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Intersect Power, a utility-scale solar project developer, <a href="https://cms.mercomindia.com/intersect-power-secures-837-million-in-project-financing/" target="_blank" rel="noopener">announced</a> closing two separate transactions representing an aggregate of $837 million in financing commitments for constructing and operating three standalone Battery Energy Storage Systems (BESS) in Texas. The transaction covers portfolio-level construction debt, tax equity, and term debt financing. The three energy storage systems, Lumina I, Lumina II, and Radian, will be operational in 2024. The projects are expected to be operational in 12 months and are claimed to provide 320 MWh battery storage capacity with a two-hour duration.
Leeward Renewable Energy, a developer of solar, wind, and energy storage projects, announced the <a href="https://cms.mercomindia.com/leeward-renewable-energy-secures-1-25-billion-in-warehouse-facility-financing/" target="_blank" rel="noopener">closing</a> of a $1.25 billion construction warehouse facility. The warehouse provides three years of committed capital to fund a multi-year building plan of advanced and construction-ready projects from LRE’s development pipeline. Initially, the $1.25 billion revolving facility will fund the construction of six fully contracted wind, solar, and battery storage projects, totaling nearly 1 GW of capacity.
Enel Green Power Australia (EGPA), a joint venture company co-owned by Enel Green Power and INPEX Renewable Energy Australia, <a href="https://cms.mercomindia.com/enel-green-power-australia-acquires-1-gw-hybrid-project/" target="_blank" rel="noopener">announced</a> the acquisition of the Tallawang hybrid project, which comprises 500 MW of solar PV and 500 MW/1,000 MWh energy storage system. EGPA acquired the solar-plus-storage project from RES, a U.K.-based renewable energy project developer.
rPlus Energies, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/rplus-energies-secures-over-1b-debt-financing-for-project/" target="_blank" rel="noopener">secured</a> over $1 billion in construction debt financing for its Green River Energy Center, which comprises 400 MW of solar PV and 400 MW/1,600 MWh of energy storage. Crédit Agricole Corporate and Investment Bank, KeyBanc Capital Markets, MUFG Bank, Truist Securities, and Wells Fargo Securities contributed to the debt financing deal as coordinating lead arrangers. MUFG Bank is the lender’s administrative agent.
Renewable energy company BluPine Energy has secured ₹4.36 billion ($52.85 million) in <a href="https://www.mercomindia.com/blupine-secures-%E2%82%B94-36-billion-for-a-120-mw-solar-project-in-gujarat" target="_blank" rel="noopener">financing</a> from the State Bank of India for its 120 MW solar project in Panshina and Radhanpur in Gujarat. The electricity generated from this project will be supplied to Gujarat Urja Vikas Nigam (GUVNL) under a power purchase agreement for 25 years from the scheduled commercial operation date. The project is expected to produce around 298,000 MWh of energy annually and supply power to approximately 270,000 households.
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-emeren-group-sells-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Intersect Power Secures $837 Million in Project Financing

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-intersect-power-project-financing/" target="_blank" rel="noopener">Mercom Capital Group</a>
Intersect Power, a utility-scale solar project developer, <a href="https://mercomcapital.com/intersect-power-secures-837-million-in-project-financing/" target="_blank" rel="noopener">announced</a> closing two separate transactions representing an aggregate of $837 million in financing commitments for constructing and operating three standalone Battery Energy Storage Systems (BESS) in Texas. The transaction covers portfolio-level construction debt, tax equity, and term debt financing. The three energy storage systems, Lumina I, Lumina II, and Radian, will be operational in 2024. The projects are expected to be operational in 12 months and are claimed to provide 320 MWh battery storage capacity with a two-hour duration.
