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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-cypress-creek-secures-3-5-billion/" target="_blank" rel="noopener">Mercom Capital Group</a>
Cypress Creek Energy, a solar and energy storage project developer, has <a href="https://mercomcapital.com/cypress-creek-secures-3-5b-steel-river-energy-project/" target="_blank" rel="noopener">secured</a> $3.5 billion in financing for the first two phases of the Steel River Energy Center, a three-phase solar and battery storage project in Arkansas, U.S. The first two phases will add 1.63 GW of solar capacity and 1.9 GWh of battery storage to the regional grid. The full project is expected to provide 2.45 GW of solar capacity and 2.9 GWh of battery storage by 2029, according to the company.
DRI, an Amsterdam-based European renewable energy developer and the European renewables arm of DTEK Group, has <a href="https://mercomcapital.com/dri-secures-127m-133-mw-battery-storage-project-poland/" target="_blank" rel="noopener">secured</a> approximately PLN 470 million (~$127.4 million) in non-recourse project financing for its 133 MW Trzebinia battery energy storage project in Poland. The facility will support the construction of the Trzebinia battery storage project in Poland’s Trzebinia district. The project is expected to begin operations early in 2027.
Eiffel Investment Group, an independent asset manager, through its infrastructure funds, has <a href="https://mercomcapital.com/eiffel-investment-group-to-acquire-50-stake-in-solar-and-storage-portfolio/" target="_blank" rel="noopener">agreed</a> to acquire a 50% interest in a Norwegian portfolio from Landinfra Energy, a Nordic renewable energy developer. The portfolio comprises four projects located in the NO1 price area, with an aggregate planned capacity of approximately 886 MW of solar power and 177 MW of co-located battery storage.
Masdar (Abu Dhabi Future Energy Company PJSC), a UAE-based renewable energy developer, has <a href="https://mercomcapital.com/masdar-buys-stake-respsols-705-mw-renewables-portfolio/" target="_blank" rel="noopener">signed</a> an agreement to acquire a 49.99% stake in Madrid-based energy and petrochemical company Repsol’s 705 MW operational renewable energy portfolio in Spain. The transaction values the portfolio at €849 million (~$985 million). The agreement was signed in Abu Dhabi by Masdar Chief Executive Officer Mohamed Jameel Al Ramahi and João Costeira, executive managing director of low-carbon generation at Repsol.
38 Degrees North, a community solar and distributed renewable energy developer and operator, has <a href="https://mercomcapital.com/38-degrees-north-acquires-104-mw-community-solar-projects/" target="_blank" rel="noopener">acquired</a> 104 MW of community solar projects in Illinois from Cypress Creek Energy, an independent power producer. The portfolio comprises 16 advanced-stage projects across 14 counties in Illinois. The companies said the projects are expected to be placed in service by 2027. Additionally, 38 Degrees North said it is developing, acquiring, and constructing other community solar projects in Illinois.
 
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&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-esvolta-secures-450-million-upsized-credit-facility" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Cypress Creek Secures $3.5 Billion

<a href="https://www.tse.energy/en" target="_blank" rel="noopener">TSE</a>, a French solar developer specializing in agrivoltaics projects, secured a bond debt funding of €65 million (~$68.5 million) from the Eiffel Investment Group Fund.
The funding was carried out through the group’s energy transition infrastructure debt funds, Eiffel Energy Transition III and the FCPRs MAIF Rendement Vert, Allianz Transition Energétique, and Eiffel Infrastructures Vertes. The debt funding will enable TSE to develop and construct new solar projects with a combined capacity of 800 MW. Astris Finance advised TSE as financial advisor and Gibson Dunn as legal advisor. Eiffel Investment Group was advised by Clifford Chance as legal counsel.
“The success of this transaction allows TSE to acquire a financing structure adapted to its growth plan and testifies to the confidence of investors in the solidity of its model. It also makes it possible to place our CSR ambition at the heart of our financing strategy,” TSE’s chief executive Jean-Edouard Allard said.
In 2021, TSE inaugurated the Marville photovoltaic power plant, which it claims is the second-largest power plant in France. In 2023, the company raised €130 million (~$137 million) in equity investment from Eurazeo, Credit Agricole, and Bpifrance.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-solar-funding-and-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.
AMPYR Solar Europe, a solar project developer, announced the <a href="https://cms.mercomindia.com/ampyr-solar-europe-secures-253-million-financing-for-solar-projects/" target="_blank" rel="noopener">closing</a> of an up to £200 million (~$253.33 million) project finance facility with NORD/LB, a German-based commercial bank, to develop and construct a 400 MW solar project in the U.K. Clifford Chance served as a legal advisor to AMPYR Solar Europe and White &amp; Case represented NORD/LB on the transaction.

