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Pivot Energy, a renewable energy provider and independent power producer that develops, finances, builds, owns, and manages solar and energy storage projects, <a href="https://cms.mercomindia.com/pivot-energy-secures-financing-solar-portfolio/" target="_blank" rel="noopener">secured</a> a $200 million tax credit purchase commitment to support its 40 community solar project portfolio totaling 144 MW located across eight states. The first community solar projects in this portfolio are expected to begin commercial operation in the third quarter of 2025.
DESRI, an owner and operator of renewable energy projects in North America, in partnership with Ranger Power, a utility-scale clean power development company, <a href="https://cms.mercomindia.com/desri-and-ranger-power-secure-financing-for-290-mw-solar-projects/" target="_blank" rel="noopener">announced</a> the financial closure for the construction and development of the 150 MW Heartwood solar project in Hillsdale County and the 140 MW White Tail solar project in Washtenaw County, Michigan. A consortium of lenders comprising Fifth Third Bank, Zions Bancorporation, Bank of America, Commerzbank, and Sumitomo Mitsui Trust Bank, New York Branch, provided the financing for the construction of the projects.
India-based renewable energy services company BluPine Energy, an Actis-backed renewable energy platform, has <a href="https://www.mercomindia.com/bluepine-closes-%E2%82%B93-76-billion-funding-for-100-mw-solar-project-in-gujarat" target="_blank" rel="noopener">achieved</a> financial closure of a debt funding of ₹3.76 billion (~$44 million) from Standard Chartered Bank for its 100 MW under-construction solar power project in Tharad, Banaskantha district, Gujarat. The project is expected to be completed by the first half of 2026.
Innova, a developer of utility-scale renewable energy projects, <a href="https://cms.mercomindia.com/innova-sells-tolldish-hall-solar-project-uk/" target="_blank" rel="noopener">announced</a> the sale of the 25 MW Tolldish Hall solar project to ISG Renewables, a joint venture platform between Innova and Schroders Greencoat. The solar project is located near Coventry, UK, and secured planning consent in August 2023. The project is expected to be operational in the first quarter of 2026.
SolarBank Corporation, an independent renewable and developer, owner, and operator of distributed and community solar projects, and CIM Group, a real estate and infrastructure owner and developer, have <a href="https://cms.mercomindia.com/solarbank-secures-100-million-financing-for-97-mw-of-solar-projects/" target="_blank" rel="noopener">entered</a> into a mandate letter providing for up to $100 million in project financing for a portfolio of solar projects totaling 97 MW located across the U.S. The transaction will be structured as a preferred equity investment in a newly formed entity, New HoldCo, which will be a joint venture between CIM and Abundant Solar Power, a wholly owned subsidiary of SolarBank.
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-doral-renewables-funding-bend-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Pivot Energy Secures $200 Million for Community Solar Portfolio