Leeward Renewable Energy, a developer of solar, wind, and energy storage projects, announced the <a href="https://mercomcapital.com/leeward-renewable-energy-secures-1-25-billion-in-warehouse-facility-financing/" target="_blank" rel="noopener">closing</a> of a $1.25 billion construction warehouse facility. The warehouse provides three years of committed capital to fund a multi-year building plan of advanced and construction-ready projects from LRE’s development pipeline. Initially, the $1.25 billion revolving facility will fund the construction of six fully contracted wind, solar, and battery storage projects, totaling nearly 1 GW of capacity.
Enel Green Power Australia (EGPA), a joint venture company co-owned by Enel Green Power and INPEX Renewable Energy Australia, <a href="https://mercomcapital.com/enel-green-power-australia-acquires-1-gw-hybrid-project/" target="_blank" rel="noopener">announced</a> the acquisition of the Tallawang hybrid project, which comprises 500 MW of solar PV and 500 MW/1,000 MWh energy storage system. EGPA acquired the solar-plus-storage project from RES, a U.K.-based renewable energy project developer.
rPlus Energies, a solar and energy storage project developer, <a href="https://mercomcapital.com/rplus-energies-secures-over-1b-debt-financing-for-project/" target="_blank" rel="noopener">secured</a> over $1 billion in construction debt financing for its Green River Energy Center, which comprises 400 MW of solar PV and 400 MW/1,600 MWh of energy storage. Crédit Agricole Corporate and Investment Bank, KeyBanc Capital Markets, MUFG Bank, Truist Securities, and Wells Fargo Securities contributed to the debt financing deal as coordinating lead arrangers. MUFG Bank is the lender’s administrative agent.
Renewable energy company BluPine Energy has secured ₹4.36 billion ($52.85 million) in <a href="https://www.mercomindia.com/blupine-secures-%E2%82%B94-36-billion-for-a-120-mw-solar-project-in-gujarat" target="_blank" rel="noopener">financing</a> from the State Bank of India for its 120 MW solar project in Panshina and Radhanpur in Gujarat. The electricity generated from this project will be supplied to Gujarat Urja Vikas Nigam (GUVNL) under a power purchase agreement for 25 years from the scheduled commercial operation date. The project is expected to produce around 298,000 MWh of energy annually and supply power to approximately 270,000 households.
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-emeren-group-sells-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.enelgreenpower.com/" target="_blank" rel="noopener">Enel Green Power Australia</a> (EGPA), a joint venture company co-owned by Enel Green Power and INPEX Renewable Energy Australia, announced the acquisition of the Tallawang hybrid project, which comprises 500 MW of solar PV and 500 MW/1,000 MWh energy storage system. EGPA acquired the solar-plus-storage project from RES, a U.K.-based renewable energy project developer.
The Tallawang hybrid project is located in the New South Wales Government-designated Central-West Orana Renewable Energy Zone, approximately 8 km northwest of Gulgong in the Mid-West Regional Council area. It is strategically close to key transmission infrastructure.
EGPA Chief Executive Officer Werther Esposito said, &#8220;Tallawang is a large-scale and advanced development project, with outstanding resources and key planning and regulatory approvals that have progressed well. EGPA is accelerating the build-out of a portfolio of renewable and storage projects at varying stages of development. We appreciate the support from our shareholders in achieving this significant acquisition.&#8221;
Last month, EGPA <a href="https://cms.mercomindia.com/enel-green-power-australia-secures-financing-solar-energy-storage-project/" target="_blank" rel="noopener">secured</a> project financing of over A$190 million (~$126 million) to develop the Quorn Park Hybrid Project, which includes a 98 MW solar project and a 20 MW/40 MWh battery energy storage system (BESS). The funding will be used to develop and construct the hybrid project located approximately 10 km northwest of Parkes, New South Wales, Australia.
