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					</table><a href="https://qualitasenergy.com/" target="_blank" rel="noopener">Qualitas Energy</a>, an investment firm specializing in renewable energy, energy transition, and sustainable infrastructure, has secured approximately €53 million (~$61 million) to finance the construction of a 117 MW solar portfolio in Poland.
The greenfield portfolio comprises two solar projects owned by Qualitas Energy. The projects are located near Słoniawy in the Masovian Voivodeship and Końskie in the Świętokrzyskie Voivodeship.
The projects are expected to begin commercial operations in 2027.
CaixaBank and Bank Millennium arranged the financing on a non-recourse basis. The package includes a term loan, customary ancillary facilities, and an interest rate swap.
Addleshaw Goddard provided legal advice to Qualitas Energy, while Barlovento Applus+ served as technical adviser. CMS acted as legal counsel to CaixaBank and Bank Millennium.
The portfolio will receive revenue support under Poland’s contracts for difference scheme. Qualitas Energy said the contracts would provide long-term revenue visibility during the financing period.
Adrián Cabrejas, Partner, Germany &amp; Poland at Qualitas Energy, said, “This financing supports Qualitas Energy’s strategy across the renewable energy value chain, with a focus on investing in and developing high-quality wind and solar PV assets, among other technologies. Poland offers significant long-term potential, and we remain focused on supporting projects that contribute to the country’s energy transition.”
In Poland, Qualitas Energy currently manages a solar PV portfolio exceeding 600 MW of capacity, either operational or under construction, complemented by a greenfield wind development pipeline of more than 1.2 GW.
In June, the company <a href="https://mercomcapital.com/qualitas-energy-acquires-164-mw-solar-project-in-us/" target="_blank" rel="noopener">acquired</a> a development-stage solar project in Illinois, U.S., with a planned capacity of 164 MW from Bechtel Enterprises. The transaction was carried out through Qualitas Energy Fund VI, which was launched at the end of 2025.  Norton Rose Fulbright advised Qualitas Energy on legal matters.
According to Mercom’s Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, approximately 18.4 GW of solar projects were acquired in the first quarter of 2026, compared to 13.6 GW in Q1 2025.

Qualitas Energy Secures $61 Million for 117 MW Solar Portfolio in Poland

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					</table><a href="https://qualitasenergy.com/" target="_blank" rel="noopener">Qualitas Energy</a>, an investment firm specializing in renewable energy, energy transition, and sustainable infrastructure, has acquired a development-stage solar project in Illinois, U.S., with a planned capacity of 164 MW from <a href="https://www.bechtel.com/bechtel-enterprises/" target="_blank" rel="noopener">Bechtel Enterprises</a>.
The transaction was carried out through Qualitas Energy Fund VI, which was launched at the end of 2025.
Norton Rose Fulbright advised Qualitas Energy on legal matters. Sargent &amp; Lundy served as technical adviser, and Leo Berwick advised on financial and tax matters.
Qualitas Energy said the project has 100% site control and has received all required permits. It also received unanimous approval during the county permitting process.
The company said it will use its investment, development, and asset management capabilities to advance the project through its next phases, including offtake strategy, procurement, construction planning, and financing.
The project, located in the Midcontinent Independent System Operator market, could include up to 64 MWac of battery storage in the future. Qualitas Energy said the storage component could support a bundled solar-plus-storage power purchase agreement and provide more commercial flexibility.
“This acquisition reflects Qualitas Energy’s disciplined investment approach and its ability to identify high-quality renewable energy assets with strong value creation potential. The project combines advanced development status, strong fundamentals, and multiple commercialization pathways in one of the country’s most attractive power markets. This transaction also underscores the strategic relevance of the United States for Qualitas Energy,” said Alejandro Ciruelos, partner at Qualitas Energy.
The company expects the project to receive notice to proceed in the second quarter of 2028 and begin commercial operations in the third quarter of 2029.
According to Mercom’s Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, approximately 18.4 GW of solar projects were acquired in the first quarter of 2026, compared to 13.6 GW in Q1 2025.
In May 2026, SolarAfrica, an independent renewable power producer, <a href="https://mercomcapital.com/solarafrica-acquire-315-mw-nyakallo-solar-storage-project/" target="_blank" rel="noopener">signed</a> an agreement to acquire the 315 MW Nyakallo solar and battery storage project in Limpopo, South Africa, from Norsk Renewables, a Norwegian renewable energy project developer.

