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Storage, Engineering, and Service Become Distributed Solar’s Growth Drivers

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-dimension-closes-650m-solar-project-financing/" target="_blank" rel="noopener">Mercom Capital Group</a>
Dimension Energy, a community solar developer, owner, and operator, <a href="https://mercomcapital.com/dimension-energy-closes-650-m-community-solar-project-financing/" target="_blank" rel="noopener">secured</a> $650 million in construction and term financing to support a portfolio of 25 community solar projects with a combined capacity of 132 MW in Pennsylvania, New York, New Jersey, and Illinois. First Citizens Bank, Mitsubishi UFJ Financial Group, ING Capital, and National Bank of Canada provided $415 million in debt financing, with Franklin Park contributing $235 million in tax equity.
Boralex, an independent renewable energy producer in North America and Europe, and Six Nations of the Grand River Development Corporation, a community development corporation, <a href="https://mercomcapital.com/boralex-secures-202-million-for-500-mwh-energy-storage-project/" target="_blank" rel="noopener">closed</a> a $202 million financing for the 125 MW/500 MWh Oxford Battery Energy Storage Project, located in the township of South-West Oxford, Oxford County, Ontario, Canada. Canadian Imperial Bank of Commerce and National Bank of Canada provided the funding, with both acting as lead arrangers.
AXIAN Energy, a renewable energy project developer, <a href="https://mercomcapital.com/axian-energy-closes-financing-for-solarstorage-project-in-senegal/" target="_blank" rel="noopener">closed</a> €72 million (~$83 million) financing for the NEA Kolda photovoltaic project in the Casamance region of Senegal. The financing was structured by the Emerging Africa and Asia Infrastructure Fund and the Netherlands’ Entrepreneurial Development Bank, acting as arrangers, alongside the DEG-Deutsche Investitions- und Entwicklungsgesellschaft.
Münch Energie, a German-based decentralized energy supplier, <a href="https://mercomcapital.com/munch-energie-secures-financing-for-250-mw-500-mwh-energy-storage-projects/" target="_blank" rel="noopener">secured</a> three long‑term undisclosed project financings for its battery energy storage projects in Saxony‑Anhalt, Germany. The financing package comprises three separate transactions. A 100 MW/200 MWh project was arranged with a regional lender that remains undisclosed. Another 100 MW/200 MWh project was financed in partnership with DAL, as announced in January 2026. Additionally, a 50 MW/100 MWh project financing was secured with IKB Deutsche Industriebank AG.
Inox Clean Energy completed the <a href="https://www.mercomindia.com/inox-clean-acquires-macquarie-owned-vibrant-energy-for-%E2%82%B950-billion" target="_blank" rel="noopener">acquisition</a> of Vibrant Energy, a renewable energy platform owned by Macquarie and other shareholders, for approximately ₹50 billion (~$536.28 million). The transaction adds a renewable energy portfolio of about 1.34 GW to Inox Clean’s assets. Inox Clean Energy had reached an agreement to acquire Vibrant Energy in December last year. Vibrant Energy’s portfolio includes renewable assets across Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh.
European Energy, a renewable energy project developer, <a href="https://mercomcapital.com/european-energy-divests-470-mw-jonava-hybrid-project/" target="_blank" rel="noopener">completed</a> the divestment of the 470 MW Jonava renewable energy project in Lithuania to Energix – Renewable Energies, an independent power producer that develops and operates renewable energy projects. The Jonava hybrid project comprises around 330 MWp of solar capacity, 140 MW of onshore wind capacity, and 320 MWh of energy storage. Construction is expected to commence shortly, with full commercial operation targeted for 2027.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s project finance <a href="https://www.mercomindia.com/project-finance-brief-doral-secures-900-million-for-solar-storage-project" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Dimension Energy Closes $650 Million Financing

