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Atlas Renewable Energy, a solar and wind project developer, has <a href="https://cms.mercomindia.com/atlas-renewable-3-billion-refinancing-latin-american-portfolio/" target="_blank" rel="noopener">closed</a> approximately $3 billion in corporate refinancing, its largest to date for clean energy in Latin America. The company carried out the transaction with the support of its shareholder, Global Infrastructure Partners, and the participation of financial institutions, including BNP Paribas, Crédit Agricole, Goldman Sachs, Morgan Stanley, MUFG Bank, Natixis CIB, and Santander CIB. Due to its scale and structural complexity, the transaction involved 26 law firms in 11 jurisdictions.
Lightsource bp, a renewable energy project developer, <a href="https://cms.mercomindia.com/lightsource-bp-sells-over-1-gw-of-solar-projects-portfolio/" target="_blank" rel="noopener">sold</a> a portfolio of solar projects totaling 1,037 MWdc in Australia to Aula Energy, an Australian-headquartered renewable energy project developer. The transaction includes five operational solar projects, namely the 200 MWdc Wellington Solar, the 425 MWdc Wellington North Solar, the 107 MWdc West Wyalong Solar, the 214 MWdc Woolooga Solar, and the 90 MWdc Wunghnu Solar projects. The portfolio also comprises a development pipeline of up to 800 MW of co-located battery energy storage systems.
Lydian Energy, an independent power producer, <a href="https://cms.mercomindia.com/lydian-energy-secures-689-million-for-solar-and-battery-storage-projects/" target="_blank" rel="noopener">closed</a> a $689 million financing for two solar and one battery storage projects located across three states in the U.S. The full-stack financing, backed by CIBC and MUFG, comprises a construction-to-term loan, a tax credit bridge loan, a co-investment bridge loan, and a letter of credit facility. Lydian’s current portfolio includes 18 solar and storage projects with a combined capacity of 4.4 GW. The company is backed by the clean energy infrastructure fund Excelsior Energy Capital.
Sun Investment Group, a vertically integrated European renewable energy company, <a href="https://cms.mercomindia.com/sun-investment-group-secures-38-million-59-mw-solar-portfolio/" target="_blank" rel="noopener">closed</a> a €32.5 million (~$38 million) financing for a portfolio of solar projects in Poland. NORD/LB provided the construction bridge financing, including a VAT facility. The portfolio comprises 32 ready-to-build projects with a combined capacity of 59 MWp, at various stages of development, including both ready-to-build and under-construction projects.
CleanChoice Energy, a renewable energy company, will <a href="https://cms.mercomindia.com/cleanchoice-energy-to-acquire-222-mw-of-solar-projects/" target="_blank" rel="noopener">acquire</a> two solar projects totaling 222.2 MWdc, located in Halifax and Bertie counties in North Carolina. The company is acquiring the projects from utility-scale energy project developer Geenex, which began developing these projects in 2017. Construction on the Sumac and Sweetleaf projects is expected to begin in early 2027, with interconnection planned for 2028.
Swift Current Energy, a company that develops, commercializes, owns, and operates utility-scale solar, wind, and energy storage projects, has <a href="https://cms.mercomindia.com/swift-current-energy-raises-248-million-in-project-financing/" target="_blank" rel="noopener">secured</a> tax equity financing and $248 million in project financing for its 122 MWdc (100 MWac) Three Rivers solar project in eastern Maine, located in Hancock County. Currently under construction, the project is expected to reach commercial operation by the end of 2026. The clean electricity produced from the project is fully contracted under a 20-year power purchase agreement.
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-greenbacker-closes-440-million-tax-equity-financing/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Atlas Renewable Secures $3 Billion Refinancing

<a href="https://suninvestmentgroup.com/" target="_blank" rel="noopener">Sun Investment Group</a>, a vertically integrated European renewable energy company, closed a €32.5 million (~$38 million) financing for a portfolio of solar projects in Poland. NORD/LB provided the construction bridge financing, including a VAT facility.