Qualitas Energy Acquires 164 MW Solar Project in US

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-origis-energy-secures-118-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Origis Energy, a solar project developer, <a href="https://mercomcapital.com/origis-energy-secures-118-million-for-project-in-california/" target="_blank" rel="noopener">secured</a> $118 million in tax equity financing from RBC Community Investments, syndicator of renewable energy tax credits for the Chalan Solar + Storage project in Kern County, California. The project consists of a 65 MWac solar system along with a 25 MW/100 MWh battery energy storage system. Origis Energy is constructing the project and will own and operate it, with commercial operation expected in Q4 2026.
Baltic Renewable Energy Platform OÜ, a joint venture set up by Mirova – an affiliate of Natixis Investment Managers and Estonia’s renewable energy project developer Evecon, <a href="https://mercomcapital.com/baltic-renewable-energy-secures-46-million-bess-project/" target="_blank" rel="noopener">secured</a> additional funding in the amount of approximately €40 million (~$46 million) from Swedbank. The financing will support the development and construction of a 55 MW/250 MWh battery energy storage system with a co-located 77.5 MW Kirikmäe solar project located in Estonia, which was commissioned in October 2024.
Harmony Energy, a utility-scale energy storage project developer, has <a href="https://mercomcapital.com/harmony-energy-secures-financing-for-3-gw-bess-pipeline-in-germany/" target="_blank" rel="noopener">secured</a> a development financing facility from Navigator Energy Debt Finance, a Triple Point-managed partnership. The funding is expected to support the development of 3 GW of battery energy storage system assets in Germany, with the three-year facility funding a portfolio of late-stage projects across both transmission and distribution-level connections to accelerate grid-scale storage capacity.
Qualitas Energy, an investment firm specializing in renewable energy, energy transition, and sustainable infrastructure, has <a href="https://mercomcapital.com/qualitas-energy-acquires-376-mw-solar-project-portfolio-in-poland/" target="_blank" rel="noopener">announced</a> the acquisition of a portfolio of nine operational solar photovoltaic projects in Poland. The portfolio, with a total installed capacity of 376 MWp, which generates over 400 GWh of clean energy annually, has been acquired from a joint venture between Better Energy and Industriens Pension. All assets were developed and constructed by Better Energy and reached commercial operation between 2021 and 2024.
French-based utility firm ENGIE has <a href="https://mercomcapital.com/engie-acquires-1-1-gwh-battery-storage-projects-in-spain/" target="_blank" rel="noopener">acquired</a> two battery energy storage system (BESS) projects in Spain with a combined capacity of 278 MW/1.1 GWh. The financial details of the acquisition were not disclosed. The acquired projects are located in Andalusia, including a 78 MW/312 MWh project in Álora and a 200 MW/800 MWh project in Tarifa. Both projects will incorporate synchronous condenser technology, enabling grid stabilization through inertia support and reactive power absorption or injection.
Energy Vault, a provider of grid-scale energy storage solutions, <a href="https://mercomcapital.com/energy-vault-acquires-850-mw-energy-storage-portfolio-in-japan/" target="_blank" rel="noopener">announced</a> its formal entry into the Japanese market through a binding agreement to acquire a pipeline of Battery Energy Storage System projects from a leading domestic energy storage developer. The acquired portfolio consists of 350 MW of advanced-stage BESS projects and also includes 500 MW of early-stage BESS projects.
Palisade Investment Partners, an independent global infrastructure and real assets manager, has <a href="https://mercomcapital.com/palisade-acquire-960-mwh-summerfield-battery-storage-project/" target="_blank" rel="noopener">signed</a> an agreement with Copenhagen Infrastructure Partners, a global fund manager, to acquire a 100% ownership interest in the Summerfield battery energy storage system. Located approximately 50 km east of Adelaide, South Australia, the Summerfield BESS project has a capacity of 240 MW/960 MWh.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s project finance <a href="https://www.mercomindia.com/project-finance-brief-dimension-closes-650m-project-financing" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Origis Energy Secures $118 Million

