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Single-axis solar tracker firm Soltec <a href="https://cms.mercomindia.com/soltec-sells-850-mw-solar-project-portfolio-denmark/" target="_blank" rel="noopener">sold</a> a 100% stake in its 850 MW portfolio of solar projects in Denmark to Copenhagen Infrastructure Partners’ Energy Transition Fund I. All the solar projects sold are currently at an early stage of development and are located across Denmark, with the vast majority of the projects situated in Jutland.
Ellomay Capital, a renewable energy project developer in Europe, the U.S., and Israel, <a href="https://cms.mercomindia.com/renewable-developer-ellomay-sells-9-mw-solar-facility-israel/" target="_blank" rel="noopener">announced</a> that it had executed an agreement to sell its holdings in the 9 MW Talmei Yosef Solar facility in Israel to Greenlight Fund Limited Partnership and Doral Group Renewable Energy Resources, in equal parts, in consideration for NIS44.75 million (~$12.2 million). The agreement also provides for an additional potential payment of up to NIS4 million (~$1.09 million) if the solar facility generates more than 18 million kWh during 2024.
Renewable energy developer Serentica Renewables has <a href="https://www.mercomindia.com/serentica-425-million-loan-rtc-renewable-project" target="_blank" rel="noopener">secured</a> ₹35 billion (~$425 million) for its round-the-clock renewable energy project in India from a consortium of three international banks and three Indian lenders. The deal will allow the company to fund the development of its 530 MW wind-solar hybrid project that will come up in Rajasthan and Maharashtra. This project will also provide clean energy to Hindustan Zinc, one of India’s largest zinc producers, replacing 24% of its coal-based power supply with firm dispatchable green power.
Power infrastructure investment trust IndiGrid has <a href="https://www.mercomindia.com/indigrid-acquire-renew-solar-project" target="_blank" rel="noopener">signed</a> a share purchase agreement to acquire ReNew’s 300 MW solar project in Rajasthan at an enterprise valuation of ₹15.5 billion (~$186.5 million). The valuation, inclusive of working net capital and cash, stands at ₹16.5 billion ($198.58 million). The asset, ReNew Solar Urja, located in Jaisalmer, has been operational since December 2021. The project has been operational and revenue-generating for the past two years, and in 2022-23, the solar project delivered a net plant load factor of 27.42%.
Key Capture Energy (KCE), an energy storage project developer, and Enhanced Capital, an investment firm, <a href="https://cms.mercomindia.com/kce-monetizes-investment-tax-credits-under-ira-120-mw-bess/" target="_blank" rel="noopener">entered</a> a deal to transfer investment tax credits (ITCs) to a third party with immediate monetization for three of KCE’s operating standalone battery energy storage projects with a nameplate capacity of 120 MW. The transaction includes the transfer of ITCs from two operating projects in Texas (KCE TX 19 and KCE TX 21) totaling 100 MW and another 20 MW project in New York (KCE NY6).
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-altus-power-acquires-solar-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Soltec Sells 850 MW Solar Portfolio in Denmark

