Major Events that Impacted the Indian Solar Sector in 2024

SECI Tenders 125 MW/500 MWh Battery Energy Storage System in Kerala

Daily News Wrap-Up: APTEL Upholds Wind Power Firms’ Right to Terminate PPAs

Rajasthan Issues Empanelment Tender for 511 MW of Rooftop Solar Projects

APTEL Upholds Two Andhra Pradesh Wind Power Companies’ Right to Terminate PPAs

UltraTech Cement to Source Wind-Solar Hybrid Power from Clean Max

Daily News Wrap-Up: SECI’s 1,000 MW ISTS Solar Auction Results

Waaree to Set Up 300 MW Electrolyzer and 3.5 GWh Lithium-ion Cell Projects

Funding and M&A Roundup: EV Charging Platform JET Charge Receives $45 Million

Project Finance Brief: Recurrent Energy Secures Financing for 171 MW Solar Project


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-atlas-secures-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Atlas Renewable Energy, a solar and wind project developer, </strong><a href="https://mercomcapital.com/atlas-renewable-energy-secures-113-million-financing-for-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a COP 473.77 billion (~$113 million) senior loan</strong> to develop, construct, and operate the 201 MW Shangri-La solar project in the Tolima Department of Colombia. IDB Invest and Bancolombia provided the financial package. The project is expected to reach commercial operation at the end of 2025.</p>
<p><strong>Sol Systems, a solar finance and development company, </strong><a href="https://mercomcapital.com/sol-systems-acquires-2-gw-of-hybrid-solar-and-storage-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of over 2 GW of utility-scale hybrid solar and storage projects</strong> across the Midwest from Tenaska, the Omaha-based energy company. The portfolio spans multiple states within the Midwest. The projects, each exceeding 100 MW, are expected to reach commercial operation between 2028 and 2029.</p>
<p><strong>Eurowind Energy, a Danish-based renewable energy project developer, </strong><a href="https://mercomcapital.com/eurowind-energy-acquires-eleven-solar-projects-totaling-55-mw-in-portugal/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the signing of a shares purchase agreement in August to acquire 11 solar projects</strong> with 5 MWac capacity each. Most of the projects are grouped in clusters of three (15 MW each), and all are in the Aveiro district in the center of Portugal. The projects are currently in an advanced stage of development and are expected to reach the ready-to-build stage between Q3 2024 and Q2 2025.</p>
<p><strong>OX2, a solar and energy storage project developer, announced the </strong><a href="https://mercomcapital.com/ox2-sells-two-solar-projects-totaling-137-mw-in-australia/" target="_blank" rel="noopener"><strong>sale</strong></a><strong> of two solar projects totaling 137 MWp/105 MWac to European Energy</strong>, a Danish renewable energy project developer. The deal includes project rights for the 106 MWp/80 MWac Lancaster solar in Victoria and the 31 MWp/25 MWac Mulwala solar in New South Wales, Australia. The construction of both projects is scheduled to begin in the first quarter of 2025, and commercial operations are expected in 2026.</p>
<p><strong>Encavis, a solar and wind project developer, has </strong><a href="https://mercomcapital.com/encavis-secures-67-million-financing-for-114-mw-solar-project/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a non-recourse project financing agreement of €60.7 million (~$67.10 million) for its 114.2 MW Lindenhof solar project</strong> in Germany. Bayerische Landesbank, a long-standing financing partner of ENCAVIS for years, provided the financing, thereby supporting the group’s future growth strategy. In total, the funding includes €46.8 million (~$51.73 million) in term loan facilities, a €2.75 million (~$3.04 million) VAT facility, and €11.1 million (~$12.27 million) in letter of credit facilities.</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-ox2-sells-solar-project-australia/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Atlas Secures $113 Million Financing for Solar Project


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					</table><p><strong>From: <a href="https://mercomcapital.com/project-finance-brief-ferrovial-acquires-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Ferrovial, a sustainable infrastructure builder and operator, </strong><a href="https://mercomcapital.com/ferrovial-acquires-257-mw-solar-project-in-texas/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a 257 MW solar project in Leon County, Texas, U.S. </strong>The acquisition agreement includes the construction and operation of the solar project, which is capable of powering over 36,000 households. The company is investing $72 million in the project, which is its first investment in a renewable project in the U.S., where the company has been operating for 20 years. Once operational, the project will generate approximately 475 GWh annually, avoiding the emission of over 195,000 tons of carbon dioxide annually.</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-sells-the-middle-road-solar-project-in-the-uk/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of the sale of its 49.9 MW Middle Road solar project</strong> in Harbury, Warwickshire, U.K. Centrica Business Solutions, an integrated energy solutions company, acquired the project. The Middle Road solar project is subsidy-free, fully permitted, and ready for construction. It is expected to begin in the summer of 2024. Commercial operations are expected to commence in 2025. Once operational, it will generate enough clean electricity to power approximately 14,500 households.</p>
<p><strong>Sol Systems</strong><strong>, a solar finance and development company, <a href="https://mercomcapital.com/sol-systems-secures-debt-financing-utility-scale-solar-projects/" target="_blank" rel="noopener">secured</a> $85 million debt financing from Macquarie Asset Management, a global asset manager for the construction and development</strong> of five utility-scale solar projects in Illinois and Ohio. Macquarie Asset Management is providing the investment on a fully bilateral basis in the form of a six-year term loan. The facility is subordinated to senior debt and tax equity and is secured against Sol Systems’ ownership interest in the underlying solar projects. The investment is the first tranche of a planned broader collaboration between the companies. The projects are expected to be completed by the end of 2025.</p>
<p><strong>Avaada Energy, the renewable energy division of Avaada Group, has </strong><a href="https://www.mercomindia.com/avaada-secures-aseem-infrastructure-finance" target="_blank" rel="noopener"><strong>secured</strong></a><strong> financing of ₹3.15 billion (~$37.8 million) from Aseem Infrastructure Finance</strong> (AIFL) for a solar power project. The financing is for Avaada Energy’s solar project, which is being developed under a long-term captive power purchase agreement with the Karnataka Cooperative Milk Producers’ Federation. The project is located in the Kalaburagi district of Karnataka. The company said this 21-year project loan facility from AIFL underscores Avaada’s derisked project development strategy and robust project financing capability.</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-orsted-financing-energy-portfolio/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Ferrovial Acquires 257 MW Solar Project in Texas

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