Affiliated Managers Group (<a href="https://www.amg.com/" target="_blank" rel="noopener">AMG</a>), an investment management firm, announced that it has entered into a definitive agreement to acquire a minority equity stake in <a href="https://qualitasenergy.com/en/" target="_blank" rel="noopener">Qualitas Energy</a>,  an investment firm focused on renewable energy, the energy transition, and sustainable infrastructure.
Under the terms of the deal, the Qualitas Energy management team will retain majority ownership and continue to lead the company&#8217;s day-to-day operations, including all investment, strategic, and operational decisions.
As part of the transaction, Qualitas Energy&#8217;s Executive Chairman, Iñigo Olaguíbel, and CEO, Oscar Pérez, along with other members of the senior management team, will enter into additional long-term commitments with the firm.
“Given the increasing focus on energy independence and security in Europe, along with the firm&#8217;s distinctive approach, vertically integrated industrial platform, and locally based teams with deep knowledge of their respective geographies, Qualitas Energy is well-positioned to build on its business momentum. I am delighted to welcome Iñigo, Oscar, and their partners to our Affiliate group,&#8221; said Jay C. Horgen, President and Chief Executive Officer of AMG.
The terms of the transaction remained undisclosed. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions.
Founded in 2006, Qualitas Energy has a strong focus on European markets. The firm has raised approximately €5 billion (~$5.5 billion) across six funds and co-investment opportunities. This capital is stated to have been deployed across a diverse range of clean energy sectors, including solar, wind, battery storage, hydroelectric power, and renewable natural gas.
Campbell Lutyens and J.P. Morgan acted as financial advisors to Qualitas Energy.
According to Mercom&#8217;s  Q1 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, a total of 19 solar corporate M&amp;A transactions were recorded in Q1 2025, compared to 20 transactions in Q4 2024, and 10% lower compared to 21 solar M&amp;A transactions in Q1 2024.
Last week, Macquarie Asset Management, a global asset manager, via its managed funds, <a href="https://mercomcapital.com/macquarie-asset-management-acquires-island-green-power/" target="_blank" rel="noopener">acquired</a> the remaining 50% stake in a U.K.-based renewable energy developer, Island Green Power.

