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Summit Ridge Energy, a solar project developer, <a href="https://cms.mercomindia.com/summit-ridge-acquires-community-solar-projects-virginia/" target="_blank" rel="noopener">announced</a> the acquisition of 19 community solar projects totaling 100 MW across the Commonwealth of Virginia. The acquired portfolio comprises projects spanning from Virginia’s southernmost border up to the Richmond and the D.C. metropolitan areas. The projects, expected to be operational by the end of 2024, will generate enough power to lower the energy bills for 12,600 homes across 16 counties.
Primergy Solar, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/primergy-secures-financing-for-100-mw-solar-project/" target="_blank" rel="noopener">secured</a> $300 million in debt and tax equity financing for the 100 MW Prairie Mist solar project in Arkansas. The Prairie Mist project debt financing includes a tax equity bridge loan, construction/term debt, and a letter of credit facility.
SB Energy Global, a U.S.-based integrated renewable energy platform, has <a href="https://www.mercomindia.com/sb-energy-2-4-billion-domestic-renewable" target="_blank" rel="noopener">secured</a> $2.4 billion to support the development of renewable energy projects focusing on the domestic content utilization provision under the Inflation Reduction Act. The company will utilize part of the funds to develop a 1.3 GW portfolio of four utility-scale solar power projects.
A $1.3 billion financing package for the Faraday Solar project, a 682.5 MW ground-mounted solar facility in Utah County, Utah, in the U.S., was <a href="https://www.mercomindia.com/excelsior-energy-1-3-billion-solar-project-us" target="_blank" rel="noopener">closed</a> by Excelsior Energy Capital, a renewable energy infrastructure fund focused on middle-market investments in North America. The construction of the Faraday Solar project is in progress and is expected to start operating in Q3 2025.
Sunlight Energy Investments, a subsidiary of Genie Energy, a retail and renewable energy solutions firm, <a href="https://cms.mercomindia.com/sunlight-energy-acquires-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> that it had acquired a portfolio of 12 operating solar arrays totaling 9.4 MWdc from the project developer. The arrays supply power to on-site school facilities in Ohio and Michigan, and their production is covered under direct, long-term, fixed-price solar power purchase agreements.
Adani Green Energy <a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener">announced</a> a follow-on funding of a $1.36 billion senior debt facility as part of its construction financing framework, enhancing the pool to $3 billion since the initial project financing. The financing will be a key enabler in developing a 2,167 MW renewable energy park in Khavda, Gujarat. The park is expected to accelerate the company’s vision of 45 GW operating capacity by 2030.
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-leeward-secures-solar-and-wind-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Summit Ridge Acquires 100 MW Community Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-summit-ridge-acquires-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Summit Ridge Energy, a solar project developer, <a href="https://mercomcapital.com/summit-ridge-acquires-community-solar-projects-virginia/" target="_blank" rel="noopener">announced</a> the acquisition of 19 community solar projects totaling 100 MW across the Commonwealth of Virginia. The acquired portfolio comprises projects spanning from Virginia’s southernmost border up to the Richmond and the D.C. metropolitan areas. The projects, expected to be operational by the end of 2024, will generate enough power to lower the energy bills for 12,600 homes across 16 counties.
Primergy Solar, a solar and energy storage project developer, <a href="https://mercomcapital.com/primergy-secures-financing-for-100-mw-solar-project/" target="_blank" rel="noopener">secured</a> $300 million in debt and tax equity financing for the 100 MW Prairie Mist solar project in Arkansas. The Prairie Mist project debt financing includes a tax equity bridge loan, construction/term debt, and a letter of credit facility.
SB Energy Global, a U.S.-based integrated renewable energy platform, has <a href="https://www.mercomindia.com/sb-energy-2-4-billion-domestic-renewable" target="_blank" rel="noopener">secured</a> $2.4 billion to support the development of renewable energy projects focusing on the domestic content utilization provision under the Inflation Reduction Act. The company will utilize part of the funds to develop a 1.3 GW portfolio of four utility-scale solar power projects.
A $1.3 billion financing package for the Faraday Solar project, a 682.5 MW ground-mounted solar facility in Utah County, Utah, in the U.S., was <a href="https://www.mercomindia.com/excelsior-energy-1-3-billion-solar-project-us" target="_blank" rel="noopener">closed</a> by Excelsior Energy Capital, a renewable energy infrastructure fund focused on middle-market investments in North America. The construction of the Faraday Solar project is in progress and is expected to start operating in Q3 2025.
Sunlight Energy Investments, a subsidiary of Genie Energy, a retail and renewable energy solutions firm, <a href="https://mercomcapital.com/sunlight-energy-acquires-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> that it had acquired a portfolio of 12 operating solar arrays totaling 9.4 MWdc from the project developer. The arrays supply power to on-site school facilities in Ohio and Michigan, and their production is covered under direct, long-term, fixed-price solar power purchase agreements.
Adani Green Energy <a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener">announced</a> a follow-on funding of a $1.36 billion senior debt facility as part of its construction financing framework, enhancing the pool to $3 billion since the initial project financing. The financing will be a key enabler in developing a 2,167 MW renewable energy park in Khavda, Gujarat. The park is expected to accelerate the company’s vision of 45 GW operating capacity by 2030.
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-leeward-secures-solar-and-wind-projects/" target="_blank" rel="noopener">brief</a>.

Sunlight Energy Investments, a subsidiary of <a href="https://genie.com/" target="_blank" rel="noopener">Genie Energy</a>, a retail and renewable energy solutions firm, announced that it had acquired a portfolio of 12 operating solar arrays totaling 9.4 MWdc from the project developer.
The arrays supply power to on-site school facilities in Ohio and Michigan, and their production is covered under direct, long-term, fixed-price solar power purchase agreements. The acquisition would also give Sunlight Energy the right of first refusal on the developer&#8217;s future projects.
Nir Ashpiz, CEO of Sunlight Energy, commented, &#8220;The long-term, stable cash flows generated by this particular portfolio of solar generation projects are fairly representative of the attractive development and acquisition opportunities available across the solar generation industry. We look forward to putting more capital to work on both development projects and generating assets in the coming months.&#8221;
Genie&#8217;s Renewables division is a vertically integrated commercial, community, and utility-scale solar energy solutions provider.
&#8220;We continue to leverage Genie&#8217;s strong balance sheet and low cost of capital to build our Genie Renewables business,&#8221; said Michael Stein, CEO of Genie Energy. &#8220;This acquisition &#8211; through our Sunlight Energy investment vehicle &#8211; is our first transaction involving operating solar assets and complements our growing pipeline of solar generation projects in various stages of development. We expect that this acquisition will be immediately accretive to our bottom line.&#8221;
According to Mercom&#8217;s 9M and Q3 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in the first nine months (9M) of 2023, there were 166 project acquisitions for 31.6 GW compared to 207 projects for 52.1 GW in 9M 2022.
Foresight Solar, a sustainability-focused fund investing in solar and battery storage assets, <a href="https://cms.mercomindia.com/foresight-solar-sells-50-stake-solar-projects-portfolio-in-spain/" target="_blank" rel="noopener">sold</a> a 50% stake in Spain&#8217;s 99 MW Lorca solar portfolio. The Lorca subsidy-free solar portfolio consists of Las Salinas (30 MW), Los Llanos (49 MW), and Los Picos (20 MW) projects.

Sunlight Energy Acquires 9.4 MW Solar Project Portfolio

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