Mercom India’s Most Read News Stories from 2024

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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


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-dri-acquires-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>DRI, an Amsterdam-based renewable energy company and a subsidiary of DTEK Group, </strong><a href="https://mercomcapital.com/dri-acquires-126-mw-solar-project-in-romania/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a 126 MW solar project in Văcărești</strong>, Dâmbovița County, Romania, from local developers. Construction of the Văcărești solar project is expected to begin in autumn 2024 and commence operations the following autumn. Once operational, the project is expected to produce 205.8 GWh of electricity.</p>
<p><strong>Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar </strong><a href="https://mercomcapital.com/recurrent-energy-secures-513-million-for-1200-mwh-energy-storage-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $513 million in project financing</strong> for its 1,200 MWh Papago storage project in Maricopa County, Arizona. The financing includes a $249 million construction and term loan, a $163 million tax equity bridge loan, and a $101 million letter of credit facility. Construction of the Papago storage project is scheduled to begin in the third quarter of 2024, with commercial operations expected to start in the second quarter of 2024.</p>
<p><strong>Birch Creek Energy, a utility-scale solar and energy storage project developer, <a href="https://mercomcapital.com/birch-creek-energy-secures-financing-49-mw-earp-solar-project/" target="_blank" rel="noopener">closed</a> financing for its 49 MW Earp  solar project in Illinois, U.S. </strong>Tax equity was arranged through Foss &amp; Co., permanent debt was provided by West Town Bank &amp; Trust, and construction capital was underwritten and funded by Pathward®, N.A. Earp Solar is project based in Warren County, Illinois. The project is fully operational and generates enough renewable electricity to power over 7,300 households.</p>
<p><strong>Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, announced the </strong><a href="https://mercomcapital.com/vesper-energy-sells-gaucho-nestlewood-solar-projects-to-octopus-energy-generation/" target="_blank" rel="noopener"><strong>sale</strong></a><strong> of two PJM assets</strong>, Gaucho Solar and Nestlewood Solar projects, to Octopus Energy Generation, a renewable energy asset management firm. The two projects collectively will generate 100 MW of renewable energy annually. The Gaucho Solar project is on 68 acres in Beaver County and Allegheny County, Pennsylvania. The Nestlewood Solar project is located on 610 acres in Clermont and Brown County, Ohio, and offsets power for an e-commerce company as a part of a power purchase agreement.</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-green-genius-financing-solar-projects/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: DRI Acquires 126 MW Solar Project in Romania


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-brightnight-secure-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>BrightNight, a renewable energy power producer and its joint venture partner Cordelio Power <a href="https://mercomcapital.com/brightnight-and-cordelio-power-secure-solar-project/" target="_blank" rel="noopener">secured</a> a $414 million construction credit facility for the development of 300 MW Box Canyon </strong>utility-scale solar project in Pinal County, Arizona. The construction of the solar project began in December 2023 and is expected to begin operations in 1H 2025. Zions Bancorporation served as the Administrative Agent and Coordinating Lead Arranger. The Joint Lead Arrangers are National Bank of Canada, Royal Bank of Canada, Sumitomo Mitsui Trust Bank, and Canadian Imperial Bank of Commerce.</p>
<p><strong>WElink Group, a developer of PV Solar, Wind, BESS, and hybrid clean energy projects in Europe, </strong><a href="https://mercomcapital.com/welink-group-secures-financing-for-1-6-gw-energy-storage-portfolio/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a €20 million (~$21.57 million) borrowing base facility for a 1.6 GW pre-ready-to-build</strong>  energy storage-systems portfolio in Italy. Kommunalkredit Austria, a specialized infrastructure and energy financing bank, acted as the Mandated Lead Arranger. The BESS portfolio comprises twelve projects across Italy, with four projects already acquired and the balance under development contract for near-term acquisition.</p>
<p><strong>Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, </strong><a href="https://mercomcapital.com/vesper-energy-sells-solar-and-storage-project-in-california/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of the Deer Creek Renewable Energy project</strong>, a solar and storage project located in Tulare County, California. The project was sold to a Fortune 500 energy company. The project consists of a generating capacity of up to 50 MW of solar and 50 MW of energy storage capacity. Vesper Energy has two additional projects currently in development in Tulare County, underscoring the organization’s commitment to the area’s clean energy transition and alignment with California’s goal to establish 100% zero-carbon energy planning by 2045.</p>
<p><strong>Columbus Energy, a Poland-based photovoltaics installer, </strong><a href="https://mercomcapital.com/columbus-energy-sells-28-1-mw-ready-to-build-solar-projects/" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a preliminary agreement with Nyx Renewable Energy owned by GoldenPeaks Capital </strong>for the sale of 28.1 MW solar projects. The portfolio includes 30 Columbus Energy solar projects which are implemented by 19 subsidiaries of the Group. These projects have issued connection conditions and are ready-to-build , with a total capacity of 28.1 MW. After determining the terms of the sale, the transaction will be completed in several tranches. Financial details about the initial arrangement were undisclosed.</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-energyre-secures-solar-storage-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: BrightNight and Cordelio Secure $414 Million for Solar Project


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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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