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Ashtrom Renewable Energy, an independent power producer and subsidiary of the Israel-based Ashtrom Group, has <a href="https://cms.mercomindia.com/ashtrom-renewable-energy-secures-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> $270 million for its 400 MW Tierra Bonita Solar Project in Texas. The green financing was secured from a group of five banks, including BHI, the U.S operation of Bank Hapoalim Group, Bayerische Landesbank, ING Capital, Rabobank, and Société Générale. The project is currently under construction and is expected to reach commercial operation by Q4 2024.
Münch Energie, the German-based decentralized energy supplier, <a href="https://cms.mercomindia.com/munch-energie-secures-financing-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> €21 million (~$22.12 million) in mezzanine financing, a hybrid of debt and equity financing, for a solar photovoltaic portfolio of 125 MW projects. The financing was provided by a German pension fund, which is managed by Prime Capital. The transaction was actively supported by Capcora as an exclusive financial advisor. Münch Energie has issued a bearer bond as part of a private placement. The total subordinated financing volume amounts to €20.7 million (~$21.80 million) and is secured by 62 photovoltaic projects, which consist of mainly operational assets and some under construction.
Capital Dynamics, a private asset management firm, has <a href="https://cms.mercomindia.com/capital-dynamics-acquires-solar-projects-italy/" target="_blank" rel="noopener">acquired</a> 170 MW of construction-ready solar photovoltaic projects located in Sicily, Italy, from a global energy service provider. The projects will be supported by long-term power purchase agreements. Once operational, the projects are estimated to generate approximately 324 GWh of clean energy per annum – equivalent to over 87,000 tons of avoided CO2 emissions and enough electricity to power over 63,500 homes annually.
Advanced Power, an independent renewable energy power producer, <a href="https://cms.mercomindia.com/advanced-power-sells-solar-and-storage-project-in-texas/" target="_blank" rel="noopener">announced</a> the sale of Oriana Solar LLC in Texas to Sabanci Renewables, a subsidiary of Sabanci Holdings. Oriana Solar is a 232 MWdc solar power generating facility with a co-located 60MW/120 MWh battery storage capacity in Victoria County, Texas. The project is expected to bring clean power to the Texas electricity markets and serve the load centers in the Gulf Coast region of Texas, including Houston, Corpus Christi, and Freeport.
Click <a href="https://cms.mercomindia.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.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-southern-power-acquires-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Ashtrom Secures Financing for 400 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-ashtrom-secures-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Ashtrom Renewable Energy, an independent power producer and subsidiary of the Israel-based Ashtrom Group, has <a href="https://mercomcapital.com/ashtrom-renewable-energy-secures-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> $270 million for its 400 MW Tierra Bonita Solar Project in Texas. The green financing was secured from a group of five banks, including BHI, the U.S operation of Bank Hapoalim Group, Bayerische Landesbank, ING Capital, Rabobank, and Société Générale. The project is currently under construction and is expected to reach commercial operation by Q4 2024.
Münch Energie, the German-based decentralized energy supplier, <a href="https://mercomcapital.com/munch-energie-secures-financing-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> €21 million (~$22.12 million) in mezzanine financing, a hybrid of debt and equity financing, for a solar photovoltaic portfolio of 125 MW projects. The financing was provided by a German pension fund, which is managed by Prime Capital. The transaction was actively supported by Capcora as an exclusive financial advisor. Münch Energie has issued a bearer bond as part of a private placement. The total subordinated financing volume amounts to €20.7 million (~$21.80 million) and is secured by 62 photovoltaic projects, which consist of mainly operational assets and some under construction.
Capital Dynamics, a private asset management firm, has <a href="https://mercomcapital.com/capital-dynamics-acquires-solar-projects-italy/" target="_blank" rel="noopener">acquired</a> 170 MW of construction-ready solar photovoltaic projects located in Sicily, Italy, from a global energy service provider. The projects will be supported by long-term power purchase agreements. Once operational, the projects are estimated to generate approximately 324 GWh of clean energy per annum – equivalent to over 87,000 tons of avoided CO2 emissions and enough electricity to power over 63,500 homes annually.
Advanced Power, an independent renewable energy power producer, <a href="https://mercomcapital.com/advanced-power-sells-solar-and-storage-project-in-texas/" target="_blank" rel="noopener">announced</a> the sale of Oriana Solar LLC in Texas to Sabanci Renewables, a subsidiary of Sabanci Holdings. Oriana Solar is a 232 MWdc solar power generating facility with a co-located 60MW/120 MWh battery storage capacity in Victoria County, Texas. The project is expected to bring clean power to the Texas electricity markets and serve the load centers in the Gulf Coast region of Texas, including Houston, Corpus Christi, and Freeport.
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.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-southern-power-acquires-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.ashtrom.co.il/renewable-energy" target="_blank" rel="noopener">Ashtrom Renewable Energy</a>, an independent power producer and subsidiary of the Israel-based <a href="https://www.ashtrom.co.il/en/" target="_blank" rel="noopener">Ashtrom Group</a>, has secured $270 million for its 400 MW Tierra Bonita Solar Project in Texas. The green financing was secured from a group of five banks, including BHI, the U.S operation of Bank Hapoalim Group, Bayerische Landesbank, ING Capital, Rabobank, and Société Générale.
The project is currently under construction and is expected to reach commercial operation by Q4 2024.
The solar project is being developed by Ashtrom Renewable Energy and its local development partner, OnPeak Power, a privately held renewable energy company based in Austin, Texas.
The total investment in the Tierra Bonita project is estimated at ~$435 million.
Morgan Lewis and Marathon Capital advised Ashtrom Renewable Energy and Allen &amp; Overy advised Stonehenge Capital.
In addition, Ashtrom Renewable Energy signed a Tax Credit Transfer Agreement (TCTA) to sell the production tax credit (PTC) to be produced by the project over ten years to a highly rated (Aa3 Moody&#8217;s) U.S. institutional entity.
The total value of the PTC is estimated at ~$300 million. The Tierra Bonita project is expected to be one of the first solar projects in the U.S. to complete a Tax Credit Transfer Agreement for solar PTCs under the new Inflation Reduction Act (IRA) and complete financing under a project finance structure.
&#8220;The financial closing of the Tierra Bonita project marks a significant milestone for Ashtrom Renewable Energy, demonstrating confidence in our strong capabilities to execute the development, planning, financing, and construction of our first large-scale solar project in the U.S., with a total investment of approximately $435 million,&#8221; said Yitsik Mermelstein, CEO at Ashtrom Renewable Energy.
According to Mercom&#8217;s 1H and Q2 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in the first half (1H) of 2023, 116 solar project acquisitions totaling 25.5 GW were announced compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.

Ashtrom Renewable Energy Secures Financing for 400 MW Solar Project

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