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Recurrent Energy, a global developer, owner, and operator of solar and energy storage, <a href="https://cms.mercomindia.com/recurrent-energy-secures-funding-for-119-mw-horus-solar-project/" target="_blank" rel="noopener">secured</a> financial closure on the 119 MW Horus Solar project in Mexico. The solar project was closed under a non-recourse financing of $51 million provided by Korea Eximbank, South Korea’s official export credit agency, and KEB Hana Bank, one of South Korea’s largest banks.
ENGIE North America, a U.S.-based electric utility, <a href="https://cms.mercomindia.com/engie-secures-1-billion-financing-for-1-3-gw-renewable-projects/" target="_blank" rel="noopener">announced</a> the completion of more than $1 billion in tax equity financing for 1.3 GW of renewable energy projects in the U.S. The financing was secured through separate agreements with three banks, including J.P. Morgan, Goldman Sachs, and BNP Paribas. The financing pertains to a portfolio of recently commissioned renewable projects in the U.S. The overall portfolio consists of 6 projects across ERCOT, MISO, and SPP, including 950 MW of solar and 353 MW of wind capacity.
The European Bank for Reconstruction and Development and French asset manager Eiffel Investment Group extended a joint <a href="https://cms.mercomindia.com/ebrd-and-eiffel-provide-loan-solar-projects-poland/" target="_blank" rel="noopener">loan</a> of €45 million (~$48.83 million) to PL-SUN for the construction of a portfolio of solar power plants.
India-based BluPine Energy has expanded its renewable energy portfolio by <a href="https://www.mercomindia.com/blupine-energy-acquires-369-mw-of-solar" target="_blank" rel="noopener">acquiring</a> 369 MW of solar power assets from the ACME Group. The deal covers 14 special-purpose vehicle solar projects located across Uttarakhand, Punjab, and Karnataka. With this acquisition, BluPine’s total renewable capacity has grown to 2.4 GW.
Elawan Energy, a developer and operator in the renewable energy industry, has <a href="https://cms.mercomindia.com/elawan-energy-secures-163-million-for-renewable-project-portfolio-in-spain/" target="_blank" rel="noopener">closed</a> €150 million (~$162.76 million) in debt financing for a portfolio of renewable projects in Spain. The project is financed by ING, Banco Sabadell, Banco Santander, and Unicaja. Watson Farley &amp; Williams provided legal assistance to Elawan Energy through the transaction, while Clifford Chance advised the financers.
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-strata-clean-energy-secures-storage-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Recurrent Energy Secures Funding for 119 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-funding-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a global developer, owner, and operator of solar and energy storage, <a href="https://mercomcapital.com/recurrent-energy-secures-funding-for-119-mw-horus-solar-project/" target="_blank" rel="noopener">secured</a> financial closure on the 119 MW Horus Solar project in Mexico. The solar project was closed under a non-recourse financing of $51 million provided by Korea Eximbank, South Korea’s official export credit agency, and KEB Hana Bank, one of South Korea’s largest banks.
ENGIE North America, a U.S.-based electric utility, <a href="https://mercomcapital.com/engie-secures-1-billion-financing-for-1-3-gw-renewable-projects/" target="_blank" rel="noopener">announced</a> the completion of more than $1 billion in tax equity financing for 1.3 GW of renewable energy projects in the U.S. The financing was secured through separate agreements with three banks, including J.P. Morgan, Goldman Sachs, and BNP Paribas. The financing pertains to a portfolio of recently commissioned renewable projects in the U.S. The overall portfolio consists of 6 projects across ERCOT, MISO, and SPP, including 950 MW of solar and 353 MW of wind capacity.
The European Bank for Reconstruction and Development and French asset manager Eiffel Investment Group extended a joint <a href="https://mercomcapital.com/ebrd-and-eiffel-provide-loan-solar-projects-poland/" target="_blank" rel="noopener">loan</a> of €45 million (~$48.83 million) to PL-SUN for the construction of a portfolio of solar power plants.
India-based BluPine Energy has expanded its renewable energy portfolio by <a href="https://www.mercomindia.com/blupine-energy-acquires-369-mw-of-solar" target="_blank" rel="noopener">acquiring</a> 369 MW of solar power assets from the ACME Group. The deal covers 14 special-purpose vehicle solar projects located across Uttarakhand, Punjab, and Karnataka. With this acquisition, BluPine’s total renewable capacity has grown to 2.4 GW.
Elawan Energy, a developer and operator in the renewable energy industry, has <a href="https://mercomcapital.com/elawan-energy-secures-163-million-for-renewable-project-portfolio-in-spain/" target="_blank" rel="noopener">closed</a> €150 million (~$162.76 million) in debt financing for a portfolio of renewable projects in Spain. The project is financed by ING, Banco Sabadell, Banco Santander, and Unicaja. Watson Farley &amp; Williams provided legal assistance to Elawan Energy through the transaction, while Clifford Chance advised the financers.
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-strata-clean-energy-secures-storage-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.elawan.com/en/" target="_blank" rel="noopener">Elawan Energy</a>, a developer and operator in the renewable energy industry, has recently closed €150 million (~$162.76 million) in debt financing for a portfolio of renewable projects in Spain. The project is financed by ING, Banco Sabadell, Banco Santander, and Unicaja. Watson Farley &amp; Williams provided legal assistance to Elawan Energy through the transaction, while Clifford Chance advised the financers.
The portfolio comprises one photovoltaic project and four wind projects, totaling an installed capacity of 171 MW, located in the provinces of Cuenca and Cludad Real, Palencia, and Burgos. The solar project will utilize more than 99,200 solar panels. Work on the projects is in the advanced stage of construction. Once completed, the projects are estimated to produce 280 GWh of clean energy annually.
The Chief Investment Officer of Elawan Energy, Pedro Garcia Crespo, says, “The sharp increase in the investment plans we are undertaking to accelerate compliance with the objectives of energy transition and decarbonization of the economy through clean energy.”
According to the company, more than 475 jobs will be created in rural areas with high unemployment rates.
In total, the company currently has 54 projects in 9 countries, with more than 1.70 GW in operation, 253 MW under construction, and more than 8.5 GW in various stages of development.
According to Mercom’s Q4 and Annual Global Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed. 
Highfield Solar, a solar project developer, recently <a href="https://cms.mercomindia.com/highfield-solar-secures-70-million-in-financing-for-ireland-solar-project/" target="_blank" rel="noopener">secured</a> a €65 million (~$70.45 million) debt facility to construct and operate the 93 MW Gaskinstown solar PV project in Ireland. The project is financed by the Coöperatieve Rabobank U.A., which also funded the Rathnaskilloge 106 MW project developed by Highfield Solar in December 2023. Highfield Solar, which was established in 2014, is a joint venture between renewable energy developers Highfield Energy, Aura Power, and ib vogt.

Elawan Energy Secures $163 Million for Renewable Project Portfolio in Spain

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