2023 and 2024.</p>
<p><strong>Solar PV developer Power Capital Renewable Energy (PCRE) has </strong><a href="https://renews.biz/71147/power-capital-takes-stake-in-400mw-irish-pv-portfolio/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a majority interest in 400 MW solar portfolio in Ireland from Terra Solar. </strong>The development of the portfolio will be carried out in close partnership with Terra Solar and local stakeholders. Construction of the projects, which are mainly in Wexford and Cork, will begin in 2022, with the first plants expected to become operational by the middle of 2023.</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://mercomindia.com/project-finance-brief-enel-green-power-solar/" target="_blank" rel="noopener">brief</a>.</p>
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Project Finance Brief: Recurrent Energy Sells 328 MW of Solar Projects in Texas

<p><a href="https://www.canadiansolar.com/en" target="_blank" rel="noopener noreferrer">Canadian Solar</a> has secured a $50 million term loan from Credit Suisse. Canadian Solar intends to deploy the term loan to support the development of international solar project pipeline and for general corporate purposes.</p>
<p>The U.S. dollar-denominated term loan is expected to mature in April 2021. Credit Suisse further provided Canadian Solar with a cross-currency interest rate swap to hedge its cross-currency interest rate liabilities relating to the term loan.</p>
<p>Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, &#8220;We are pleased with this strong demonstration of capital support from Credit Suisse. This term loan provides us with the financial flexibility to invest in growth and further improve our cost of capital.&#8221;</p>
<p>Meanwhile, <a href="https://recurrentenergy.com/" target="_blank" rel="noopener noreferrer">Recurrent Energy, LLC</a>, a wholly owned subsidiary of Canadian Solar has sold its equity stake in the 100 MW Mustang solar project to the Renewable Power Group of Goldman Sachs Asset Management, L.P. This transaction completes Recurrent Energy&#8217;s sale of equity stakes in the 973 MW portfolio of California solar projects that came online in 2016. The company expects to recognize the sales revenue from Mustang in the second quarter of 2019.</p>
<p>&#8220;We are thrilled to partner with Goldman Sachs on the sale of the Mustang solar project, and this transaction again demonstrates Canadian Solar&#8217;s ability to attract top tier investors,&#8221; said Dr. Qu.</p>
<p><a href="https://mercomindia.com/canadian-solar-48-million-credit-expansion/" target="_blank" rel="noopener noreferrer">Recently</a>, Canadian Solar Projects K.K, a wholly owned subsidiary of module supplier Canadian Solar, announced the renewal of a credit facility. The credit facility was made available through a syndicate of four finance and leasing institutions, led by Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL). The company intends to utilize the credit extension facility to develop more high-quality solar power projects in Japan.</p>
<p>In 2018, the firm acquired 51% stake in two solar power projects of Suzlon Energy with 15 MW capacity each in <a href="https://mercomindia.com/canadian-solar-buys-30-mw-solar-suzlon/" target="_blank" rel="noopener noreferrer">Telangana</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/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</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/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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