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Nautilus Solar Energy, a U.S.-based community solar provider, <a href="https://cms.mercomindia.com/nautilus-solar-acquires-11-mw-community-solar-project-portfolio-in-illinois/" target="_blank" rel="noopener">announced</a> the acquisition of community solar projects totaling about 11 MWdc in Illinois from Renewable Properties, a utility-scale solar and energy storage project developer. Renewable Properties developed the solar projects for the Illinois Shines program, comprising the 7 MW Highway 20 solar project in Kane County and the 4 MW Deep Lake project in the village of Antioch.
Ecoener, a renewable energy project developer, announced it <a href="https://cms.mercomindia.com/ecoener-secures-43-million-financing-for-payita-1-solar-project/" target="_blank" rel="noopener">secured</a> a $43.1 million loan to finance the development of the 60 MW Payita 1 solar project in the Dominican Republic. The company received financing support from Proparco, a French development finance institution and a subsidiary of the Agence Française de Développement Group.
Bluefield Solar, a U.K.-based income fund focused on acquiring and managing solar energy assets, <a href="https://cms.mercomindia.com/bluefield-solar-secures-380-million-refinancing-for-solar-portfolio/" target="_blank" rel="noopener">announced</a> the closing of a £300 million (~$380 million) refinancing as a part of its 359 MW capacity solar project portfolio management. The company jointly owns the assets with GLIL Infrastructure, a U.K.-based investor.
Lion Storage, a Dutch utility-scale battery energy storage project developer, announced the financial <a href="https://cms.mercomindia.com/lion-storage-secures-financing-1400-mwh-energy-storage-project/" target="_blank" rel="noopener">closure</a> of the 350 MW/1,400 MWh Project Mufasa in the Netherlands. Macquarie Capital, the lead equity investor, alongside infrastructure investor TINC, returning investors, and six banks, will provide the financing. The project is expected to be fully funded through 100% non-recourse project financing of more than €350 million (~$367.16 million).
Pacific Green, an energy storage project developer, <a href="https://cms.mercomindia.com/pacific-green-sells-250-mw-limestone-coast-north-battery-energy-project/" target="_blank" rel="noopener">signed</a> a binding agreement to sell 100% of its 250 MW/500 MWh Limestone Coast North Energy Park shares to Intera Renewables, a clean energy investor. The transaction amounted to an enterprise value of A$460 million (~$293 million). The project, in the Limestone Coast region of South Australia, is expected to begin commercial operation in early 2027.
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-desri-ranger-power-financing-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Nautilus Acquires 11 MW Community Solar Projects in Illinois

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-nautilus-acquires-community-solar-projects-illinois/" target="_blank" rel="noopener">Mercom Capital Group</a>
Nautilus Solar Energy, a U.S.-based community solar provider, <a href="https://mercomcapital.com/nautilus-solar-acquires-11-mw-community-solar-project-portfolio-in-illinois/" target="_blank" rel="noopener">announced</a> the acquisition of community solar projects totaling about 11 MWdc in Illinois from Renewable Properties, a utility-scale solar and energy storage project developer. Renewable Properties developed the solar projects for the Illinois Shines program, comprising the 7 MW Highway 20 solar project in Kane County and the 4 MW Deep Lake project in the village of Antioch.
Ecoener, a renewable energy project developer, announced it <a href="https://mercomcapital.com/ecoener-secures-43-million-financing-for-payita-1-solar-project/" target="_blank" rel="noopener">secured</a> a $43.1 million loan to finance the development of the 60 MW Payita 1 solar project in the Dominican Republic. The company received financing support from Proparco, a French development finance institution and a subsidiary of the Agence Française de Développement Group.
Bluefield Solar, a U.K.-based income fund focused on acquiring and managing solar energy assets, <a href="https://mercomcapital.com/bluefield-solar-secures-380-million-refinancing-for-solar-portfolio/" target="_blank" rel="noopener">announced</a> the closing of a £300 million (~$380 million) refinancing as a part of its 359 MW capacity solar project portfolio management. The company jointly owns the assets with GLIL Infrastructure, a U.K.-based investor.
