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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://redeuxenergy.com/" target="_blank" rel="noopener">Redeux Energy</a>, a utility-scale solar and storage project developer, announced 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.
The hybrid project will interconnect to a MISO transmission switchyard adjacent to an operating 400 MW DB Wilson coal-fired power plant in Western Kentucky.
Marathon Capital advised Redeux Energy on the sale. The financial details of the transaction are not disclosed.
In June, Redeux Energy Partners announced the <a href="https://cms.mercomindia.com/redeux-energy-sells-solar-portfolio-to-pine-gate-renewables/" target="_blank" rel="noopener">sale</a> of a 450 MW solar project portfolio to Pine Gate Renewables, a solar project developer. The portfolio comprises three projects in the Midcontinent Independent System Operator (MISO) South energy market.
The company currently has a project pipeline of approximately 7 GW of solar and 7 GWh of energy storage capacity spanning the ERCOT, MISO, SERC, and WECC energy markets and plans to bring another project portfolio to market in Q1 2025.
“Scout is excited to make this excellent addition to our growing development pipeline,” said Michael Rucker, Chief Executive Officer and Founder at Scout. “Redeux Energy has thoughtfully developed this site to date, and we are looking forward to transforming this great foundation into a high-performing solar and battery storage project that will bring significant benefits to Ohio County.”
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.
Earlier this week, 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.

Redeux Energy Sells 200 MW Solar Plus Storage Project

<a href="https://redeuxenergy.com/" target="_blank" rel="noopener">Redeux Energy Partners</a>, a utility-scale solar and storage project developer, announced the sale of a 450 MW solar project portfolio to Pine Gate Renewables, a solar project developer. The portfolio comprises three projects located in the Midcontinent Independent System Operator (MISO) South energy market.
The MISO energy market is experiencing strong demand for renewables driven by utility decarbonization goals and commercial and industrial load growth. This is the first transaction from an eleven-project, multi-state 1.7 GW portfolio brought to market in late 2023 and represented by Marathon Capital, Redeux’s lead financial sponsor.
&#8220;Redeux Energy developed turnkey assets that will be competitive additions to our growing MISO pipeline,&#8221; said Andrew Vietze, Senior Vice President for Mergers and Acquisitions at Pine Gate Renewables. &#8220;The Redeux and Marathon teams were a pleasure to work with and we look forward to future business opportunities with both partners.&#8221;
The acquired projects support Pine Gate’s operational portfolio and development pipeline.
Redeux Energy is stated to have a project pipeline totaling approximately 7 GW solar and 7 GWh energy storage capacity spread across the Electric Reliability Council of Texas (ERCOT), MISO, SERC Reliability Corporation (SERC), and the Western Electricity Coordinating Council (WECC) energy markets.
&#8220;This sale is a tremendous milestone for Redeux Energy to achieve, validating both the quality of our projects and the market demand from top-tier owner-operators,&#8221; said William Harrison, CEO of Cathexis Holdings, the company&#8217;s largest shareholder. &#8220;We are thrilled with progress to date and looking forward to continued growth and additional portfolio sales.&#8221;
According to Mercom’s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.
Recently, Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar announced the completion of the <a href="https://cms.mercomindia.com/recurrent-energy-sells-the-middle-road-solar-project-in-the-uk/" target="_blank" rel="noopener">sale</a> of its 49.9 MW Middle Road solar project in Harbury, Warwickshire, U.K. Centrica Business Solutions, an integrated energy solutions company, acquired the project.

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