AMG to Acquire Minority Stake in Qualitas Energy

Catalyze, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/catalyze-secures-100-million-financing-for-community-solar-projects/" target="_blank" rel="noopener">secured</a> $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority  for the development of a 79 MW portfolio of community distributed generation solar projects across New York State.
RWE Clean Energy, a renewable energy project developer, <a href="https://cms.mercomindia.com/rwe-acquires-solar-energy-storage-projects/" target="_blank" rel="noopener">announced</a> the acquisition of 599 MW solar and energy storage projects from Galehead Development, a solar, wind, and energy storage project developer in the U.S. The projects being acquired include two development-stage projects located within PacifiCorp’s operating territory in the Pacific Northwest and a mid-stage development asset in northeastern New York.
Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, <a href="https://cms.mercomindia.com/mirova-acquires-solar-and-energy-storage-project-portfolio-in-spain/" target="_blank" rel="noopener">signed</a> an agreement for the acquisition of solar and energy storage projects in Spain from Q-Impact and Qualitas Energy. The portfolio consists of two solar projects with a total capacity of 60 MW and an energy storage project with a total capacity of 30 MW/ 120 MWh. The projects are in the municipality of Mahon in Menorca Island, Spain.
Apex Clean Energy, a renewable energy project developer, <a href="https://cms.mercomindia.com/apex-clean-energy-secures-funding-energy-storage-projects/" target="_blank" rel="noopener">secured</a> more than $150 million in project financing for two energy storage projects in Texas. First Citizens Bank Energy and Bank United served as co-lead arranger of financings. Both projects are expected to reach commercial operation by the third quarter of 2024. Bank United also served as co-lead arranger of the financing.
Photon Energy, a solar project developer, <a href="https://cms.mercomindia.com/photon-energy-secures-16-million-multi-tranche-project-funding/" target="_blank" rel="noopener">secured</a> €15 million (~$16.24 million) senior secured loan from the European Bank for Reconstruction and Development to develop a 29 MW solar project portfolio in Romania. The portfolio consists of six solar projects.
Enfinity Global, a renewable energy project developer, has <a href="https://www.mercomindia.com/enfinity-solar-wind-projects-india" target="_blank" rel="noopener">announced</a> financing worth $135 million from the Canada Pension Plan Investment Board to fund the development and construction of 1.2 GW of solar and wind power projects across five states in India. The projects, located in Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced development stages and are projected to be commissioned and connected to the grid between 2025 and 2026.
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-brightnight-secure-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Catalyze Secures $100 Million for Community Solar Projects

<a href="https://www.sonnedix.com/" target="_blank" rel="noopener">Sonnedix</a>, an independent power producer, has acquired a 136 MW solar project in Spain from <a href="https://qualitasenergy.com/en/" target="_blank" rel="noopener">Qualitas Energy</a>, an investment firm focused on renewable energy, energy transition, and sustainability investments.
The portfolio comprises 169 solar photovoltaic projects across the country and has been operating since 2007-2014 under the Spanish regulatory regime.
Sonnedix’s operational capacity in Spain has reached 770 MW, and it also has more than 850 MW of projects under construction and various phases of development.
Axel Thiemann, CEO of Sonnedix, said, “This acquisition demonstrates our capacity and dedication to powering the energy transition in the country – where we started our journey in 2009, and where today we have a total capacity of over 1.4 GW – expanding our portfolio of projects and building relationships with partners like Qualitas Energy, who share our vision of a future where renewable energy leads, improving the lives of our communities.”
Iñigo Olaguíbel, Founding Partner and CEO of Qualitas Energy, “We are delighted to have a partner such as Sonnedix, which accompanies us in our mission to decarbonize the global economy, and we are proud to continue helping to consolidate the Spanish energy market. Furthermore, this transaction demonstrates our purchasing, financing, and operational optimization capabilities and allows us to further strengthen our business strategy.”
Qualitas Energy also recently announced the launch of its fifth flagship fund, Q-Energy V (QE V), to primarily invest across Germany, the UK, Spain, Italy, and Poland, targeting renewable energy assets in operation and under development.
On this transaction, Sonnedix was advised by Pérez-Llorca (fiscal, legal) and G-advisory (technical). Qualitas Energy was advised by Santander (financial) and Gómez-Acebo y Pombo (legal).
Last week, Sonnedix <a href="https://cms.mercomindia.com/sonnedix-acquires-solar-projects-spain/" target="_blank" rel="noopener">acquired</a> a portfolio of 26 MW of operational solar projects in Spain. The portfolio comprises three projects, totaling 11 solar photovoltaic sub-projects across different regions in Spain, including Aragón, Castilla, León, Castilla la Macha, and Murcia.
According to Mercom’s recently released Annual and Q4 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>, there were 268 large-scale solar project acquisitions in 2022 compared to 280 transactions in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers picking up the most, reaching 35.7 GW. Solar project acquisitions in terms of GW were at the second-highest level ever.

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