Lion Storage, a Dutch utility-scale battery energy storage project developer, announced the financial <a href="https://mercomcapital.com/lion-storage-secures-financing-1400-mwh-energy-storage-project/" target="_blank" rel="noopener">closure</a> of the 350 MW/1,400 MWh Project Mufasa in the Netherlands. Macquarie Capital, the lead equity investor, alongside infrastructure investor TINC, returning investors, and six banks, will provide the financing. The project is expected to be fully funded through 100% non-recourse project financing of more than €350 million (~$367.16 million).
Pacific Green, an energy storage project developer, <a href="https://mercomcapital.com/pacific-green-sells-250-mw-limestone-coast-north-battery-energy-project/" target="_blank" rel="noopener">signed</a> a binding agreement to sell 100% of its 250 MW/500 MWh Limestone Coast North Energy Park shares to Intera Renewables, a clean energy investor. The transaction amounted to an enterprise value of A$460 million (~$293 million). The project, in the Limestone Coast region of South Australia, is expected to begin commercial operation in early 2027.
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-desri-ranger-power-financing-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.pacificgreen.com/" target="_blank" rel="noopener">Pacific Green</a>, an energy storage project developer, signed a binding agreement to sell 100% of the shares in its 250 MW/500 MWh Limestone Coast North Energy Park to Intera Renewables, a clean energy investor. The transaction amounted to an enterprise value of A$460 million (~$293 million).
The project, in the Limestone Coast region of South Australia, is expected to begin commercial operation in early 2027.
Pacific Green will manage the project&#8217;s construction until commercial operations begin, during which time Palisade Integrated Management Services will provide asset management activities on Intera&#8217;s behalf.
The project is the first of a 10 GWh development pipeline of battery energy storage projects the company is rolling out in Australia. Pacific Green is finalizing grid approvals to develop the 250 MW/1,000 MWh Limestone Coast West battery energy storage project, with construction expected to begin in September 2025.
Azure Capital, WSP, and Allens Linklaters advised Pacific Green, while Macquarie Capital, Kidder Williams, KWM, Clayton Utz, and Ekistica advised Palisade on the transaction.
Joel Alexander, Pacific Green Australia&#8217;s Managing Director and CEO, commented, &#8220;This is a significant milestone for our Australian business and underscores our focus on assets that represent clear commercial feasibility and deliver net-zero objectives for Australia. The backing of Palisade, a leading global infrastructure and real assets manager, will accelerate the build-out of the Limestone Coast North Energy Park and ensure it reaches operational stage by early 2027.&#8221;
According to Mercom&#8217;s Annual and Q4 2024 Funding and M&amp;A <a href="https://mercomcapital.com/product/annual-q4-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Energy Storage and Smart Grid, 38 energy storage projects were acquired in 2024 compared to 28 project M&amp;A transactions in 2023.
In February 2025, Source Galileo, a renewable energy project developer, announced the <a href="https://mercomcapital.com/source-galileo-sells-battery-energy-storage-project/" target="_blank" rel="noopener">sale</a> of a 40 MW battery energy storage project to Trina Solar International System Business Unit (ISBU), Trina Solar&#8217;s downstream project development arm.

Pacific Green Sells 250 MW Limestone Coast North Battery Energy Project

Leeward Renewable Energy, a solar, wind, and energy storage project developer, <a href="https://cms.mercomindia.com/leeward-renewable-energy-secures-financing-for-solar-and-wind-projects/" target="_blank" rel="noopener">closed</a> $580 million of tax equity commitments and debt facilities for its White Wing Ranch Solar and GSG Wind projects located in Yuma County, Arizona, and LaSalle County, Illinois. The tax equity commitment was secured from Wells Fargo Bank, and the debt facility was provided by Mizuho Bank, National Bank of Canada, Société Générale, and Sumitomo Mitsui Trust Bank.