The portfolio comprises 32 ready-to-build projects with a combined capacity of 59 MWp, at various stages of development, including both ready-to-build and under-construction projects.
“Successfully arranging this financing package for this portfolio is an important step in strengthening Sun Investment Group’s position in the Polish market,” said Enrique Gomez de Priego Fernandez, COO at Sun Investment Group. “The projects’ readiness and the support from NORD/LB underline our capability to deliver high-quality renewable-energy projects efficiently.”
Of the portfolio, 28 projects will benefit from the contract-for-difference scheme, with the remaining 4 projects planned to be operated fully merchant. Capcora acted as the exclusive financial advisor in this transaction.
Christian Wolff, Director at NORD/LB, added, “We are pleased to support Sun Investment Group with a mini-perm facility. The projects represent well-structured opportunities in a growing market, and we value our ongoing collaboration.”
Sun Investment Group&#8217;s portfolio exceeds 3 GW, with almost 100 MW under construction and nearly 200 MW consisting of ready-to-build projects. To date, the company has developed, constructed, and sold over 200 MW of solar projects across the U.K., Poland, and Lithuania.
Additionally, Sun Investment Group has nearly 700 MW in Italy and expects to achieve 200 MW of ready-to-build projects by the end of 2026.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom&#8217;s recently released Annual and Q4 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>.
In February, Swift Current Energy, a company that develops, commercializes, owns, and operates utility-scale solar, wind, and energy storage projects, <a href="https://cms.mercomindia.com/swift-current-energy-raises-248-million-in-project-financing/" target="_blank" rel="noopener">secured</a> tax equity financing and $248 million in project financing for its 122 MWdc (100 MWac) Three Rivers solar project in eastern Maine, located in Hancock County.

Sun Investment Group Secures $38 Million for 59 MW Solar Portfolio

Lightsource bp, a solar project developer, <a href="https://cms.mercomindia.com/lightsource-bp-sells-49-9-mw-solar-storage-project-to-schroders-greencoat/" target="_blank" rel="noopener">announced</a> the sale of the 49.9 MWac Tiln Farm solar and co-located 25 MW/50 MWh (two-hour duration) energy storage project to Schroders Greencoat, an investment manager dedicated to renewable infrastructure. The Tiln Farm project is located near Retford in Nottinghamshire, UK. The project began construction in 2022.
Enfinity Global, a U.S.-based renewable energy project developer, announced the financial <a href="https://cms.mercomindia.com/enfinity-global-secures-558-million-financing-solar-projects-italy/" target="_blank" rel="noopener">close</a> of €500 million (~$558.73 million), which will support the development and construction of around 1.5 GW of solar projects in Italy. The funding has been provided through a club deal structure in partnership with several investors, including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management, and QIC (Queensland Investment Corporation).
Clearway Energy Group, a developer and operator of clean energy projects, <a href="https://cms.mercomindia.com/clearway-secures-550-million-financing-for-solar-and-storage-project/" target="_blank" rel="noopener">closed</a> $550 million in financing for developing its Rosamond South I solar and storage project in Kern County, California. Upon completion, the solar portion will have a total capacity of 140 MW, and the storage capacity will be 118 MW.  The company has started constructing the Rosamond South I project and is expected to reach commercial operations in 2025.
Sun Investment Group, a solar project developer and investment management company, <a href="https://cms.mercomindia.com/sig-secures-construction-bridge-facility-29-mw-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> a €16 million (~$17.87 million) construction bridge financing facility from an international debt fund. The funding will support the development of a portfolio of solar projects totaling 29 MW across Poland.
Sunly, a renewable energy power producer, <a href="https://cms.mercomindia.com/sunly-secures-335-million-for-hybrid-renewable-projects-in-baltics-and-poland/" target="_blank" rel="noopener">secured</a> €300 million ($335.15 million) financing from Scandinavian and French investors for developing 1.3 GW of solar, wind, storage, and hybrid projects. The funding will support the development of large-scale hybrid projects across the Baltics and Poland. The investors include Rivage Investment, which operates in France through a fund dedicated to solutions to climate problems; Copenhagen Infrastructure Partners through the Green Credit I fund; and Norway pension fund, KLP.
