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SMT Energy, a developer, owner, and operator of battery energy storage projects, <a href="https://cms.mercomindia.com/smt-energy-secures-funding-for-160-mw-320-mwh-energy-storage-project/" target="_blank" rel="noopener">secured</a> $135 million in project financing to develop a 160 MW/320 MWh battery energy storage project in Houston, Texas, also known as SMT Houston IV. Macquarie and KeyBanc acted as the joint lead arrangers and provided $100 million in funding. The energy storage project is expected to start commercial operation in Q2 2026 and will be connected to the ERCOT power grid once completed.
Apex Energies, an independent renewable energy power producer, <a href="https://cms.mercomindia.com/apex-energies-secures-367-million-financing-for-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the closing of over €350 million (~$366.93 million) senior debt financing for developing a solar project portfolio in France. The financing will support the construction and development of nearly 1,100 ground-based, rooftop, and shade solar projects totaling over 400 MWp, of which 250 MWp are already at an advanced stage of development and/or under construction.
Ellomay Capital, a renewable energy project developer in Europe, the U.S., and Israel, <a href="https://cms.mercomindia.com/ellomay-capital-secures-114-million-financing-for-198-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> that its wholly owned subsidiary Ellomay Holdings Luxembourg Sarl entered into a project financing agreement amounting up to €110 million (~$114.11 million) for the construction of its 198 MW solar project portfolio in Italy.
Adani Green Energy has <a href="https://www.mercomindia.com/agel-refinances-1-06-billion-loan-for-wind-solar-projects-in-rajasthan" target="_blank" rel="noopener">completed</a> a long-term refinancing of $1.06 billion (~₹92.56 billion) for developing wind-solar projects in Rajasthan. This company’s maiden construction facility entails a door-to-door tenor of 19 years with a fully amortized debt structure aligned with the cash flow lifecycle. The refinancing aims to provide benefits through deep access to diverse pools of capital to secure large sums for a long duration.
Gurugram-based Sunsure Energy has <a href="https://www.mercomindia.com/sunsure-secures-%E2%82%B91-28-billion-loan-for-49-mw-solar-open-access-project" target="_blank" rel="noopener">secured</a> ₹1.28 billion (~$14.69 million) in long-term debt financing from Tata Capital and Aditya Birla Finance for its 49 MW open-access solar project in Augasi, Uttar Pradesh. This financing will support Sunsure’s commissioned 145 MW portfolio of solar open-access projects in the state. Tata Capital and ABFL will share the loan amount equally.
RES, a U.K.-based independent renewable energy developer, <a href="https://cms.mercomindia.com/res-sells-70-mw-battery-energy-storage-project-in-sweden/" target="_blank" rel="noopener">announced</a> the completion of the sale of a fully ready-to-build 70 MW/160 MWh battery energy storage project in Ånge, Sweden. Delta Capacity, a Swiss-based utility-scale battery storage project developer, acquired the project with financial backing from Wood &amp; Company, a European investment bank and asset manager.
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-nautilus-acquires-community-solar-projects-illinois/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: SMT Energy Secures Funding for 160 MW/320 MWh BESS Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-smt-energy-funding-bess-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
SMT Energy, a developer, owner, and operator of battery energy storage projects, <a href="https://mercomcapital.com/smt-energy-secures-funding-for-160-mw-320-mwh-energy-storage-project/" target="_blank" rel="noopener">secured</a> $135 million in project financing to develop a 160 MW/320 MWh battery energy storage project in Houston, Texas, also known as SMT Houston IV. Macquarie and KeyBanc acted as the joint lead arrangers and provided $100 million in funding. The energy storage project is expected to start commercial operation in Q2 2026 and will be connected to the ERCOT power grid once completed.
Apex Energies, an independent renewable energy power producer, <a href="https://mercomcapital.com/apex-energies-secures-367-million-financing-for-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the closing of over €350 million (~$366.93 million) senior debt financing for developing a solar project portfolio in France. The financing will support the construction and development of nearly 1,100 ground-based, rooftop, and shade solar projects totaling over 400 MWp, of which 250 MWp are already at an advanced stage of development and/or under construction.
Ellomay Capital, a renewable energy project developer in Europe, the U.S., and Israel, <a href="https://mercomcapital.com/ellomay-capital-secures-114-million-financing-for-198-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> that its wholly owned subsidiary Ellomay Holdings Luxembourg Sarl entered into a project financing agreement amounting up to €110 million (~$114.11 million) for the construction of its 198 MW solar project portfolio in Italy.
Adani Green Energy has <a href="https://www.mercomindia.com/agel-refinances-1-06-billion-loan-for-wind-solar-projects-in-rajasthan" target="_blank" rel="noopener">completed</a> a long-term refinancing of $1.06 billion (~₹92.56 billion) for developing wind-solar projects in Rajasthan. This company’s maiden construction facility entails a door-to-door tenor of 19 years with a fully amortized debt structure aligned with the cash flow lifecycle. The refinancing aims to provide benefits through deep access to diverse pools of capital to secure large sums for a long duration.
Gurugram-based Sunsure Energy has <a href="https://www.mercomindia.com/sunsure-secures-%E2%82%B91-28-billion-loan-for-49-mw-solar-open-access-project" target="_blank" rel="noopener">secured</a> ₹1.28 billion (~$14.69 million) in long-term debt financing from Tata Capital and Aditya Birla Finance for its 49 MW open-access solar project in Augasi, Uttar Pradesh. This financing will support Sunsure’s commissioned 145 MW portfolio of solar open-access projects in the state. Tata Capital and ABFL will share the loan amount equally.
RES, a U.K.-based independent renewable energy developer, <a href="https://mercomcapital.com/res-sells-70-mw-battery-energy-storage-project-in-sweden/" target="_blank" rel="noopener">announced</a> the completion of the sale of a fully ready-to-build 70 MW/160 MWh battery energy storage project in Ånge, Sweden. Delta Capacity, a Swiss-based utility-scale battery storage project developer, acquired the project with financial backing from Wood &amp; Company, a European investment bank and asset manager.
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-nautilus-acquires-community-solar-projects-illinois/" target="_blank" rel="noopener">brief</a>.

