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<a href="https://www.bnz.energy/" target="_blank" rel="noopener">BNZ</a>, a solar project developer and an independent power producer (IPP), announced the acquisition of two greenfield solar projects totaling 127.7 MW from GreenGo, a renewable energy project developer. The two projects, with 90.5 MW and 37.2 MW capacity, are located in the municipalities of Francofonte (Siracusa) and Lercara Friddi (Palermo) in Sicily, Italy.
The Lercara solar project will begin operation in the first half of 2026, while the Francofonte solar project will reach commercial operation at the end of 2026.
BNZ Head of Development Gabriele Sommantico added, “These new projects in Sicily provide a further boost to our development in Italy. We expect to have the Lazio plants in operation by the third quarter of 2025. All other projects in our pipeline will likely have reached ready-to-build status by next year. We are also keen to explore new opportunities to strengthen our presence in Italy, with a specific interest in storage technology as well.”
The company also <a href="https://cms.mercomindia.com/solar-project-developer-bnz-secures-over-744-million-in-funding/" target="_blank" rel="noopener">announced</a> that it had completed its first Total IPP Financing (TIPPF) for over €680 million (~$744 million) in several countries in October this year. BNZ plans to deploy a portfolio of over 1.7 GW of renewable energy in southern Europe.
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>, 166 project acquisitions totaling 28.3 GW were transacted in 9M 2024 compared to the same number of project acquisitions totaling 31.6 GW in 9M 2023.
In September, BayWa r.e., a developer of renewable energy projects, announced the <a href="https://cms.mercomindia.com/baywa-r-e-sells-solar-projects-totaling-222-mw-to-octopus-energy-generation/" target="_blank" rel="noopener">sale</a> of four solar projects totaling 222 MW across the U.K. to Octopus Energy Generation, a renewable energy investment firm.

