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<a href="https://frv.com/en/" target="_blank" rel="noopener">Fotowatio Renewable Ventures (FRV) Australia</a>, a renewable energy project developer and part of Jameel Energy and the Canadian infrastructure fund OMERS, announced the acquisition of the Axedale project from ACEN Australia, a renewable energy project developer. The project, comprising 140 MWac solar and 50 MW/100 MWh battery energy storage system, is located 20 km east of Bendigo, Victoria, Australia.
The battery storage system is capable of operating for two hours. The project is nearing completion of permitting, and a connection agreement with AusNet and AEMO was executed in December of last year.
Baker &amp; McKenzie advised FRV on the acquisition. The company did not disclose the financial details of the acquisition.
“The acquisition of Axedale underscores our commitment to developing innovative projects that blend renewable energy and storage, key elements for ensuring grid stability and advancing towards a cleaner, more efficient energy system. We are proud to contribute to Australia’s renewable energy leadership,” said Carlo Frigerio, CEO of FRV Australia.
In Victoria, the company reached financial close for the 100 MW/200 MWh Terang battery energy storage project last year, which was financed under the company’s recent AUD$ 1.2 billion (~$0.76 billion) portfolio refinancing facility.
With the acquisition of the Axedale project, the company is stated to be operating eight projects with a total capacity of nearly 1 GW.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
This month, Adapture Renewables, a utility-scale solar and energy storage project developer, announced the <a href="https://mercomcapital.com/adapture-renewables-acquires-110-mw-solar-and-storage-project/" target="_blank" rel="noopener">acquisition</a> of a 110 MW solar and 110 MW battery energy storage project from Samsung C&amp;T Renewables, the renewable development and investment platform of Samsung C&amp;T America.

FRV Australia Acquires 190 MW Hybrid Solar and Storage Project

ORLEN Wind 3, a subsidiary of the ORLEN Group, <a href="https://cms.mercomindia.com/orlen-group-to-acquire-280-mw-solar-project-portfolio-in-poland/" target="_blank" rel="noopener">entered</a> into a preliminary agreement with EDP Renewables Polska, a renewable energy project developer, to acquire two solar projects with a total capacity of 280 MW located in the provinces of Zielona Góra and Poznań in Poland. The company will also acquire a 26 MW wind project in the province of Łódź. The transaction is valued at approximately PLN 1.15 billion (~$0.29 billion).
OX2, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/ox2-sells-energy-storage-project-in-finland/" target="_blank" rel="noopener">signed</a> an agreement to sell the ready-to-build 50 MW/110 MWh Uusnivala battery energy storage project to the L&amp;G NTR Clean Power Fund, which will manage the project&#8217;s construction. NTR, a renewable energy asset manager, completed the transaction on behalf of the fund.
FRV Australia, a renewable energy project developer and part of Jameel Energy and the Canadian infrastructure fund OMERS, <a href="https://cms.mercomindia.com/frv-australia-secures-785-million-refinancing-for-solar-portfolio/" target="_blank" rel="noopener">secured</a> A$1.2 billion (~$0.785 billion) in refinancing for its solar project portfolio, which has a total installed capacity close to 1 GW. The portfolio consists of eight solar projects in operation or under construction. The debt package includes a term loan that refinances the portfolio&#8217;s actual debt, plus a Letter of Credit facility and a working capital facility to support FRV Australia&#8217;s development activities across the country.
Enlight Renewable Energy, a utility-scale solar, wind, and energy storage project developer, <a href="https://cms.mercomindia.com/enlight-secures-financing-for-atrisco-energy-storage-project/" target="_blank" rel="noopener">announced</a> the financial close for the energy storage portion of its Atrisco Solar and Energy Storage project. The project, which has a solar generation capacity of 364 MW coupled with 1.2 GWh of energy storage capacity, is located outside Albuquerque, New Mexico.
DRI, an Amsterdam-based renewable energy company and a subsidiary of DTEK Group, <a href="https://cms.mercomindia.com/dri-acquires-133-mw-energy-storage-project-in-poland/" target="_blank" rel="noopener">announced</a> the acquisition of a 133 MW/532 MWh energy storage project in Trzebinia, Poland. DRI acquired 100% of the shares from Columbus Energy, a Polish renewable energy services provider. The company acquired the rights to build the project in March 2024, with commercial operations expected to begin in January 2027.
Scatec, a renewable energy solutions provider, announced <a href="https://cms.mercomindia.com/scatec-secures-financing-solar-projects-tunisia/" target="_blank" rel="noopener">financial</a> closure for the Sidi Bouzid and Tozeur solar projects, which have a total capacity of 120 MW in Tunisia (each 60 MW). According to the signed partnership agreement, Scatec will jointly develop and own the projects with Aeolus, a joint venture of Japanese conglomerate Toyota Tsusho Corporation.
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-juwi-sells-solar-portfolio-greece/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: ORLEN Group to Acquire 280 MW Solar Project Portfolio in Poland

