From: Mercom Capital Group

Arevon Energy, a renewable energy developer, owner, and operator, secured a $183 million total debt package, including a tax equity bridge loan, a construction-to-term loan, and a letter of credit, for its 124 MWdc Big Muddy Solar Project in Jackson County, Illinois. Intesa Sanpaolo and Crédit Agricole are the lenders, serving as the coordinating lead arrangers, joint bookrunners, and green loan coordinators for the debt package.

Revera Energy, an independent energy infrastructure solutions platform backed by global investment firm Carlyle, closed project financing to construct the 200 MW/400 MWh Windyhill battery energy storage systems (BESS) in Bearsden, Scotland. Santander CIB provided the non-recourse senior debt financing for the project. White & Case served as borrower’s counsel, and Milbank acted as lender’s counsel.

OCI Energy, a developer of utility-scale solar and battery storage projects; Arava Power, a utility-scale renewable energy company; and ING Capital have jointly announced the successful closure of construction financing for the SunRoper Solar project. The financing package includes a construction-to-term loan, a tax equity bridge loan, and various letters of credit.

Scatec, a renewable energy solutions provider, secured financing for the 130 MW Barzalosa solar project in Colombia. In addition, the company has begun construction on the project, which is expected to reach commercial operation date in the first half of 2027. Bancolombia and Financiera de Desarrollo Nacional (FDN) are the senior lenders for the project.

Bondada Engineering, an engineering, procurement, and construction company, received approval for credit facilities of ₹5 billion (~$55.01 million) from Canara Bank to fund the debt portion of its 200 MW/400 MWh standalone BESS project with Tamil Nadu Green Energy Corporation, in India.

Luxcara, an independent asset manager specializing in clean energy infrastructure projects, acquired the Tuisku utility-scale battery energy storage project in Finland. The project is located near Keminmaa in Southern Lapland and has a planned capacity of up to 125 MW. The company acquired this project from local project developer Pohjan Voima, a subsidiary of Swedish renewables company Arise AB.

RAI Energy, a Western U.S.-focused renewable energy development company, sold its Big River Energy project, comprising a 75 MW solar system paired with a 300 MWh (4-hour) battery storage system, to an undisclosed strategic investor. Located near Quincy, Washington, adjacent to the Pacific Northwest’s data center clusters, the Big River Energy project aims to support the expanding power demands of hyperscale and cloud computing infrastructure.

Climate Fund Managers, an investment manager operating in emerging markets, and Erco Energía, a Colombian renewable energy project developer, entered into an agreement with Organización Terpel, a Colombian energy distribution and retail company, for the sale of their respective stakes in the 26.4 MW Pétalo del Norte de Santander I solar project, subject to regulatory approval.

Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, completed the sale of its 100 MW/200 MWh Fort Duncan battery energy storage project to Hunt Energy Network, a Dallas-based developer of distributed energy resources. Located in Maverick County, Texas, the project reached commercial operation in June 2025.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s project finance brief.