Agrivoltaics Project Developer TSE Secures $68.5 Million Financing

Solar developer <a href="http://www.renesolapower.com/" target="_blank" rel="noopener noreferrer">ReneSola Power</a> announced that it had raised €10.64 million (~$12 million) through bridge funding from <a href="https://www.eib.org/en/products/equity/funds/eiffel_energy_transition_fund" target="_blank" rel="noopener noreferrer">Eiffel Energy Transition Fund</a> to construct 19 MW of solar projects in Poland.
ReneSola Power said that this was the second bridge financing that Eiffel Energy Transition Fund had provided the company. The funds would be used to expand its project development and execution efforts in Hungary and Poland, according to the company’s statement.
“Despite ongoing challenging macro conditions related to COVID-19, we have begun the construction of the 19 MW solar projects in Poland. We are very pleased with our progress and look forward to further supporting solar development in the years ahead,” said Yumin Liu, ReneSola Power Chief Executive Officer.
ReneSola Power has pipeline projects with a total capacity of 29 MW and 26.7 MW in Poland and Hungary, respectively. The company set the target to have pipeline capacities of 150 MW in Poland and 100 MW in Hungary by the end of 2020.
“We have successfully developed solar projects in Poland and have sold over 81 MW of projects in the last four years. Poland remains a key market for ReneSola Power, and we are committed to our strategy to expand our business further and become a major player in Poland and other European markets,” said Josef Kastner, CEO of ReneSola Power Europe.
Eiffel Energy Transition Fund is a dedicated fund that grants flexible bridge financing for renewable energy projects across Europe. The European Union Bank sponsored the fund, which was managed by France-based asset management firm <a href="https://www.eiffel-ig.com/" target="_blank" rel="noopener noreferrer">Eiffel Investment Group</a>.
In April 2020, ReneSola <a href="https://mercomindia.com/renesola-investment-solar-module-manufacturing/" target="_blank" rel="noopener noreferrer">had announced</a> that it signed a $100 million strategic investment agreement with the Zhongnan Industry, a subsidiary of Zhongnan Holding Group. Both companies are headquartered in China. According to the agreement, Zhongnan Industry would invest $100 million to strengthen ReneSola’s solar module manufacturing supply chain.
Notably, total corporate funding for solar – including venture capital funding, public market, and debt financing – <a href="https://mercomindia.com/corporate-funding-solar-slid-globally/" target="_blank" rel="noopener noreferrer">dipped</a> 25% to $4.5 billion (~₹336.1 billion) in the first half of 2020 from $6 billion (~₹448.1 billion) in the same period last year. The findings were revealed in Mercom Capital Group’s recently released <a href="https://mercomcapital.com/product/1h-q2-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">1H and Q2 2020 Solar Funding and M&amp;A Report</a>. The report explained that even though there was a considerable fall in funding activity, things were not as bad as it could have been given the ongoing coronavirus crisis, which has put the global economy in turmoil. The report covered 203 companies and investors from around the world.

ReneSola Power Raises $12 Million to Construct 19 MW of Solar Projects in Poland

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