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-swift-current-energy-secures-financing-for-800-mw-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Lightsource bp Sells 49.9 MW Solar and Storage Project

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					</table>From: <a href="https://mercomcapital.com/lightsource-bp-sells-solar-storage-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Lightsource bp, a solar project developer, <a href="https://mercomcapital.com/lightsource-bp-sells-49-9-mw-solar-storage-project-to-schroders-greencoat/" target="_blank" rel="noopener">announced</a> the sale of the 49.9 MWac Tiln Farm solar and co-located 25 MW/50 MWh (two-hour duration) energy storage project to Schroders Greencoat, an investment manager dedicated to renewable infrastructure. The Tiln Farm project is located near Retford in Nottinghamshire, UK. The project began construction in 2022.
Enfinity Global, a U.S.-based renewable energy project developer, announced the financial <a href="https://mercomcapital.com/enfinity-global-secures-558-million-financing-solar-projects-italy/" target="_blank" rel="noopener">close</a> of €500 million (~$558.73 million), which will support the development and construction of around 1.5 GW of solar projects in Italy. The funding has been provided through a club deal structure in partnership with several investors, including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management, and QIC (Queensland Investment Corporation).
Clearway Energy Group, a developer and operator of clean energy projects, <a href="https://mercomcapital.com/clearway-secures-550-million-financing-for-solar-and-storage-project/" target="_blank" rel="noopener">closed</a> $550 million in financing for developing its Rosamond South I solar and storage project in Kern County, California. Upon completion, the solar portion will have a total capacity of 140 MW, and the storage capacity will be 118 MW.  The company has started constructing the Rosamond South I project and is expected to reach commercial operations in 2025.
Sun Investment Group, a solar project developer and investment management company, <a href="https://mercomcapital.com/sig-secures-construction-bridge-facility-29-mw-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> a €16 million (~$17.87 million) construction bridge financing facility from an international debt fund. The funding will support the development of a portfolio of solar projects totaling 29 MW across Poland.
Sunly, a renewable energy power producer, <a href="https://mercomcapital.com/sunly-secures-335-million-for-hybrid-renewable-projects-in-baltics-and-poland/" target="_blank" rel="noopener">secured</a> €300 million ($335.15 million) financing from Scandinavian and French investors for developing 1.3 GW of solar, wind, storage, and hybrid projects. The funding will support the development of large-scale hybrid projects across the Baltics and Poland. The investors include Rivage Investment, which operates in France through a fund dedicated to solutions to climate problems; Copenhagen Infrastructure Partners through the Green Credit I fund; and Norway pension fund, KLP.
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-swift-current-energy-secures-financing-for-800-mw-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://suninvestmentgroup.com/" target="_blank" rel="noopener">Sun Investment Group</a> (SIG), a solar project developer and investment management company, secured a €16 million (~$17.87 million) construction bridge financing facility from an international debt fund. The funding will support the development of a portfolio of solar projects totaling 29 MW across Poland.
Capcora, an independent financial advisory firm based in Germany, advised SIG in the transaction. TGS Baltic and Ontier Spain acted as SIG&#8217;s legal advisors.
The 25 individual fixed and tracker systems projects, ranging from 1 MWp to 4 MWp, will initially operate on a complete merchant basis. However, SIG retains the option to market the electricity produced through a power purchase agreement in the future. The construction of all 25 projects is expected to be completed by the end of 2024.
&#8220;We are pleased to announce that we have secured another bridge financing facility and established a relationship with a new lender. The bridge financing landscape in Poland continues to be dominated by debt funds, making it crucial for us to forge new relationships to secure the necessary funding for the construction of our projects, even in the absence of secured offtake via PPAs, which allows SIG more flexibility in the current selling process of these assets&#8221;, says Deividas Varabauskas, CEO at Sun Investment Group.