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. The remaining 49% of the shares of each project will be acquired after achieving certain development milestones. The first 100 MW battery energy storage system project in Campania has been submitted to the Ministry of Environment and Energy Security for permitting, and the remaining four will be finalized in the coming months.
Foresight Solar, a sustainability-focused fund investing in solar and battery storage assets, <a href="https://cms.mercomindia.com/foresight-solar-sells-50-stake-solar-projects-portfolio-in-spain/" target="_blank" rel="noopener">sold</a> a 50% stake in Spain’s 99 MW Lorca solar portfolio. A Luxembourg-based fund advised by EB-Sustainable Investment Management, a subsidiary of Evangelische Bank, paid €26.9 million (~$29.2 million) for the assets, a 21% premium to their third-quarter holding value. This represents an exit IRR of 12.1% on funds invested to date in the stake sold.
Rubis Photosol, an independent French energy operator, <a href="https://cms.mercomindia.com/rubis-photosol-acquires-29-mw-solar-portfolio-in-spain/" target="_blank" rel="noopener">acquired</a> a 29 MW solar portfolio in Spain from the European Solar Energy Development JV, a collaborative venture established between Emeren and Eiffel Investment Group, a French asset manager. The 29 MW portfolio comprises three late-stage projects located in the Municipality of Algorfa, Alicante, Spain, in an advanced phase of obtaining the Administrative Authorization for Construction. These projects are expected to be operational during the second half of 2025.
Pontegadea, a private real estate asset manager, has <a href="https://www.repsol.com/en/press-room/press-releases/2023/information-on-the-agreement-for-the-sale-to-pontegadea-of-49-of-a-renewable-portfolio-of-618-mw/index.cshtml" target="_blank" rel="noopener">agreed</a> to acquire a 49% stake in Repsol’s 618 MW renewable portfolio for €363 million (~$393 million). The portfolio is made up of twelve wind farms located in Huesca, Zaragoza, Teruel (the region of Aragon), and Valladolid (Castile and Leon), with a total installed capacity of 398 MW, and two solar power projects located in Albacete (Castile-La Mancha) and Cadiz (Andalusia), with 220 MW capacity. The portfolio includes projects with hybridization potential, which would add 279.2 MW to the existing portfolio.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-emeren-sells-energy-storage-portfolio/" target="_blank" rel="noopener">brief</a>.
&nbsp;

Project Finance Brief: Leeward Secures $580 Million for Solar and Wind Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-leeward-secures-solar-and-wind-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Leeward Renewable Energy, a solar, wind, and energy storage project developer, <a href="https://mercomcapital.com/leeward-renewable-energy-secures-financing-for-solar-and-wind-projects/" target="_blank" rel="noopener">closed</a> $580 million of tax equity commitments and debt facilities for its White Wing Ranch Solar and GSG Wind projects located in Yuma County, Arizona, and LaSalle County, Illinois. The tax equity commitment was secured from Wells Fargo Bank, and the debt facility was provided by Mizuho Bank, National Bank of Canada, Société Générale, and Sumitomo Mitsui Trust Bank.
Pacific Green, an energy storage project developer, through its wholly-owned subsidiary, Pacific Green Battery Energy Park (Italia),<a href="https://mercomcapital.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. The remaining 49% of the shares of each project will be acquired after achieving certain development milestones. The first 100 MW battery energy storage system project in Campania has been submitted to the Ministry of Environment and Energy Security for permitting, and the remaining four will be finalized in the coming months.