<a href="https://smtenergy.com/" target="_blank" rel="noopener">SMT Energy</a>, a developer, owner, and operator of battery energy storage projects, secured $135 million in project financing to develop a 160 MW/320 MWh battery energy storage project in Houston, Texas, also known as SMT Houston IV. Macquarie and KeyBanc acted as the joint lead arrangers and provided $100 million in funding.
Macquarie&#8217;s Commodities and Global Markets division also made a preferred equity investment and has been appointed to sell the project&#8217;s investment tax credits, valued at approximately $62 million.
The energy storage project is expected to start commercial operation in Q2 2026 and, once completed, will be connected to the ERCOT power grid, enabling the facility to engage in the wholesale market by supplying energy and ancillary services.
KeyBanc also acted as a financial advisor to SMT on the financing. FlexGen Power Systems is obtaining the equipment for the project, which will also utilize FlexGen’s energy management software.
&#8220;This was no small feat. SMT is grateful to the teams at Macquarie, KeyBanc, and FlexGen for their expertise and deep industry knowledge to get this complex deal across the line,&#8221; noted J.J. Switzer, Co-Founder and Managing Partner of SMT Energy.
&#8220;We are pleased to work with SMT on this transaction, which demonstrates our ability to bring multiple capabilities together to provide clients with innovative solutions in this growing market,&#8221; said Tom Colebatch, Managing Director in Macquarie&#8217;s Commodities and Global Markets business.
With this closing, SMT Energy is stated to have 18 utility-scale battery energy storage assets, encompassing approximately 500 MWh, in operation or construction.
According to Mercom’s Annual and Q4 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Energy Storage and Smart Grid, announced Energy Storage project funding in 2024 increased 53% year-over-year.
Earlier this week, Lion Storage, a Dutch utility-scale battery energy storage project developer, <a href="https://cms.mercomindia.com/lion-storage-secures-financing-1400-mwh-energy-storage-project/" target="_blank" rel="noopener">announced</a> the financial closure of the 350 MW/1,400 MWh Project Mufasa in the Netherlands.

SMT Energy Secures Funding for 160 MW/320 MWh Energy Storage Project

Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar <a href="https://cms.mercomindia.com/recurrent-energy-secures-160-million-project-financing/" target="_blank" rel="noopener">secured</a> $160 million in project financing for the 127 MWdc Bayou Galion Solar project located in Morehouse Parish in Northeast Louisiana. The project is under construction and is expected to be operational by fall 2024. The company began the development of the Bayou Galion Solar project in 2018, and construction began in December 2023.
Nautilus Solar Energy, on behalf of its affiliate Nautilus US Power Holdco, has <a href="https://cms.mercomindia.com/nautilus-acquires-12-7-mw-community-solar-portfolio/" target="_blank" rel="noopener">acquired</a> a 12.7 MW portfolio of community solar projects in New York from SoIAmercia Energy. Both solar projects are expected to be fully operational in 2024. Once completed, the community solar projects are expected to provide clean energy to power over 1,800 residential subscribers within the National Grid utility territory.
SMT Energy, an energy storage project developer, <a href="https://www.prnewswire.com/news-releases/smt-energy-sells-400-megawatts-of-battery-energy-storage-facilities-to-ubs-asset-management-302055312.html" target="_blank" rel="noopener">announced</a> the sale of 400 MW of battery energy storage projects in Texas to UBS Asset Management. The projects are connected to the ERCOT power grid and are on track to come online in 2024 and 2025.
Sonnedix, an independent solar power producer, <a href="https://cms.mercomindia.com/sonnedix-secures-280-million-green-loan-financing/" target="_blank" rel="noopener">secured</a> a €260 million (~$280 million) green loan to finance the acquisition and construction of renewable energy projects in Italy. The multi-borrower loan includes greenfield project finance for the construction of two photovoltaic plants located in Sicily and Sardinia with a total capacity of around 200 MW, as well as an acquisition finance line of an operating asset.
Renewable energy power producer Sunly <a href="https://cms.mercomindia.com/sunly-secures-71-million-funding-for-solar-projects/" target="_blank" rel="noopener">secured</a> €65.9 million (~$71.10 million) in senior non-recourse project funding from mBank to develop renewable energy projects in Poland. The funding will be used to construct 58 solar projects with a total capacity of about 98 MW. Most of them will be located in the south of Poland, in the provinces of Małopolska, Opole, Podkarpackie, Silesia, and Świętokrzyskie, but individual installations are also planned in other regions.
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-vesper-energy-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Recurrent Energy Secures $160 Million Project Financing

