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Ferrovial, a sustainable infrastructure builder and operator, <a href="https://cms.mercomindia.com/ferrovial-acquires-257-mw-solar-project-in-texas/" target="_blank" rel="noopener">announced</a> the acquisition of a 257 MW solar project in Leon County, Texas, U.S. The acquisition agreement includes the construction and operation of the solar project, which is capable of powering over 36,000 households. The company is investing $72 million in the project, which is its first investment in a renewable project in the U.S., where the company has been operating for 20 years. Once operational, the project will generate approximately 475 GWh annually, avoiding the emission of over 195,000 tons of carbon dioxide annually.
Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar <a href="https://cms.mercomindia.com/recurrent-energy-sells-the-middle-road-solar-project-in-the-uk/" target="_blank" rel="noopener">announced</a> the completion of the sale of its 49.9 MW Middle Road solar project in Harbury, Warwickshire, U.K. Centrica Business Solutions, an integrated energy solutions company, acquired the project. The Middle Road solar project is subsidy-free, fully permitted, and ready for construction. It is expected to begin in the summer of 2024. Commercial operations are expected to commence in 2025. Once operational, it will generate enough clean electricity to power approximately 14,500 households.
Sol Systems, a solar finance and development company, <a href="https://cms.mercomindia.com/sol-systems-secures-debt-financing-utility-scale-solar-projects/" target="_blank" rel="noopener">secured</a> $85 million debt financing from Macquarie Asset Management, a global asset manager for the construction and development of five utility-scale solar projects in Illinois and Ohio. Macquarie Asset Management is providing the investment on a fully bilateral basis in the form of a six-year term loan. The facility is subordinated to senior debt and tax equity and is secured against Sol Systems’ ownership interest in the underlying solar projects. The investment is the first tranche of a planned broader collaboration between the companies. The projects are expected to be completed by the end of 2025.
Avaada Energy, the renewable energy division of Avaada Group, has <a href="https://www.mercomindia.com/avaada-secures-aseem-infrastructure-finance" target="_blank" rel="noopener">secured</a> financing of ₹3.15 billion (~$37.8 million) from Aseem Infrastructure Finance (AIFL) for a solar power project. The financing is for Avaada Energy’s solar project, which is being developed under a long-term captive power purchase agreement with the Karnataka Cooperative Milk Producers’ Federation. The project is located in the Kalaburagi district of Karnataka. The company said this 21-year project loan facility from AIFL underscores Avaada’s derisked project development strategy and robust project financing capability.
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-orsted-financing-energy-portfolio/" target="_blank" rel="noopener">brief</a>.
&nbsp;
Correction, June 5, 2024, The county where the Ferrovial project is located was corrected from Lean County, Texas to Leon County, Texas.

Project Finance Brief: Ferrovial Acquires 257 MW Solar Project in Texas

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-ferrovial-acquires-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Ferrovial, a sustainable infrastructure builder and operator, <a href="https://mercomcapital.com/ferrovial-acquires-257-mw-solar-project-in-texas/" target="_blank" rel="noopener">announced</a> the acquisition of a 257 MW solar project in Leon County, Texas, U.S. The acquisition agreement includes the construction and operation of the solar project, which is capable of powering over 36,000 households. The company is investing $72 million in the project, which is its first investment in a renewable project in the U.S., where the company has been operating for 20 years. Once operational, the project will generate approximately 475 GWh annually, avoiding the emission of over 195,000 tons of carbon dioxide annually.
Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar <a href="https://mercomcapital.com/recurrent-energy-sells-the-middle-road-solar-project-in-the-uk/" target="_blank" rel="noopener">announced</a> the completion of the sale of its 49.9 MW Middle Road solar project in Harbury, Warwickshire, U.K. Centrica Business Solutions, an integrated energy solutions company, acquired the project. The Middle Road solar project is subsidy-free, fully permitted, and ready for construction. It is expected to begin in the summer of 2024. Commercial operations are expected to commence in 2025. Once operational, it will generate enough clean electricity to power approximately 14,500 households.
Sol Systems, a solar finance and development company, <a href="https://mercomcapital.com/sol-systems-secures-debt-financing-utility-scale-solar-projects/" target="_blank" rel="noopener">secured</a> $85 million debt financing from Macquarie Asset Management, a global asset manager for the construction and development of five utility-scale solar projects in Illinois and Ohio. Macquarie Asset Management is providing the investment on a fully bilateral basis in the form of a six-year term loan. The facility is subordinated to senior debt and tax equity and is secured against Sol Systems’ ownership interest in the underlying solar projects. The investment is the first tranche of a planned broader collaboration between the companies. The projects are expected to be completed by the end of 2025.
Avaada Energy, the renewable energy division of Avaada Group, has <a href="https://www.mercomindia.com/avaada-secures-aseem-infrastructure-finance" target="_blank" rel="noopener">secured</a> financing of ₹3.15 billion (~$37.8 million) from Aseem Infrastructure Finance (AIFL) for a solar power project. The financing is for Avaada Energy’s solar project, which is being developed under a long-term captive power purchase agreement with the Karnataka Cooperative Milk Producers’ Federation. The project is located in the Kalaburagi district of Karnataka. The company said this 21-year project loan facility from AIFL underscores Avaada’s derisked project development strategy and robust project financing capability.
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-orsted-financing-energy-portfolio/" target="_blank" rel="noopener">brief</a>.

<a href="https://newsroom.ferrovial.com/en/" target="_blank" rel="noopener">Ferrovial</a>, a sustainable infrastructure builder and operator, announced the acquisition of a 257 MW solar project in Leon County, Texas, U.S. The acquisition agreement includes the construction and operation of the solar project, which is capable of powering over 36,000 households.
The company is investing $72 million in the project, which is its first investment in a renewable project in the U.S., where the company has been operating for 20 years. Once operational, the project will generate approximately 475 GWh annually, avoiding the emission of over 195,000 tons of carbon dioxide annually.
“This project represents the collaborative efforts between energy stakeholders and private entities to provide reliable energy to communities,” said María José Esteruelas, Ferrovial Energy CEO. “Our investment reaffirms the division’s strategy to diversify our multinational presence, focusing on the fastest growing regions for solar PV and in the U.S.”
Besides this project, the company is currently developing a 72 MW PV project with a 60 MW battery energy storage system (BESS) in Houston, Texas, for its client X-Elio.
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>, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.
Recently, clearvise, an independent renewable energy power producer, announced the <a href="https://cms.mercomindia.com/clearvise-acquires-solar-project-germany/" target="_blank" rel="noopener">acquisition</a> of a 42 MW Wolfsgarten solar project from ALTUS. It was commissioned and put into operation at the end of April 2024. The electricity generated will be marketed via a Power Purchase Agreement.

Ferrovial Acquires 257 MW Solar Project in Texas

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