BNZ Acquires 127.7 MW Solar Projects in Italy

Primergy Solar, a developer of distributed and utility-scale solar and battery storage projects, has <a href="https://cms.mercomindia.com/primergy-secures-350-million-for-408-mw-solar-project/" target="_blank" rel="noopener">secured</a> $350 million in tax equity financing for the 408 MWac Ash Creek solar project in Hill County, Texas. A Fortune 500 telecommunications company led the tax equity investment, with additional funding provided by Truist Bank. The project is under construction and is expected to reach commercial operation in early 2025.
Redeux Energy, a utility-scale solar and storage project developer, <a href="https://cms.mercomindia.com/redeux-energy-sells-200-mw-solar-plus-storage-project/" target="_blank" rel="noopener">announced</a> the sale of a hybrid solar and energy storage project to Scout Clean Energy, a renewable energy project developer. The project includes a 200 MWdc solar and 40 MW/160 MWh, four-hour battery energy storage project.
Independent power producer AMPIN Energy Transition has <a href="https://www.mercomindia.com/ampin-financial-closure-200-mw-hybrid-project" target="_blank" rel="noopener">announced</a> the financial closure for its 200 MW wind-solar hybrid project in Rajasthan, with the final step achieved through a green loan of ₹7.42 billion (~$88.27 million) from Standard Chartered. The total investment for this project is ₹9.44 billion (~$112.3 million). The hybrid project is expected to generate approximately 435 million units of renewable electricity annually.
CleanChoice Energy, a clean energy provider, announced the <a href="https://cms.mercomindia.com/cleanchoice-energy-acquires-29-mw-solar-project-in-pennsylvania/" target="_blank" rel="noopener">acquisition</a> of a 29.42 MW solar project in Kylertown, Pennsylvania. The company acquired the project from Prospect14, which led the siting and greenfield development. The construction of the Kylertown solar project is expected to begin in Q4 2024 and will be the second project CleanChoice owns and operates, among multiple projects in its pipeline.
Rezolv Energy, an independent power producer backed by Actis, <a href="https://cms.mercomindia.com/rezolv-energy-secures-98-million-in-debt-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> up to €90 million (~$98.09 million) in debt financing to develop and construct the 225 MW St. George solar park in northeastern Bulgaria. The International Finance Corporation and Raiffeisen Bank International provided the funding. The project’s construction will begin soon and is expected to reach commercial operation in 2025.
GreenGo, a renewable energy project developer, <a href="https://cms.mercomindia.com/greengo-secures-35-million-financing-for-41-8-mw-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> €32.6 million (~$35.6 million) in financing from Intesa Sanpaolo, an Italian bank, to construct eight new solar projects in Italy with a combined capacity of 41.8 MW. Of these eight projects, four are in Calabria, totaling 22.8 MW; three are in Sicily, with a combined capacity of 13.7 MW; and one in Marche, with a capacity of 5.3 MW.
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-mainstream-financing-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Primergy Secures $350 Million for 408 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-primergy-secures-solar-project-2/" target="_blank" rel="noopener">Mercom Capital Group</a>
Primergy Solar, a developer of distributed and utility-scale solar and battery storage projects, has <a href="https://mercomcapital.com/primergy-secures-350-million-for-408-mw-solar-project/" target="_blank" rel="noopener">secured</a> $350 million in tax equity financing for the 408 MWac Ash Creek solar project in Hill County, Texas. A Fortune 500 telecommunications company led the tax equity investment, with additional funding provided by Truist Bank. The project is under construction and is expected to reach commercial operation in early 2025.
Redeux Energy, a utility-scale solar and storage project developer, <a href="https://mercomcapital.com/redeux-energy-sells-200-mw-solar-plus-storage-project/" target="_blank" rel="noopener">announced</a> the sale of a hybrid solar and energy storage project to Scout Clean Energy, a renewable energy project developer. The project includes a 200 MWdc solar and 40 MW/160 MWh, four-hour battery energy storage project.
Independent power producer AMPIN Energy Transition has <a href="https://www.mercomindia.com/ampin-financial-closure-200-mw-hybrid-project" target="_blank" rel="noopener">announced</a> the financial closure for its 200 MW wind-solar hybrid project in Rajasthan, with the final step achieved through a green loan of ₹7.42 billion (~$88.27 million) from Standard Chartered. The total investment for this project is ₹9.44 billion (~$112.3 million). The hybrid project is expected to generate approximately 435 million units of renewable electricity annually.
CleanChoice Energy, a clean energy provider, announced the <a href="https://mercomcapital.com/cleanchoice-energy-acquires-29-mw-solar-project-in-pennsylvania/" target="_blank" rel="noopener">acquisition</a> of a 29.42 MW solar project in Kylertown, Pennsylvania. The company acquired the project from Prospect14, which led the siting and greenfield development. The construction of the Kylertown solar project is expected to begin in Q4 2024 and will be the second project CleanChoice owns and operates, among multiple projects in its pipeline.
Rezolv Energy, an independent power producer backed by Actis, <a href="https://mercomcapital.com/rezolv-energy-secures-98-million-in-debt-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> up to €90 million (~$98.09 million) in debt financing to develop and construct the 225 MW St. George solar park in northeastern Bulgaria. The International Finance Corporation and Raiffeisen Bank International provided the funding. The project’s construction will begin soon and is expected to reach commercial operation in 2025.
GreenGo, a renewable energy project developer, <a href="https://mercomcapital.com/greengo-secures-35-million-financing-for-41-8-mw-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> €32.6 million (~$35.6 million) in financing from Intesa Sanpaolo, an Italian bank, to construct eight new solar projects in Italy with a combined capacity of 41.8 MW. Of these eight projects, four are in Calabria, totaling 22.8 MW; three are in Sicily, with a combined capacity of 13.7 MW; and one in Marche, with a capacity of 5.3 MW.
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-mainstream-financing-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://green-go.net/" target="_blank" rel="noopener">GreenGo</a>, a renewable energy project developer, secured €32.6 million (~$35.6 million) in financing from Intesa Sanpaolo, an Italian bank, to construct eight new solar projects in Italy with a combined capacity of 41.8 MW.
Of these eight projects, four are in Calabria, totaling 22.8 MW; three are in Sicily, with a combined capacity of 13.7 MW; and one in Marche, with a capacity of 5.3 MW.
The portfolio has a 47% corporate power purchase agreement with Sasol Italia, a 17% incentive from the GSE, and 36% from a full merchant model.
All the projects are currently under construction and are expected to reach commercial operations by mid-2025.
Green Horse Advisory served as GreenGo’s legal advisor and DLA Piper served as Inesa Sanpaolo’s legal advisor. EOS Consulting acted as a technical advisor in the transaction.
“This transaction represents the beginning of a new phase for GreenGo as we solidify our position as an IPP. After securing financing for our first 42 MW, we are now on track to develop an additional 40 MW of solar capacity, setting us on course to achieve our 2025 target of 250 MW in authorized projects. The support from Intesa Sanpaolo underscores the strength of our business model and the ability to foster collaboration between SMEs and financial institutions in driving the green economy,” commented GreenGo CEO Giuseppe Mastropieri.
According to Mercom’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 solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
This week, BrightNight, an independent renewable energy producer, announced the financial <a href="https://cms.mercomindia.com/brightnight-secures-tax-equity-financing-solar-project/" target="_blank" rel="noopener">closure</a> of a $260 million tax-equity financing commitment, including deferred contributions, for the 300 MW Box Canyon solar project in Arizona, jointly owned with Cordelio Power.

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