Nexwell Power, a Nexwell Group institutional-grade platform focused on accelerating the energy transition, <a href="https://mercomcapital.com/nexwell-power-acquires-248-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 248 MW solar project portfolio from Q ENERGY, a renewable energy company headquartered in Berlin and an affiliate of the Hanwha Group. The portfolio comprises seven solar projects located across the regions of Andalusia and Aragon in Spain. Currently, four of the solar projects are under construction and are expected to begin operation in early 2026.
Dimension Energy, a community solar developer, owner, and operator, <a href="https://mercomcapital.com/dimension-energy-closes-360-million-financing-for-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> $360 million in construction and term financing to support the development of a portfolio of 28 community solar projects totaling 112 MWdc located in New Jersey, Illinois, Delaware, Virginia, Maine, and Pennsylvania. First Citizens Bank acted as lead debt syndicator alongside ING, MUFG, National Bank of Canada, Siemens, Cadence, and Comerica. Advantage Capital provided $170 million in tax equity.
Peak Energy, an Asia-based renewable energy project developer, <a href="https://mercomcapital.com/peak-energy-acquires-48-mw-solar-project-portfolio-in-japan/" target="_blank" rel="noopener">announced</a> the completion of the acquisition of a portfolio of ready-to-build high-voltage solar projects totaling 48 MW of capacity in Japan, located across various regions of the country, including Tokyo and Tohoku. The solar projects are expected to reach commercial operations progressively over 2026-2027. Once operational, the portfolio is expected to produce approximately 60 GWh of zero-carbon electricity annually.
European Energy, a renewable energy project developer, <a href="https://mercomcapital.com/european-energy-secures-over-80-million-financing-for-solar-projects/" target="_blank" rel="noopener">reached</a> financial closure of more than €70 million (~$80.72 million) to support the development and construction of two utility-scale solar projects in Australia. The financing will be used for the development of the 106 MW Lancaster solar project, currently under construction in Victoria, and the 31 MW Mulwala solar project, located in New South Wales. The construction of the Mulwala project is expected to begin in the third quarter of 2025.
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&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-scatec-solar-storage-project-egypt/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Nexwell Power Acquires 248 MW Solar Project Portfolio

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-nexwell-power-acquires-248-mw-solar-project-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a>
Nexwell Power, a Nexwell Group institutional-grade platform focused on accelerating the energy transition, <a href="https://mercomcapital.com/nexwell-power-acquires-248-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 248 MW solar project portfolio from Q ENERGY, a renewable energy company headquartered in Berlin and an affiliate of the Hanwha Group. The portfolio comprises seven solar projects located across the regions of Andalusia and Aragon in Spain. Currently, four of the solar projects are under construction and are expected to begin operation in early 2026.
Dimension Energy, a community solar developer, owner, and operator, <a href="https://mercomcapital.com/dimension-energy-closes-360-million-financing-for-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> $360 million in construction and term financing to support the development of a portfolio of 28 community solar projects totaling 112 MWdc located in New Jersey, Illinois, Delaware, Virginia, Maine, and Pennsylvania. First Citizens Bank acted as lead debt syndicator alongside ING, MUFG, National Bank of Canada, Siemens, Cadence, and Comerica. Advantage Capital provided $170 million in tax equity.
Peak Energy, an Asia-based renewable energy project developer, <a href="https://mercomcapital.com/peak-energy-acquires-48-mw-solar-project-portfolio-in-japan/" target="_blank" rel="noopener">announced</a> the completion of the acquisition of a portfolio of ready-to-build high-voltage solar projects totaling 48 MW of capacity in Japan, located across various regions of the country, including Tokyo and Tohoku. The solar projects are expected to reach commercial operations progressively over 2026-2027. Once operational, the portfolio is expected to produce approximately 60 GWh of zero-carbon electricity annually.
European Energy, a renewable energy project developer, <a href="https://mercomcapital.com/european-energy-secures-over-80-million-financing-for-solar-projects/" target="_blank" rel="noopener">reached</a> financial closure of more than €70 million (~$80.72 million) to support the development and construction of two utility-scale solar projects in Australia. The financing will be used for the development of the 106 MW Lancaster solar project, currently under construction in Victoria, and the 31 MW Mulwala solar project, located in New South Wales. The construction of the Mulwala project is expected to begin in the third quarter of 2025.
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&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-scatec-solar-storage-project-egypt/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.dimension-energy.com/" target="_blank" rel="noopener">Dimension Energy</a>, a community solar developer, owner, and operator, secured $360 million in construction and term financing to support the development of a portfolio of 28 community solar projects totaling 112 MWdc located in New Jersey, Illinois, Delaware, Virginia, Maine, and Pennsylvania.
First Citizens Bank acted as lead debt syndicator alongside ING, MUFG, National Bank of Canada, Siemens, Cadence, and Comerica. Advantage Capital provided $170 million in tax equity.
CRC-IB acted as the exclusive financial advisor to the company on the transaction.
According to the company, the development of the portfolio is expected to create at least 500 jobs.
“This financing milestone is a testament to Dimension’s experienced team and our proven track record of execution,” said Rafael Dobrzynski, Co-Founder and CEO of Dimension. “We are pleased to close another deal and continue our longstanding partnerships with First Citizens Bank and Advantage Capital, as well as ING, National Bank of Canada, Siemens, Cadence, and Comerica, and we’re thrilled to welcome MUFG into the fold.”
“We’re proud to deliver high-impact capital at scale and to support Dimension’s ambitious vision. This investment will strengthen local energy grids, create good-paying jobs, and expand access to lower-cost power in communities across the country. Dimension’s team brings deep expertise and a strong commitment to local impact—making them an ideal partner for building a more resilient energy future,” said Tom Bitting, Managing Director at Advantage Capital.
This transaction marks Dimension Energy’s third financial close this year, following the securing of $300 million in financing with Nuveen and Deutsche Bank, as well as the sale of $128 million in tax credits to a Fortune 500 company.
According to Mercom’s Q1 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, funding for large-scale solar projects increased by 27% in Q1 2025 compared to Q1 2024.
Last week, Earthrise Energy, a renewable energy independent power producer, <a href="https://mercomcapital.com/earthrise-secures-630-million-financing-for-260-mw-solar-project/" target="_blank" rel="noopener">announced</a> the closing of $630 million in tax equity and debt financing for its 260 MWac Gibson City solar project within Illinois’s MISO power market.