According to Mercom&#8217;s 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, 113 solar project acquisitions totaling 18.5 GW were transacted in 1H 2024, compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
Earlier this month, Actis&#8217; SE Asia Renewables Platform Levanta Renewables, a renewable energy project developer and independent power producer, announced the <a href="https://cms.mercomindia.com/levanta-renewables-acquires-139-4-mw-solar-portfolio-in-thailand/" target="_blank" rel="noopener">acquisition</a> of a 90% controlling shareholding in Thailand&#8217;s 139.4 MW operating solar project portfolio. The company acquired the portfolio from Super Energy, a Thai renewable energy project developer, and its subsidiary, Super Energy Group.

Enel Green Power Australia Acquires 1 GW Tallawang Hybrid Project

Green Genius, a renewable energy company, has <a href="https://cms.mercomindia.com/green-genius-secures-94-million-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> €87 million (~$94 million) in debt financing for the construction of a 121 MW solar project in Jekabpils, Central East of Latvia. The company received funding from two banks, of which €26 million (~$28 million) was provided by Berenberg Bank, and Nord LB provided a €61 million (~$66 million) loan. The total planned investment for the project is over €100 million (~$108 million).
Technique Solaire Group, an independent producer of renewable energy, <a href="https://cms.mercomindia.com/technique-solaire-group-acquires-solar-projects-in-netherlands-and-spain-totaling-58-mw/" target="_blank" rel="noopener">announced</a> the acquisition of ready-to-build solar projects in the Netherlands and Spain with a total capacity of 58 MW. The deal includes the acquisition of 10 solar projects, of which two projects are located in the Netherlands while eight are in Spain. The projects in the Netherlands represent a total capacity of 26 MW with an individual capacity of 15 MW and 11 MW located in Gelderland province, in Beuningen and Druten, respectively.
Enel Green Power Australia (EGPA), a joint venture company co-owned by Enel Green Power and Inpex Corporation, <a href="https://cms.mercomindia.com/enel-green-power-australia-secures-financing-solar-energy-storage-project/" target="_blank" rel="noopener">secured</a> project financing of over A$190 million (~$126 million) to develop Quorn Park Hybrid Project, which includes a 98 MW solar project and a 20 MW/40 MWh battery energy storage system. The project will be jointly financed by a combination of equity provided by EGPA’s shareholders and debt facilities from a group of two lenders comprising Westpac and Bank of China. The construction of the hybrid project will begin in the third quarter of 2024.
The International Finance Corporation will partially <a href="https://www.mercomindia.com/ifc-invests-105-million-in-brookfields-500-mw-solar-project-in-rajasthan" target="_blank" rel="noopener">finance</a> a 550 MW solar power project being developed by Brookfield Asset Management in Bikaner, Rajasthan, with a $105 million investment. The investment will be through long-term non-convertible debentures assigned to the project’s special purpose vehicles, which will implement the project.
Sun Investment Group, a solar project developer and investment management company, <a href="https://cms.mercomindia.com/sun-investment-group-secures-debt-financing-for-2-gw-solar-pv-pipeline/" target="_blank" rel="noopener">secured</a> debt financing for a pipeline of mid- to late-stage solar projects with a total capacity of 1,970 MW located in Poland. The funding was entirely subscribed by an international debt fund and will support the development of the projects. The pipeline comprises 323 individual projects ranging from 1 MW to 120 MW capacity, including approximately 100 MW at the ready-to-build stage, along with 1,120 MW of mid-stage and 750 MW of early-stage projects.
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-british-solar-secures-funding-for-solar-and-storage-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Green Genius Secures $94 Million Financing for Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-green-genius-financing-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Green Genius, a renewable energy company, has <a href="https://mercomcapital.com/green-genius-secures-94-million-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> €87 million (~$94 million) in debt financing for the construction of a 121 MW solar project in Jekabpils, Central East of Latvia. The company received funding from two banks, of which €26 million (~$28 million) was provided by Berenberg Bank, and Nord LB provided a €61 million (~$66 million) loan. The total planned investment for the project is over €100 million (~$108 million).