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-pivot-energy-community-solar-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a>
Pivot Energy, a renewable energy provider and independent power producer that develops, finances, builds, owns, and manages solar and energy storage projects, <a href="https://mercomcapital.com/pivot-energy-secures-financing-solar-portfolio/" target="_blank" rel="noopener">secured</a> a $200 million tax credit purchase commitment to support its 40 community solar project portfolio totaling 144 MW located across eight states. The first community solar projects in this portfolio are expected to begin commercial operation in the third quarter of 2025.
DESRI, an owner and operator of renewable energy projects in North America, in partnership with Ranger Power, a utility-scale clean power development company, <a href="https://mercomcapital.com/desri-and-ranger-power-secure-financing-for-290-mw-solar-projects/" target="_blank" rel="noopener">announced</a> the financial closure for the construction and development of the 150 MW Heartwood solar project in Hillsdale County and the 140 MW White Tail solar project in Washtenaw County, Michigan. A consortium of lenders comprising Fifth Third Bank, Zions Bancorporation, Bank of America, Commerzbank, and Sumitomo Mitsui Trust Bank, New York Branch, provided the financing for the construction of the projects.
India-based renewable energy services company BluPine Energy, an Actis-backed renewable energy platform, has <a href="https://www.mercomindia.com/bluepine-closes-%E2%82%B93-76-billion-funding-for-100-mw-solar-project-in-gujarat" target="_blank" rel="noopener">achieved</a> financial closure of a debt funding of ₹3.76 billion (~$44 million) from Standard Chartered Bank for its 100 MW under-construction solar power project in Tharad, Banaskantha district, Gujarat. The project is expected to be completed by the first half of 2026.
Innova, a developer of utility-scale renewable energy projects, <a href="https://mercomcapital.com/innova-sells-tolldish-hall-solar-project-uk/" target="_blank" rel="noopener">announced</a> the sale of the 25 MW Tolldish Hall solar project to ISG Renewables, a joint venture platform between Innova and Schroders Greencoat. The solar project is located near Coventry, UK, and secured planning consent in August 2023. The project is expected to be operational in the first quarter of 2026.
SolarBank Corporation, an independent renewable and developer, owner, and operator of distributed and community solar projects, and CIM Group, a real estate and infrastructure owner and developer, have <a href="https://mercomcapital.com/solarbank-secures-100-million-financing-for-97-mw-of-solar-projects/" target="_blank" rel="noopener">entered</a> into a mandate letter providing for up to $100 million in project financing for a portfolio of solar projects totaling 97 MW located across the U.S. The transaction will be structured as a preferred equity investment in a newly formed entity, New HoldCo, which will be a joint venture between CIM and Abundant Solar Power, a wholly owned subsidiary of SolarBank.
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-doral-renewables-funding-bend-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://innova.co.uk/" target="_blank" rel="noopener">Innova</a>, a developer of utility-scale renewable energy projects, announced the sale of the 25 MW Tolldish Hall solar project to ISG Renewables, a joint venture platform between Innova and Schroders Greencoat.
The solar project is located near Coventry, U.K., and secured planning consent in August 2023. The project is expected to be operational in the first quarter of 2026.
The project was awarded a Contract of Difference (CfD) in Allocation Round 6 (AR6), providing long-term contracted inflation-linked cashflows.
“We’re pleased to see the addition of Tolldish Hall Solar Farm to the ISG Renewables portfolio. As our portfolio grows, we’re not only accelerating the U.K.’s capacity of installed solar but also providing investors the opportunity to access long-term, inflation-linked cashflows. We look forward to building on this momentum with Innova and delivering on our combined ambition to support the U.K.’s provision of a secure supply of energy,” said Matthew Tingle, Investment Director at Schroders Greencoat.
Innova will provide both construction and asset management services for the solar project as part of Innova&#8217;s ongoing partnership with Schroders Greencoat.
“I’m delighted to further strengthen our partnership with Schroders Greencoat with the sale of our sixth solar PV project, and second in 2025, contributing significantly towards our shared goal of Net Zero.”  “I would also like to extend thanks to TLT as our ongoing legal advisors,” said Christian Miller, Senior Investment Manager at Innova.
The transaction adds to Schroders Greencoat&#8217;s portfolio, which now includes more than 141.3 MW of solar PV assets either operational or under construction.
According to Mercom’s Q1 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, about 13.6 GW of solar projects were acquired in Q1 2025 compared to 10.8 GW in Q1 2024.
Last month, True Green Capital Management, a renewable energy infrastructure investment firm, <a href="https://cms.mercomindia.com/true-green-capital-management-acquires-64-mw-of-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of 64 MW of operational solar projects from Ecofin US Renewables Infrastructure Trust PLC through its fourth fund.

Innova Sells 25 MW Tolldish Hall Solar Project in the UK

Infrastructure investor Triple Point Energy Transition (TENT) announced a £5 million (~$6 million) debt investment in solar, battery, and energy storage systems (ESS) developer <a href="https://innova.co.uk/" target="_blank" rel="noopener">Innova Renewables</a>, part of the Innova Group, a diversified renewable energy company with operations in Europe, Africa, and Asia.
The debt funds will help Innova fund its development pipeline, which includes solar and ESS projects across the UK. Innova&#8217;s development pipeline of UK distribution-connected renewable projects is currently over 1.5 GW and expected to increase to over 2 GW, part of a total portfolio of over 20 GW.
The debt facility has a 12-month term and bears contractual returns to investors above 7-8%.
Commenting on the funding news, John Roberts, Chairman of Triple Point, said: &#8220;Facilitating the development of large-scale clean energy infrastructure is the key task that will unlock the UK&#8217;s achievement of Net Zero targets.&#8221;
&#8220;We actively support this vital journey while also delivering attractive shareholder returns. Innova is a well-established integrated developer and operator of solar and ESS assets, and we are delighted to be able to help the business achieve its aim of accelerating the decarbonization of the grid through long-term and sustainable solutions,&#8221; added John Roberts.
According to Mercom Annual and Q4 2022 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2022-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, in 2022, announced debt financing came to $12 billion, a 24% decline compared to $15.8 billion raised during 2021. Securitization activity was a key contributor, with $3.1 billion in 12 deals. Earlier this year, Navisun, an independent power producer, <a href="https://cms.mercomindia.com/navisun-secures-debt-solar-and-storage-projects-us/" target="_blank" rel="noopener">secured</a> up to $235 million in debt financing through two facilities. The funding will support the company&#8217;s growth strategy, allowing it to execute its project pipeline of distributed and small utility-scale solar and storage projects across the United States.

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