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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-vesper-energy-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Vesper Energy, a developer, owner, and operator of utility-scale renewable energy projects, </strong><a href="https://mercomcapital.com/vesper-energy-secures-590-million-financing-for-hornet-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $590 million in debt financing for the Hornet Solar power project</strong> in Texas. The Hornet Solar project is being developed in Swisher County, Texas, and will have a capacity of 600 MWac/ 745 MWdc. It is expected to generate enough to power 160,000 homes annually. The company secured a debt financing package, which also consists of a construction-to-term loan and a letter of credit facility.</p>
<p><strong>Grenergy, an independent solar and wind power producer, </strong><a href="https://mercomcapital.com/grenergy-sells-solar-and-wind-projects-in-peru/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of 97 MW of solar assets located in the department of Arequipa in Peru to Yinson Renewables</strong>, the renewables unit of the multinational energy infrastructure company Yinson, and 77 MW of wind assets in Peru to ENGIE Energía Perú. The combined value of the transactions amounts to $150 million, which could rise to $154 million depending on meeting certain operational milestones.</p>
<p><strong>Cleantech Solar, a provider of solar energy for commercial &amp; industrial customers in India and Southeast Asia, has </strong><a href="https://www.mercomindia.com/cleantech-for-open-access-solar-projects" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a long-term senior secured loan</strong> of ₹6.25 billion (~$75 million) from Tata Capital to expand open access renewable energy projects across India. Cleantech said the funds will be used for the construction, development, and operation of its under-construction pipeline of open access solar and wind parks.</p>
<p><strong>Spearmint Energy, an energy storage project developer, </strong><a href="https://mercomcapital.com/spearmint-energy-announces-200-million-enhanced-credit-facility/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the addition of Nuveen to its $200 million enhanced credit facility with Aiga Capital Partners</strong>. The term loan will support the development and construction of a 2.8 GW portfolio of battery energy storage system assets. The portfolio includes over 1 GW of projects nearing construction in Texas’ ERCOT power market as well as Revolution, Spearmint’s 150 MW, 300 MWh BESS project in West Texas.</p>
<p><strong>The Asian Development Bank (ADB) has </strong><a href="https://www.mercomindia.com/adb-%e2%82%b912-5-billion-currency-bond-finance-green-projects" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹12.5 Billion (~$150 million) through green bonds, making it the largest Indian rupee bond to date</strong>. The proceeds from this bond will be used to finance ADB’s private-sector renewable energy projects and for green financing.</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-goldenpeaks-acquires-solar-projects-poland/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Vesper Energy Secures $590 Million for Solar Project


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					</table><p><a href="https://spearmintenergy.com/" target="_blank" rel="noopener">Spearmint Energy</a>, a green merchant trading company that develops, owns, and operates trading around battery energy storage systems (BESS), has acquired a portfolio of 900 MW BESS assets, collectively known as Nomadic.</p>
<p>The Nomadic BESS portfolio comprises three projects, each with a target capacity of 300 MW. It is located in Cooke, Galveston, and Brazoria counties in Texas and has a capacity of up to 900 MW and 2,000 MWh.</p>
<p>The portfolio will serve the Electric Reliability Council of Texas (ERCOT) market, where the demand for renewable energy generation has increased after the winter storm Uri and the passing of the Inflation Reduction Act.</p>
<p>The company said the acquisition will it expand its BESS portfolio.</p>
<p>The first project within the Nomadic portfolio is expected to reach notice to proceed in early 2024 and begin commercial operation within 12-18 months.</p>
<p>Founder, President, and CEO of Spearmint Andrew Waranch said, “A collection of state-of-the-art energy storage projects, Nomadic will enable Spearmint to continue to execute our mission of facilitating the clean energy revolution through the delivery of renewable power to the grid efficiently, safely, and where communities need it most.”</p>
<p>Nomadic marks Spearmint’s second acquisition since the company’s launch in May 2022 and follows Spearmint’s <a href="https://cms.mercomindia.com/project-finance-brief-spearmint-energy-acquires-storage-project/" target="_blank" rel="noopener">acquisition</a> of Revolution, a 150MW/300 MWh project in West Texas from Con Edison Development, a wholly owned subsidiary of Con Edison Clean Energy Businesses.</p>
<p>Located adjacent to the King Mountain Wind Farm in the Lower Colorado River Authority Territory, Revolution will provide battery energy storage assets to West Texas’ ERCOT market. The construction of the project commenced in late November 2022 and is expected to commence commercial operations in mid-2023.</p>
<p>According to a recent BloombergNEF report, the U.S. <a href="https://www.mercomindia.com/us-renewable-power-capacity-2022-report" target="_blank" rel="noopener">commissioned</a> about 4.8 GW in non-hydropower storage capacity to bring total capacity to 11.4 GW in 2022. Despite supply chain challenges delaying some project pipelines, the U.S. continues to be the largest energy storage market in the world.</p>


Spearmint Energy Acquires 900 MW Battery Storage Portfolio in Texas

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