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-orlen-group-solar-project-portfolio-poland/" target="_blank" rel="noopener">Mercom Capital Group</a>
ORLEN Wind 3, a subsidiary of the ORLEN Group, <a href="https://mercomcapital.com/orlen-group-to-acquire-280-mw-solar-project-portfolio-in-poland/" target="_blank" rel="noopener">entered</a> into a preliminary agreement with EDP Renewables Polska, a renewable energy project developer, to acquire two solar projects with a total capacity of 280 MW located in the provinces of Zielona Góra and Poznań in Poland. The company will also acquire a 26 MW wind project in the province of Łódź. The transaction is valued at approximately PLN 1.15 billion (~$0.29 billion).
OX2, a solar and energy storage project developer, <a href="https://mercomcapital.com/ox2-sells-energy-storage-project-in-finland/" target="_blank" rel="noopener">signed</a> an agreement to sell the ready-to-build 50 MW/110 MWh Uusnivala battery energy storage project to the L&amp;G NTR Clean Power Fund, which will manage the project’s construction. NTR, a renewable energy asset manager, completed the transaction on behalf of the fund.
FRV Australia, a renewable energy project developer and part of Jameel Energy and the Canadian infrastructure fund OMERS, <a href="https://mercomcapital.com/frv-australia-secures-785-million-refinancing-for-solar-portfolio/" target="_blank" rel="noopener">secured</a> A$1.2 billion (~$0.785 billion) in refinancing for its solar project portfolio, which has a total installed capacity close to 1 GW. The portfolio consists of eight solar projects in operation or under construction. The debt package includes a term loan that refinances the portfolio’s actual debt, plus a Letter of Credit facility and a working capital facility to support FRV Australia’s development activities across the country.
Enlight Renewable Energy, a utility-scale solar, wind, and energy storage project developer, <a href="https://mercomcapital.com/enlight-secures-financing-for-atrisco-energy-storage-project/" target="_blank" rel="noopener">announced</a> the financial close for the energy storage portion of its Atrisco Solar and Energy Storage project. The project, which has a solar generation capacity of 364 MW coupled with 1.2 GWh of energy storage capacity, is located outside Albuquerque, New Mexico.
DRI, an Amsterdam-based renewable energy company and a subsidiary of DTEK Group, <a href="https://mercomcapital.com/dri-acquires-133-mw-energy-storage-project-in-poland/" target="_blank" rel="noopener">announced</a> the acquisition of a 133 MW/532 MWh energy storage project in Trzebinia, Poland. DRI acquired 100% of the shares from Columbus Energy, a Polish renewable energy services provider. The company acquired the rights to build the project in March 2024, with commercial operations expected to begin in January 2027.
Scatec, a renewable energy solutions provider, announced <a href="https://mercomcapital.com/scatec-secures-financing-solar-projects-tunisia/" target="_blank" rel="noopener">financial</a> closure for the Sidi Bouzid and Tozeur solar projects, which have a total capacity of 120 MW in Tunisia (each 60 MW). According to the signed partnership agreement, Scatec will jointly develop and own the projects with Aeolus, a joint venture of Japanese conglomerate Toyota Tsusho Corporation.
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-juwi-sells-solar-portfolio-greece/" target="_blank" rel="noopener">brief</a>.

<a href="https://frv.com/" target="_blank" rel="noopener">FRV Australia</a>, a renewable energy project developer and part of Jameel Energy and the Canadian infrastructure fund OMERS, secured A$1.2 billion (~$0.785 billion) in refinancing for its solar project portfolio, which has a total installed capacity close to 1 GW. The portfolio consists of eight solar projects in operation or under construction.
The debt package includes a term loan that refinances the portfolio&#8217;s actual debt, plus a Letter of Credit facility and a working capital facility to support FRV Australia&#8217;s development activities across the country.
Macquarie Capital acted as financial advisor to FRV Australia, while White &amp; Case served as legal advisor for FRV and Allens for the lenders on the transaction. A group of eleven financial institutions provided the funding, including ING Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, the Clean Energy Finance Corporation, China Construction Bank and Agricultural Bank of China.
The funding will support the development of the entire Australian portfolio, future growth, and new project development.
&#8220;We are thrilled to achieve this significant milestone in our journey. This refinancing not only secures the future of our current operations but also provides a strong foundation for our continued growth and commitment to developing renewable energy projects across Australia,&#8221; said Carlo Frigerio, CEO of FRV 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>, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Earlier this month, Enfinity Global, a U.S.-based renewable energy project developer, <a href="https://cms.mercomindia.com/enfinity-global-secures-164-million-financing-for-solar-project-portfolio/" target="_blank" rel="noopener">closed</a> $164 million (~JPY 26.24 billion) in financing for a 250 MW solar PV project portfolio in Japan. Enfinity Global obtained the funding in partnership with Macquarie Capital and a syndicate led by Shinhan Asset Management.

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