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-soltec-sells-solar-portfolio-denmark/" target="_blank" rel="noopener">Mercom Capital Group</a>
Single-axis solar tracker firm Soltec <a href="https://mercomcapital.com/soltec-sells-850-mw-solar-project-portfolio-denmark/" target="_blank" rel="noopener">sold</a> a 100% stake in its 850 MW portfolio of solar projects in Denmark to Copenhagen Infrastructure Partners’ Energy Transition Fund I. All the solar projects sold are currently at an early stage of development and are located across Denmark, with the vast majority of the projects situated in Jutland.
Ellomay Capital, a renewable energy project developer in Europe, the U.S., and Israel, <a href="https://mercomcapital.com/renewable-developer-ellomay-sells-9-mw-solar-facility-israel/" target="_blank" rel="noopener">announced</a> that it had executed an agreement to sell its holdings in the 9 MW Talmei Yosef Solar facility in Israel to Greenlight Fund Limited Partnership and Doral Group Renewable Energy Resources, in equal parts, in consideration for NIS44.75 million (~$12.2 million). The agreement also provides for an additional potential payment of up to NIS4 million (~$1.09 million) if the solar facility generates more than 18 million kWh during 2024.
Renewable energy developer Serentica Renewables has <a href="https://www.mercomindia.com/serentica-425-million-loan-rtc-renewable-project" target="_blank" rel="noopener">secured</a> ₹35 billion (~$425 million) for its round-the-clock renewable energy project in India from a consortium of three international banks and three Indian lenders. The deal will allow the company to fund the development of its 530 MW wind-solar hybrid project that will come up in Rajasthan and Maharashtra. This project will also provide clean energy to Hindustan Zinc, one of India’s largest zinc producers, replacing 24% of its coal-based power supply with firm dispatchable green power.
Power infrastructure investment trust IndiGrid has <a href="https://www.mercomindia.com/indigrid-acquire-renew-solar-project" target="_blank" rel="noopener">signed</a> a share purchase agreement to acquire ReNew’s 300 MW solar project in Rajasthan at an enterprise valuation of ₹15.5 billion (~$186.5 million). The valuation, inclusive of working net capital and cash, stands at ₹16.5 billion ($198.58 million). The asset, ReNew Solar Urja, located in Jaisalmer, has been operational since December 2021. The project has been operational and revenue-generating for the past two years, and in 2022-23, the solar project delivered a net plant load factor of 27.42%.
Key Capture Energy (KCE), an energy storage project developer, and Enhanced Capital, an investment firm, <a href="https://mercomcapital.com/kce-monetizes-investment-tax-credits-under-ira-120-mw-bess/" target="_blank" rel="noopener">entered</a> a deal to transfer investment tax credits (ITCs) to a third party with immediate monetization for three of KCE’s operating standalone battery energy storage projects with a nameplate capacity of 120 MW. The transaction includes the transfer of ITCs from two operating projects in Texas (KCE TX 19 and KCE TX 21) totaling 100 MW and another 20 MW project in New York (KCE NY6).
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-altus-power-acquires-solar-projects/" target="_blank" rel="noopener">brief</a>.

<a href="https://keycaptureenergy.com/" target="_blank" rel="noopener">Key Capture Energy</a> (KCE), an energy storage project developer, and Enhanced Capital, an investment firm, entered a deal to transfer investment tax credits (ITCs) to a third party with immediate monetization for three of KCE&#8217;s operating standalone battery energy storage projects with a nameplate capacity of 120 MW.
The transaction includes the transfer of ITCs from two operating projects in Texas (KCE TX 19 and KCE TX 21) totaling 100 MW and another 20 MW project in New York (KCE NY6).
&#8220;This marks a historic first for Key Capture Energy that will enable immediate and future investment in our portfolio and growth in markets across the country,&#8221; said John Bresnahan, KCE&#8217;s Chief Financial Officer. &#8220;Working with Enhanced Capital to execute an industry leading ITC deal for standalone, utility-scale battery storage has been a privilege, and we thank them for partnering with us to lead the transition to a clean energy grid.&#8221;
CRC-IB served as KCE&#8217;s financial advisor. KCE was represented by Stoel Rives LLP and Enhanced Capital by Greenberg Traurig, LLP, in the transaction.
&#8220;Our collaboration with Key Capture Energy reflects our dedication to advancing clean energy initiatives,&#8221; said Ed Rossier, Enhanced Capital&#8217;s Managing Director and Head of Climate Finance. &#8220;Tax credit financing for large-scale energy storage projects supports a more reliable and resilient grid and facilitates broader adoption of renewable energy generation across our country.&#8221;
According to Mercom&#8217;s 9M and Q3 2023 Energy Storage and Smart Grid <a href="https://cms.mercomindia.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a>, In the first nine months of 2023, there were 22 project acquisition transactions (four disclosed) compared to 30 transactions (three disclosed) in 9M 2022.
Pacific Green, an energy storage project developer, through its wholly-owned subsidiary, Pacific Green Battery Energy Park (Italia), <a href="https://cms.mercomindia.com/pacific-green-acquires-stake-500-mw-energy-storage-portfolio/" target="_blank" rel="noopener">acquired</a> a 51% stake in five projects totaling 500 MW/ 2,800 MWh in Italy from Sphera Energy Srl.

KCE Monetizes Investment Tax Credits Under IRA for 120 MW BESS Projects

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