Recurrent Energy Secures Financing for 152 MW Solar Project in Brazil

Emeren, a solar project developer, announced the acquisition of a 86 MW utility-scale solar power project portfolio in Spain from Negratin Global Services, an industrial and service group company.

The project portfolio comprises 13 utility-scale solar projects ranging from 6 MW to 14 MW. All the projects are in the ready-to-build stage and are expected to begin construction in late 2024.

The projects are expected to produce 166,47 million kWh/year of energy and are expected to be connected to the grid by early 2025. Located in the center of Spain, they will have the capacity to provide enough energy to 51,380 households in the local region.

Yumin Liu, CEO of Emeren Group, commented, “We are excited to acquire the portfolio of projects from Negratin Global Services as they fit well with Emeren’s strategic vision for advancing renewable energy in Spain and globally. Partnering with Negratin reinforces our dedication to expanding our renewable energy portfolio and showcasing our successful track record in acquiring and selling utility-scale projects.”

Enrique Diaz Hinojosa, CEO of Negratin Global Services, added, “This aligns with Negratin’s commitment to renewable energy and contributes to sustainable practices. We trust Emeren’s expertise for successful project development, supporting our shared vision for a greener future.”

Negratin Global Services selected ATZ Investments, a renewable and infrastructure financial advisory boutique specializing in mergers and acquisitions, to support the project transaction.

Emeren Group recently announced the sale of a 53.6 MW solar project portfolio in Hungary to Kronospan / Douglas Renewables, a manufacturer of wood-based panels. The portfolio encompasses six projects at various stages of advanced development.

According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, 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.