WEC Acquires 80% Stake in 250 MW Solar Project in Texas

Enerfin, a developer of wind and solar projects, secured a loan of $57 million for the construction of a 129 MW of photovoltaic plant in Colombia. In securing this operation, Enerfín has been assisted by Helm Banca de Inversión to structure the financing provided by two Colombian banks belonging to Grupo Aval, namely Banco de Bogotá and Banco de Occidente, themselves assisted by the Banca de Inversión de Corficolombiana.

The solar project will produce around 263 GWh annually, avoiding the release of 132,480 tonnes of carbon dioxide each year.

José Castellanos, General Manager at Enerfín, said, ” We are doubly satisfied with this project, firstly for having achieved Enerfín’s first investment in Colombia and secondly for having secured this loan to finance a large percentage of said investment. Furthermore, Grupo Aval’s trust in Enerfín shows, once again, the interest that investors have in this type of project and reinforces the appeal of our group as a significant international player in the sector. ”

Luis Carlos Sarmiento Carvajal, Deputy Chairman of Banca de Inversión de Corficolombiana, remarked, ” We are proud to have achieved this milestone by assisting Banco de Bogotá and Banco de Occidente in the funding of the first photovoltaic energy project financed 100% by Grupo Aval banks and to be able to contribute to the growth of this industry in the country. It is totally in our interest to promote and continue participating in this type of renewable energy project. Likewise, it is a pleasure to help a quality sponsor such as Enerfín and the Elecnor Group in the development of their renewable energy project portfolio in Colombia. ”

According to Mercom’s Q1 2023 Solar Funding and M&A report, announced large-scale project funding in Q1 2023 came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022. YoY, large-scale project funding declined 41% compared to $9.1 billion announced in 36 deals in Q1 2022.

Clearway Energy Group, a developer and operator of clean energy projects in the U.S., recently announced the closing of financing for two utility-scale solar and storage projects in Riverside County, California. The Victory Pass and Arica solar projects will generate 463 MW of combined clean energy capacity and 186 MW of battery storage which can supply power to roughly 132,000 homes annually.