Technique Solaire Group, an independent producer of renewable energy, <a href="https://mercomcapital.com/technique-solaire-group-acquires-solar-projects-in-netherlands-and-spain-totaling-58-mw/" target="_blank" rel="noopener">announced</a> the acquisition of ready-to-build solar projects in the Netherlands and Spain with a total capacity of 58 MW. The deal includes the acquisition of 10 solar projects, of which two projects are located in the Netherlands while eight are in Spain. The projects in the Netherlands represent a total capacity of 26 MW with an individual capacity of 15 MW and 11 MW located in Gelderland province, in Beuningen and Druten, respectively.
Enel Green Power Australia (EGPA), a joint venture company co-owned by Enel Green Power and Inpex Corporation, <a href="https://mercomcapital.com/enel-green-power-australia-secures-financing-solar-energy-storage-project/" target="_blank" rel="noopener">secured</a> project financing of over A$190 million (~$126 million) to develop Quorn Park Hybrid Project, which includes a 98 MW solar project and a 20 MW/40 MWh battery energy storage system. The project will be jointly financed by a combination of equity provided by EGPA’s shareholders and debt facilities from a group of two lenders comprising Westpac and Bank of China. The construction of the hybrid project will begin in the third quarter of 2024.
The International Finance Corporation will partially <a href="https://www.mercomindia.com/ifc-invests-105-million-in-brookfields-500-mw-solar-project-in-rajasthan" target="_blank" rel="noopener">finance</a> a 550 MW solar power project being developed by Brookfield Asset Management in Bikaner, Rajasthan, with a $105 million investment. The investment will be through long-term non-convertible debentures assigned to the project’s special purpose vehicles, which will implement the project.
Sun Investment Group, a solar project developer and investment management company, <a href="https://mercomcapital.com/sun-investment-group-secures-debt-financing-for-2-gw-solar-pv-pipeline/" target="_blank" rel="noopener">secured</a> debt financing for a pipeline of mid- to late-stage solar projects with a total capacity of 1,970 MW located in Poland. The funding was entirely subscribed by an international debt fund and will support the development of the projects. The pipeline comprises 323 individual projects ranging from 1 MW to 120 MW capacity, including approximately 100 MW at the ready-to-build stage, along with 1,120 MW of mid-stage and 750 MW of early-stage projects.
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-british-solar-secures-funding-for-solar-and-storage-projects/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.enelgreenpower.com/" target="_blank" rel="noopener">Enel Green Power Australia</a> (EGPA), a joint venture company co-owned by Enel Green Power and Inpex Corporation, secured project financing of over A$190 million (~$126 million) to develop Quorn Park Hybrid Project, which includes a 98 MW solar project and a 20 MW/40 MWh battery energy storage system (BESS).
The project will be jointly financed by a combination of equity provided by EGPA’s shareholders and debt facilities from a group of two lenders comprising Westpac and Bank of China.
The funding will be used to develop and construct the hybrid project located approximately 10 km northwest of Parkes, New South Wales, Australia. The construction of the hybrid project will begin in the third quarter of 2024.
“This also marks our first project to commence construction in New South Wales. We look forward to facilitating further investment in NSW and across other states as we target a significant increase to our installed capacity alongside an expansion of activities within our retail and trading operations,” said EGPA Chief Executive Officer Werther Esposito.
“For this project, we’re pleased to continue our relationship with trusted delivery partners alongside valued equipment providers. Grid connection and services agreements are in place with early works underway by Essential Energy. EGPA, alongside our delivery partners, are committed to local procurement and employment and we look forward to sharing opportunities with the local community and broader region throughout the entire project life,” added the CEO.
According to Mercom’s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
Sun Investment Group, a solar project developer and investment management company, earlier this week <a href="https://cms.mercomindia.com/sun-investment-group-secures-debt-financing-for-2-gw-solar-pv-pipeline/" target="_blank" rel="noopener">secured</a> debt financing for a pipeline of mid to late-stage solar PV projects with a total capacity of 1,970 MW located in Poland.

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