Dimension Energy Closes $360 Million Financing for Solar Project Portfolio

DRI, a renewable energy company based in Amsterdam and a subsidiary of the DTEK Group, has <a href="https://cms.mercomindia.com/dri-acquires-166-mw-solar-project-portfolio-in-italy/" target="_blank" rel="noopener">announced</a> the signing and completion of a purchase agreement to develop a 166 MWp solar portfolio in Sardinia, Italy. The portfolio, named Project Nox, comprises four solar projects acquired from Enerland, a solar engineering, procurement, and construction firm. Construction is scheduled to commence in the second half of 2026.
Enfinity Global, a renewable energy project developer, announced the <a href="https://cms.mercomindia.com/enfinity-global-secures-174-million-financing-for-147-mw-solar-project-portfolio-in-italy/" target="_blank" rel="noopener">closing</a> of €165 million (~$173.84 million) in financing to develop a portfolio of three utility-scale solar projects totaling 147 MW located in Italy’s Lazio region. The projects will reach commercial operation by 2026. The funding was arranged through a club deal structure, with ING and Rabobank serving as lenders and mandated lead arrangers.
Mahindra Susten, the clean-tech arm of the Mahindra Group, has <a href="https://www.mercomindia.com/mahindra-susten-secures-for-560-mw-solar-projects" target="_blank" rel="noopener">closed</a> a financing deal worth ₹14.48 billion (~$170.6 million) with HDFC Bank and Axis Bank for its 560 MW solar projects in Gujarat and Rajasthan. The funding will facilitate the construction of these projects under long-term power purchase agreements with Gujarat Urja Vikas Nigam and Rajasthan Urja Vikas Nigam.
Dimension Energy, a community solar project developer, <a href="https://cms.mercomindia.com/dimension-energy-secures-284-million-financing-for-distributed-generation-solar-portfolio/" target="_blank" rel="noopener">secured</a> a $284 million construction and tax equity bridge loan to develop and construct a 122 MWdc distributed generation solar portfolio from First Citizens Bank, alongside ING, National Bank of Canada, Comerica, Cadence, Denham, and Siemens. The portfolio comprises 30 community solar projects across seven states, including Delaware, Illinois, Maine, New Jersey, New York, Pennsylvania, and Virginia.
OX2, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/ox2-secures-76-million-financing-for-the-rutki-solar-project-in-poland/" target="_blank" rel="noopener">secured</a> €73 million (~$76.69 million) in financing for the 100 MW Rutki solar project in Poland. NORD/LB, a German commercial bank, provided the funding. The solar project is currently under construction and is expected to be fully operational by the end of 2025. The Rutki solar project, located in the Niemodlin municipality in southwestern Poland, will incorporate 145,000 ground-mounted photovoltaic modules.
Solar Landscape, a commercial and industrial rooftop solar developer, <a href="https://cms.mercomindia.com/solar-landscape-raises-847-million-for-rooftop-solar-projects-in-2024/" target="_blank" rel="noopener">secured</a> $847 million in project investment and financing in 2024. The funding will support the deployment of over 200 commercial rooftop solar installations across the U.S.
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-totalenergies-sells-50-of-2-gw-solar-storage-portfolio-in-texas/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: DRI Acquires 166 MW Solar Project Portfolio in Italy

