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					</table><p style="text-align: left;">From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-secures-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, </strong><a href="https://mercomcapital.com/recurrent-energy-secures-260m-financing-94-mw-solar-project/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> $260 million in project financing and tax equity</strong> for the 94 MW Blue Moon Solar project located in Harrison County, Kentucky. U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance, is providing both tax equity and construction financing for the project. The project is currently under construction and is expected to reach commercial operation in 2026.</p>
<p><strong>OCI Energy, a developer of utility-scale solar and battery storage projects, </strong><a href="https://mercomcapital.com/oci-energy-sells-120-mw-solar-project-to-sabanci-renewables/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of the 120 MWac Pepper solar project to Sabanci Renewables</strong>, a North American subsidiary of Turkish conglomerate Sabanci Holdings. The project is located in McLennan County, Texas. Sabanci Renewables will finance, construct, own, and operate the project, which is expected to commence operation in the third quarter of 2027.</p>
<p><strong>Cero Generation, a solar and energy storage project developer and independent portfolio company of Macquarie’s Green Investment Group</strong>, <strong>along with its development partner Enso Energy, </strong><a href="https://mercomcapital.com/cero-generation-secures-269-million-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the financial</strong> closing of £200 million (~$269.21 million) for a portfolio of solar and battery storage projects in the UK. The financing was provided by a consortium of lenders, including ING, NordLB, Rabobank, and Santander UK.</p>
<p><strong>The State Oil Fund of the Republic of Azerbaijan has <a href="https://mercomcapital.com/azerbaijan-wealth-fund-to-acquire-49-stake-in-402-mw-solar-portfolio-in-italy/" target="_blank" rel="noopener">entered</a> into an agreement to acquire a 49% equity interest in a 402 MW solar project</strong> portfolio in Italy, with Enfinity Global, a renewable energy company. The portfolio comprises 14 solar projects, both operational and under construction, located in the Lazio and Emilia-Romagna regions of Italy.  Once operational, the projects are expected to generate approximately 685 GWh of clean energy per year.</p>
<p><strong>DOMINION, an electric utility company, <a href="https://mercomcapital.com/dominion-sells-321-mw-solar-projects-in-dominican-republic/" target="_blank" rel="noopener">announced</a> the sale of six solar projects totaling 321 MW located in the Dominican Republic</strong> for a value exceeding $375 million. The transaction is expected to generate a cash flow of $102 million, with $82 million anticipated to be received in 2025.</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-ib-vogt-secures-solar-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Recurrent Energy Secures $260 Million for 94 MW Solar Project


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					</table><p><strong>Solar energy firm SOLEK has </strong><a href="https://mercomcapital.com/solek-closes-financing-solar-projects-chile/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $379 million financing package, including a private placement of 20-year bonds in the United States for its projects in Chile</strong>. The privately owned Czech firm raised $178 million through the private placement and $75 million in mezzanine financing, plus other forms of loans. The company owns a 284 MW portfolio of solar projects in Chile.</p>
<p><strong>BayWa r.e., a renewable service provider, energy developer and distributor, </strong><a href="https://mercomcapital.com/baywa-r-e-secures-financing-solar-project-spain/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €32.5 million (~$34.67 million) financing for a 54 MW solar project in Spain</strong>. The Alhendín solar project is currently under construction and is scheduled for completion at the end of June this year. Once connected to the grid by the end of 2023, it is expected to generate 96.8 GWh of renewable energy each year, equivalent to the electricity consumption of approximately 24,700 Spanish households.</p>
<p><strong>MYTILINEOS Energy &amp; Metals, a global industrial and energy company, </strong><a href="https://mercomcapital.com/mytilineos-acquisition-1-2-gw-solar-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> its entry into the Canadian market through the acquisition of a 1,235 MW (1.4 GWdc)</strong> Alberta solar portfolio from Westbridge Renewable Energy. The transaction, valued at CAD$1.7 billion (~$1.2 billion), involves the purchase of five solar projects by MYTILINEOS’ subsidiary, M Renewables. The projects – Georgetown Solar (230 MW), Sunnynook Solar (280 MW), Dolcy Solar (200 MW), Eastervale Solar (300 MW), and Red Willow Solar (225 MW), are projected to generate 2.1 TWh per year of renewable energy.</p>
<p><strong>Heelstone Renewable Energy, an independent power producer and solar project developer, </strong><a href="https://mercomcapital.com/heelstone-renewable-energy-secures-project-financing/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $357 million in financing for constructing three portfolios </strong>composed of five utility-scale solar projects totaling 345 MW in the US. All five projects – Lyons Solar, Blackwater Solar, Bird Dog Solar, Hobnail Solar, and Wolfskin Solar – are under construction and expected to be operational in late 2023 or early 2024.</p>
<p><strong>Cero Generation, a solar and storage project developer, and its UK development partner Enso Energy, </strong><a href="https://mercomcapital.com/cero-generation-enso-energy-achieve-financial-close-bess-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> financial closure on the 49.5 MW/ 99 MWh battery energy storage project</strong>. The battery will be co-located with the Larks Green solar PV project in South Gloucestershire – a 49.9 MW solar farm developed jointly by Cero and Enso, which came online in May. The financing was provided by Rabobank, who also financed the Larks Green solar project.</p>
<p><strong>Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, </strong><a href="https://mercomcapital.com/canadian-solar-sells-solar-project-japan/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the sale of 100 MW of Azuma Kofuji solar project</strong> located in Fukushima, Japan, to Japanese investors arranged by Mizuho Securities Co., Ltd (“Mizuho Fund”). Canadian Solar expects to recognize the revenue from the transaction in the second quarter of 2023.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>


Project Finance Brief: SOLEK Closes $379 Million Financing for Solar Projects in Chile

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