In June, SIG <a href="https://cms.mercomindia.com/sun-investment-group-secures-debt-financing-for-2-gw-solar-pv-pipeline/" target="_blank" rel="noopener">secured</a> debt financing for a pipeline of mid-to late-stage solar PV projects with a total capacity of 1,970 MW in Poland. An international debt fund entirely subscribed to the funding and will support the development of the projects.
According to Mercom&#8217;s 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.

SIG Secures Construction Bridge Facility for 29 MW Solar Project Portfolio

Green Genius, a renewable energy company, has <a href="https://cms.mercomindia.com/green-genius-secures-94-million-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> €87 million (~$94 million) in debt financing for the construction of a 121 MW solar project in Jekabpils, Central East of Latvia. The company received funding from two banks, of which €26 million (~$28 million) was provided by Berenberg Bank, and Nord LB provided a €61 million (~$66 million) loan. The total planned investment for the project is over €100 million (~$108 million).
Technique Solaire Group, an independent producer of renewable energy, <a href="https://cms.mercomindia.com/technique-solaire-group-acquires-solar-projects-in-netherlands-and-spain-totaling-58-mw/" target="_blank" rel="noopener">announced</a> the acquisition of ready-to-build solar projects in the Netherlands and Spain with a total capacity of 58 MW. The deal includes the acquisition of 10 solar projects, of which two projects are located in the Netherlands while eight are in Spain. The projects in the Netherlands represent a total capacity of 26 MW with an individual capacity of 15 MW and 11 MW located in Gelderland province, in Beuningen and Druten, respectively.
Enel Green Power Australia (EGPA), a joint venture company co-owned by Enel Green Power and Inpex Corporation, <a href="https://cms.mercomindia.com/enel-green-power-australia-secures-financing-solar-energy-storage-project/" target="_blank" rel="noopener">secured</a> project financing of over A$190 million (~$126 million) to develop Quorn Park Hybrid Project, which includes a 98 MW solar project and a 20 MW/40 MWh battery energy storage system. The project will be jointly financed by a combination of equity provided by EGPA’s shareholders and debt facilities from a group of two lenders comprising Westpac and Bank of China. The construction of the hybrid project will begin in the third quarter of 2024.
The International Finance Corporation will partially <a href="https://www.mercomindia.com/ifc-invests-105-million-in-brookfields-500-mw-solar-project-in-rajasthan" target="_blank" rel="noopener">finance</a> a 550 MW solar power project being developed by Brookfield Asset Management in Bikaner, Rajasthan, with a $105 million investment. The investment will be through long-term non-convertible debentures assigned to the project’s special purpose vehicles, which will implement the project.
Sun Investment Group, a solar project developer and investment management company, <a href="https://cms.mercomindia.com/sun-investment-group-secures-debt-financing-for-2-gw-solar-pv-pipeline/" target="_blank" rel="noopener">secured</a> debt financing for a pipeline of mid- to late-stage solar projects with a total capacity of 1,970 MW located in Poland. The funding was entirely subscribed by an international debt fund and will support the development of the projects. The pipeline comprises 323 individual projects ranging from 1 MW to 120 MW capacity, including approximately 100 MW at the ready-to-build stage, along with 1,120 MW of mid-stage and 750 MW of early-stage projects.
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-british-solar-secures-funding-for-solar-and-storage-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Green Genius Secures $94 Million Financing for Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-green-genius-financing-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Green Genius, a renewable energy company, has <a href="https://mercomcapital.com/green-genius-secures-94-million-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> €87 million (~$94 million) in debt financing for the construction of a 121 MW solar project in Jekabpils, Central East of Latvia. The company received funding from two banks, of which €26 million (~$28 million) was provided by Berenberg Bank, and Nord LB provided a €61 million (~$66 million) loan. The total planned investment for the project is over €100 million (~$108 million).