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-dri-acquires-solar-project-italy/" target="_blank" rel="noopener">Mercom Capital Group</a>
DRI, a renewable energy company based in Amsterdam and a subsidiary of the DTEK Group, has <a href="https://mercomcapital.com/dri-acquires-166-mw-solar-project-portfolio-in-italy/" target="_blank" rel="noopener">announced</a> the signing and completion of a purchase agreement to develop a 166 MWp solar portfolio in Sardinia, Italy. The portfolio, named Project Nox, comprises four solar projects acquired from Enerland, a solar engineering, procurement, and construction firm. Construction is scheduled to commence in the second half of 2026.
Enfinity Global, a renewable energy project developer, announced the <a href="https://mercomcapital.com/enfinity-global-secures-174-million-financing-for-147-mw-solar-project-portfolio-in-italy/" target="_blank" rel="noopener">closing</a> of €165 million (~$173.84 million) in financing to develop a portfolio of three utility-scale solar projects totaling 147 MW located in Italy’s Lazio region. The projects will reach commercial operation by 2026. The funding was arranged through a club deal structure, with ING and Rabobank serving as lenders and mandated lead arrangers.
Mahindra Susten, the clean-tech arm of the Mahindra Group, has <a href="https://www.mercomindia.com/mahindra-susten-secures-for-560-mw-solar-projects" target="_blank" rel="noopener">closed</a> a financing deal worth ₹14.48 billion (~$170.6 million) with HDFC Bank and Axis Bank for its 560 MW solar projects in Gujarat and Rajasthan. The funding will facilitate the construction of these projects under long-term power purchase agreements with Gujarat Urja Vikas Nigam and Rajasthan Urja Vikas Nigam.
Dimension Energy, a community solar project developer, <a href="https://mercomcapital.com/dimension-energy-secures-284-million-financing-for-distributed-generation-solar-portfolio/" target="_blank" rel="noopener">secured</a> a $284 million construction and tax equity bridge loan to develop and construct a 122 MWdc distributed generation solar portfolio from First Citizens Bank, alongside ING, National Bank of Canada, Comerica, Cadence, Denham, and Siemens. The portfolio comprises 30 community solar projects across seven states, including Delaware, Illinois, Maine, New Jersey, New York, Pennsylvania, and Virginia.
OX2, a solar and energy storage project developer, <a href="https://mercomcapital.com/ox2-secures-76-million-financing-for-the-rutki-solar-project-in-poland/" target="_blank" rel="noopener">secured</a> €73 million (~$76.69 million) in financing for the 100 MW Rutki solar project in Poland. NORD/LB, a German commercial bank, provided the funding. The solar project is currently under construction and is expected to be fully operational by the end of 2025. The Rutki solar project, located in the Niemodlin municipality in southwestern Poland, will incorporate 145,000 ground-mounted photovoltaic modules.
Solar Landscape, a commercial and industrial rooftop solar developer, <a href="https://mercomcapital.com/solar-landscape-raises-847-million-for-rooftop-solar-projects-in-2024/" target="_blank" rel="noopener">secured</a> $847 million in project investment and financing in 2024. The funding will support the deployment of over 200 commercial rooftop solar installations across the U.S.
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-totalenergies-sells-50-of-2-gw-solar-storage-portfolio-in-texas/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.dimension-energy.com/" target="_blank" rel="noopener">Dimension Energy</a>, a community solar project developer, secured a $284 million construction and tax equity bridge loan to develop and construct a 122 MWdc distributed generation solar portfolio from First Citizens Bank, alongside ING, National Bank of Canada, Comerica, Cadence, Denham, and Siemens.
First Citizens Bank also acted as the lead debt syndicator. Dimension Energy closed on a structured equity investment from HASI in a new project joint venture.
The portfolio comprises 30 community solar projects across seven states, including Delaware, Illinois, Maine, New Jersey, New York, Pennsylvania, and Virginia. The company states that the projects will supply enough clean electricity to power over 17,000 households.
CRC-IB acted as the financial advisor, and Stoel Rives served as counsel for Dimension Energy on the transaction. Foley and Lardner acted as counsel for First Citizens Bank and lenders.
&#8220;Dimension&#8217;s focus on making clean energy projects accessible to everyone completely aligns with our purpose as a climate-positive investor,&#8221; said Daniela Shapiro, Senior Managing Director of HASI. &#8220;We are thrilled to join them in this joint venture, and we look forward to a long and productive partnership.&#8221;
Last year, in September, Dimension Energy <a href="https://cms.mercomindia.com/dimension-renewable-energy-secures-project-financing/" target="_blank" rel="noopener">secured</a> $237 million in financing for constructing a 120 MW distributed generation portfolio. Silicon Valley Bank (SVB), a division of First Citizens Bank, acted as lead debt syndicator, with NT Solar and Advantage Capital arranging the tax equity.
According to Mercom&#8217;s 9M and Q3 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding in  9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Earlier this month, Enfinity Global, a renewable energy project developer, announced the <a href="https://cms.mercomindia.com/enfinity-global-secures-174-million-financing-for-147-mw-solar-project-portfolio-in-italy/" target="_blank" rel="noopener">closing</a> of €165 million (~$173.84 million) in financing to develop a portfolio of three utility-scale solar projects totaling 147 MW in Italy&#8217;s Lazio region.

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