Foresight Solar, a sustainability-focused fund investing in solar and battery storage assets, <a href="https://mercomcapital.com/foresight-solar-sells-50-stake-solar-projects-portfolio-in-spain/" target="_blank" rel="noopener">sold</a> a 50% stake in Spain’s 99 MW Lorca solar portfolio. A Luxembourg-based fund advised by EB-Sustainable Investment Management, a subsidiary of Evangelische Bank, paid €26.9 million (~$29.2 million) for the assets, a 21% premium to their third-quarter holding value. This represents an exit IRR of 12.1% on funds invested to date in the stake sold.
Rubis Photosol, an independent French energy operator, <a href="https://mercomcapital.com/rubis-photosol-acquires-29-mw-solar-portfolio-in-spain/" target="_blank" rel="noopener">acquired</a> a 29 MW solar portfolio in Spain from the European Solar Energy Development JV, a collaborative venture established between Emeren and Eiffel Investment Group, a French asset manager. The 29 MW portfolio comprises three late-stage projects located in the Municipality of Algorfa, Alicante, Spain, in an advanced phase of obtaining the Administrative Authorization for Construction. These projects are expected to be operational during the second half of 2025.
Pontegadea, a private real estate asset manager, has <a href="https://www.repsol.com/en/press-room/press-releases/2023/information-on-the-agreement-for-the-sale-to-pontegadea-of-49-of-a-renewable-portfolio-of-618-mw/index.cshtml" target="_blank" rel="noopener">agreed</a> to acquire a 49% stake in Repsol’s 618 MW renewable portfolio for €363 million (~$393 million). The portfolio is made up of twelve wind farms located in Huesca, Zaragoza, Teruel (the region of Aragon), and Valladolid (Castile and Leon), with a total installed capacity of 398 MW, and two solar power projects located in Albacete (Castile-La Mancha) and Cadiz (Andalusia), with 220 MW capacity. The portfolio includes projects with hybridization potential, which would add 279.2 MW to the existing portfolio.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/">here</a>.
Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-emeren-battery-energy-storage-portfolio">brief</a>.

<a href="https://www.pacificgreen.com/" target="_blank" rel="noopener">Pacific Green</a>, an energy storage project developer, through its wholly-owned subsidiary, Pacific Green Battery Energy Park (Italia), acquired a 51% stake in five projects totaling 500 MW/ 2,800 MWh in Italy from Sphera Energy Srl. The remaining 49% of the shares of each project will be acquired after achieving certain development milestones.
Mahael Fedele, Sphera Energy&#8217;s Partner and CEO said: &#8220;Following our launch 12 months ago as one of Italy&#8217;s first fully dedicated battery storage development platforms, we are thrilled to enter into this partnership with Pacific Green to deliver high-quality projects in the rapidly growing Italian energy storage market.&#8221;
The first 100 MW battery energy storage system (BESS) project in Campania has been submitted to the Ministry of Environment and Energy Security for permitting and the remaining four will be finalized in the coming months.
Final permitting for all five projects is anticipated in Q4 2024, with design and construction to be managed by Pacific Green. The projects will begin their 35-year operating life in late 2025.
Scott Poulter, Pacific Green&#8217;s Chief Executive, added: &#8220;Building upon our success with the development and sale of Pacific Green&#8217;s 100MWh Richborough Energy Park and the development of the 375MWh Sheaf Energy in the UK, Italy represents the next step in Pacific Green&#8217;s European expansion into other markets where battery assets will be key in enabling National and EU Net-Zero targets. In Italy, where market conditions favor longer duration projects, we expect this portfolio to have an energy capacity of between two to three-gigawatt hours.&#8221;
In November, Pacific Green Technologies <a href="https://cms.mercomindia.com/pacific-green-secures-debt-for-storage-project/" target="_blank" rel="noopener">secured</a> £120 million (~$146 million) senior debt facility for 249 MW/ 373.5 MWh Sheaf Energy Park battery energy storage project in Kent, England.
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>, Energy Storage project funding in 9M 2023 saw a record $6.8 billion raised in 26 deals compared to $5.4 billion raised in 34 deals in 9M 2022.

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