From: Mercom Capital

Masdar, a renewable energy company, and PT PJBI, a subsidiary of the Indonesian state power utility PT PLN, announcement that the financial close had been carried out on the Cirata floating solar park of 145 MW Photovoltaic project, and construction work has started. Funding for the project was organized by Sumitomo Mitsui Banking Corporation, Société Générale and Standard Chartered Bank. The project is developed by PT. Pembangkitan Jawa Bali Masdar Solar Energi, a joint venture between Masdar and PT PJBI, is expected to go into commercial operation in the fourth quarter of 2022.

Portuguese energy conglomerate Galp acquired 220 MW of solar photovoltaic projects in Spain from Enerland. The acquisition concerns a group of projects totaling 62 MW in Zaragoza, already ready to build phase and with a date of commercial operation scheduled for 2022. In addition, it includes three projects in Castilla y Leon and Aragon totaling 161 MW at an advanced stage of development, with a date of commercial operation scheduled for 2023.

Gresham House, an asset manager, has acquired a 50 MW Low Farm solar project in Lincolnshire, UK, from Anesco, as part of a three-year development and construction partnership. All engineering, procurement and construction will be handled by Anesco, with the company also providing long-term operation and maintenance once the sites are powered up. Construction is expected to begin in 2022.

Altius Renewable Royalties reports that Great Bay Renewables, its subsidiary jointly controlled with funds managed by subsidiaries of Apollo Global Management, has firm a royalty of $ 35 million investment with Longroad Energy in Longroad’s 331 MW Prospero 2 solar project located in Andrews County, Texas. ARR and the Apollo funds have agreed to finance the Longroad investment with 70% of the capital provided by the Apollo funds and the balance of $ 11 million to be funded directly by ARR.

AES Indiana, a subsidiary of AES Corporation, announcement plans to acquire and build a 250 MW and 180 MWh Petersburg solar and solar energy storage project in Pike County, Indiana. AES Indiana will acquire the project from a subsidiary of NextEra Energy Resources. NextEra Energy Resources will develop and build the project. The project must be approved by the Indiana Utility Regulatory Commission. If approved, the project is expected to be operational by May 1, 2024.

A German commercial bank has expanded 2 million euros (~ $ 14.3 million) in debt to an anonymous customer who will build 33.5 MW of solar projects in the Balearic Islands. The financing, for a term of 16.5 years, was arranged by the consultancy firm Capcora, which acted as the exclusive financial advisor. The non-recourse debt has been structured at the level of a Spanish holding company and includes a commercial tranche and KfW. It matures in December 2037.

The Chilean gas company Empresas Gasco has sign an agreement to sell a 50% stake in its ad hoc vehicle, developing a 150 MW photovoltaic project in the Atacama region. The company would sell half of Copiapo Energia Solar to Uruguayan company Ampres for $ 2.3 million. Ampres and Empresas Gasco will be the sole shareholders of the vehicle and will jointly develop the Copiapo photovoltaic project in the future.

EDP ​​Renewables, a renewable energy company, has signed a sale and purchase agreement with Mirova, a subsidiary of Natixis Investment Managers, to to sell 100% of the capital of a 149 MW wind power portfolio located in Poland for an estimated enterprise value of around 303 million euros (~ $ 359.2 million). The transaction includes six wind projects, of which 20 MW have been in operation since 2020, and 129 MW are under construction with an expected commercial operation date until 2021.

Terra-Gen, independent producer of renewable energy, ended financing the initial phase of its Edwards Sanborn solar storage facility in Kern County, California. The initial phase consists of 346 MW of solar power and 1,501 MWh of battery storage. Project financing includes $ 804 million senior secured credit facilities comprising a $ 400 million construction and term loan facility, a $ 328 million tax bridging facility and a $ 328 million tax bridging facility. construction and revolving letter of credit of $ 76 million. JP Morgan provides the tax fairness commitment for the initial phase of the project, with Deutsche Bank leading the construction and term financing. Deutsche Bank is also the sole lead bookrunner and co-arranger, with BNP Paribas and ING Capital acting as lead co-arrangers. Mizuho Bank, CoBank, Kookmin Bank, Rabobank and KeyBank are the main arrangers.

Asset manager Capital Dynamics said he had ended tax equity financing for a 60 MW / 240 MWh battery storage project at the 280 MW California Flats solar complex site. Tax equity investments, secured by Capital Dynamics’ Clean Energy Infrastructure business, were provided by Goldman Sachs and US Bank. Amis, Patel & Brewer acted as legal advisers to Capital Dynamics in connection with the financing transaction.

Innova Energy, a privately funded solar energy company managed by Innova Capital, ended the sale of a 3.7 MW portfolio of solar photovoltaic (PV) rooftop projects to an investment vehicle managed by Octopus Renewables. The portfolio includes 57 rooftop solar PV projects in the UK, all of which benefit from a feed-in tariff.

Indian power company Torrent Power has sign an agreement with Lightsource India and Lightsource Renewable Energy to acquire 100% of the share capital and all the securities Lightsource Renewable Energy Holdings Limited Renewables India SPV1 Special Purpose Vehicle (SPV), which operates a 50 MW solar project. The 50 MW solar project commissioned in April 2018 is located in the villages of Wagdari and Gogaon of Solapur district in Maharashtra.

Endesa, a Spanish electricity company through its renewable energy subsidiary Enel Green Power Espada, has acquired a portfolio of eight projects totaling 900 MW of the Andalusian group Prodiel power in various municipalities of Castilla la Mancha and Madrid, the installation of which will require an investment of 630 million euros (~ $ 747 million). The eight projects acquired from Prodiel (all with connection rights from Red Eléctrica) will begin construction in 2023 and will likely come into operation between this year and 2024.

For reports and follow-ups on M&A financings and transactions in solar energy, energy storage, smart grids and efficiency, click here.

Read last week’s project funding brief.


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