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-project-financing/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar <a href="https://mercomcapital.com/recurrent-energy-secures-160-million-project-financing/" target="_blank" rel="noopener">secured</a> $160 million in project financing for the 127 MWdc Bayou Galion Solar project located in Morehouse Parish in Northeast Louisiana. The project is under construction and is expected to be operational by fall 2024. The company began the development of the Bayou Galion Solar project in 2018, and construction began in December 2023.
Nautilus Solar Energy, on behalf of its affiliate Nautilus US Power Holdco, has <a href="https://mercomcapital.com/nautilus-acquires-12-7-mw-community-solar-portfolio/" target="_blank" rel="noopener">acquired</a> a 12.7 MW portfolio of community solar projects in New York from SoIAmercia Energy. Both solar projects are expected to be fully operational in 2024. Once completed, the community solar projects are expected to provide clean energy to power over 1,800 residential subscribers within the National Grid utility territory.
SMT Energy, an energy storage project developer, <a href="https://www.prnewswire.com/news-releases/smt-energy-sells-400-megawatts-of-battery-energy-storage-facilities-to-ubs-asset-management-302055312.html" target="_blank" rel="noopener">announced</a> the sale of 400 MW of battery energy storage projects in Texas to UBS Asset Management. The projects are connected to the ERCOT power grid and are on track to come online in 2024 and 2025.
Sonnedix, an independent solar power producer, <a href="https://mercomcapital.com/sonnedix-secures-280-million-green-loan-financing/" target="_blank" rel="noopener">secured</a> a €260 million (~$280 million) green loan to finance the acquisition and construction of renewable energy projects in Italy. The multi-borrower loan includes greenfield project finance for the construction of two photovoltaic plants located in Sicily and Sardinia with a total capacity of around 200 MW, as well as an acquisition finance line of an operating asset.
Renewable energy power producer Sunly <a href="https://mercomcapital.com/sunly-secures-71-million-funding-for-solar-projects/" target="_blank" rel="noopener">secured</a> €65.9 million (~$71.10 million) in senior non-recourse project funding from mBank to develop renewable energy projects in Poland. The funding will be used to construct 58 solar projects with a total capacity of about 98 MW. Most of them will be located in the south of Poland, in the provinces of Małopolska, Opole, Podkarpackie, Silesia, and Świętokrzyskie, but individual installations are also planned in other regions.
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-vesper-energy-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://smtenergy.com/" target="_blank" rel="noopener">SUSI Partners</a>, a Swiss-based fund manager, and <a href="https://smtenergy.com/" target="_blank" rel="noopener">SMT Energy</a>, an energy storage project developer, secured tax equity investment from specialized tax equity investor Greenprint Capital for a co-owned 100 MW battery storage portfolio located in South Texas.
The 100 MW battery storage portfolio was developed by SMT Energy, which managed the assets during construction and will continue overseeing commercial operations as a minority owner. The portfolio consists of ten utility-scale standalone battery energy storage projects that are expected to help stabilize the region&#8217;s strained power grids by balancing supply and demand mismatches. According to the press release, all ten battery storage projects in the portfolio are expected to start commercial operations in the coming months.
In the U.S., battery energy storage systems became eligible for investment tax credits (ITC) after the passage of the 2022 Inflation Reduction Act, which takes account of the growing importance of battery storage technology in balancing electricity grids and enabling the shift to renewable energy supplies. The majority of projects in the Texas battery storage portfolio qualify for a higher ITC rate due to their contribution to the economic transition of so-called Energy Communities.
According to Mercom&#8217;s recently released 1H and Q2 2023 Energy Storage and Smart Grid <a href="https://cms.mercomindia.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a>, There were 17 announced Energy Storage project funding deals in 1H 2023, bringing in a combined $4.1 billion compared to $3.8 billion in 16 deals in 1H 2022.
Broad Reach Power, a utility-scale battery storage project developer, recently <a href="https://cms.mercomindia.com/broad-reach-power-secures-bess-projects/" target="_blank" rel="noopener">secured</a> $435 million in credit facilities to support the construction of 7 stand-alone energy storage projects totaling 880 MW in Texas and California. The Battery Energy Storage System (BESS) projects are currently under construction, with expected commercial operation dates ranging from late 2023 through Q1 2024. The projects include 825 MW in ERCOT and 55 MW in CAISO. Broad Reach Power assembled a financing consortium for this financing, led by Deutsche Bank AG.

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