Technique Solaire Group, an independent producer of renewable energy, <a href="https://mercomcapital.com/technique-solaire-group-acquires-solar-projects-in-netherlands-and-spain-totaling-58-mw/" target="_blank" rel="noopener">announced</a> the acquisition of ready-to-build solar projects in the Netherlands and Spain with a total capacity of 58 MW. The deal includes the acquisition of 10 solar projects, of which two projects are located in the Netherlands while eight are in Spain. The projects in the Netherlands represent a total capacity of 26 MW with an individual capacity of 15 MW and 11 MW located in Gelderland province, in Beuningen and Druten, respectively.
Enel Green Power Australia (EGPA), a joint venture company co-owned by Enel Green Power and Inpex Corporation, <a href="https://mercomcapital.com/enel-green-power-australia-secures-financing-solar-energy-storage-project/" target="_blank" rel="noopener">secured</a> project financing of over A$190 million (~$126 million) to develop Quorn Park Hybrid Project, which includes a 98 MW solar project and a 20 MW/40 MWh battery energy storage system. The project will be jointly financed by a combination of equity provided by EGPA’s shareholders and debt facilities from a group of two lenders comprising Westpac and Bank of China. The construction of the hybrid project will begin in the third quarter of 2024.
The International Finance Corporation will partially <a href="https://www.mercomindia.com/ifc-invests-105-million-in-brookfields-500-mw-solar-project-in-rajasthan" target="_blank" rel="noopener">finance</a> a 550 MW solar power project being developed by Brookfield Asset Management in Bikaner, Rajasthan, with a $105 million investment. The investment will be through long-term non-convertible debentures assigned to the project’s special purpose vehicles, which will implement the project.
Sun Investment Group, a solar project developer and investment management company, <a href="https://mercomcapital.com/sun-investment-group-secures-debt-financing-for-2-gw-solar-pv-pipeline/" target="_blank" rel="noopener">secured</a> debt financing for a pipeline of mid- to late-stage solar projects with a total capacity of 1,970 MW located in Poland. The funding was entirely subscribed by an international debt fund and will support the development of the projects. The pipeline comprises 323 individual projects ranging from 1 MW to 120 MW capacity, including approximately 100 MW at the ready-to-build stage, along with 1,120 MW of mid-stage and 750 MW of early-stage projects.
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-british-solar-secures-funding-for-solar-and-storage-projects/" target="_blank" rel="noopener">brief</a>.

<a href="https://suninvestmentgroup.com/" target="_blank" rel="noopener">Sun Investment Group</a> (SIG), a solar project developer and investment management company, secured debt financing for a pipeline of mid to late-stage solar PV projects with a total capacity of 1,970 MW located in Poland. The funding was entirely subscribed by an international debt fund and will support the development of the projects.
The pipeline comprises 323 individual projects ranging from 1 MW to 120 MW capacity, including approximately 100 MW at the ready-to-build stage, along with 1,120 MW of mid-stage and 750 MW of early-stage projects.
&#8220;We are pleased to have secured this debt facility with the assistance of Capcora. It will play a crucial role in advancing the realization of our business plan in the coming years. Polish market currently continues to be one of the most attractive arena for investors and lenders in Europe, offering alternative funding solutions,&#8221; says Deividas Varabauskas, CEO at Sun Investment Group.
SIG has stated to have a portfolio of more than 3 GW of renewable energy projects, of which about 300 MW are in the ready-to-build stage.
&#8220;We are delighted to have secured an alternative financing solution for SIG and successfully closed this transaction. The integration of projects at various stages and the substantial project volume make this achievement truly exceptional in the Polish market,&#8221; explains Bartek Hofmann, Director at Capcora and head of the Polish branch.
Deloitte Legal Poland and TGS Baltic served as legal advisors to SIG. Capcora, a Germany-based financial advisor, helped source lenders and structure the deal.
According to Mercom&#8217;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>, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
Green Genius, a renewable energy company, has <a href="https://cms.mercomindia.com/green-genius-secures-94-million-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> €87 million (~$94 million) in debt financing for the construction of a 121 MW solar project in Jekabpils, Central East of Latvia. The company received funding from two banks, of which €26 million (~$28 million) was provided by Berenberg Bank, while Nord LB loaned €61 million (~$66 million).

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