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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://rezolv.energy/" target="_blank" rel="noopener">Rezolv Energy</a>, an independent power producer backed by Actis, secured 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 (IFC) and Raiffeisen Bank International provided the funding.
The project’s construction will begin soon and is expected to reach commercial operation in 2025. According to Rezolv, the St. George solar park will produce over 310 GWh of clean electricity annually once operational.
Rezolv selected three companies to build the solar project. Solarpro, a Bulgarian company, and CMC Europe will together act as the engineering procurement construction provider. Another Bulgarian company, Green Solar Energy, will deliver high-voltage work.
Ardagh Glass Packaging-Europe (AGP-Europe), an operating business of Ardagh Group, has signed a 12-year virtual power purchase agreement (VPPA) with the company. Under the VPPA, the St. George solar project will supply AGP-Europe with 110 GWh of renewable electricity per year.
The solar project will be built on a brownfield site, the former Silistra airport, covering 165 hectares, comprising nearly 400,000 photovoltaic panels.
“Bulgaria’s transition to a sustainable energy future is crucial, and IFC’s investment in this landmark solar power project underscores our commitment to supporting this transition. By partnering with Rezolv Energy, we are fostering the development of a more diversified and sustainable energy sector in Bulgaria, enhancing energy security, and promoting environmental sustainability,” said Ary Naïm, IFC Manager for Central and South Europe.
According to Mercom’s recently released 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>, large-scale project funding in the 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Earlier this week, 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.

Rezolv Energy Secures $98 Million in Debt Financing for Solar Project

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