Project Finance Brief: Mytilineos Secures Financing for 588 MW Solar Portfolio

ENI Plenitude, through its U.S. subsidiary Eni New Energy US, signed an agreement with EDP Renováveis, a renewable energy company, to acquire an 80% equity stake in a portfolio of operational solar projects in the U.S.

The portfolio consists of the Cattlemen (Texas), Timber Road (Ohio), and Blue Harvest (Ohio) solar parks, having a total capacity of 340 MWac (478 MWdc) of which 272 MWac (382 MWdc) is acquired by Plenitude. The projects cover an area of more than 1,500 hectares of land and are expected to generate more than 800 GWh of renewable energy annually.

Stefano Goberti, CEO of Plenitude, said, “This transaction represents Plenitude’s entry into the PJM1 energy market in Ohio with already operational, medium to large-size projects and consolidates the company’s presence in Texas. The agreement allows Plenitude to reach over 1,2 GW of installed capacity in the U.S., contributing to the goal of reaching 7 GW worldwide by 2026.”

“We are pleased to reach this agreement, which is a clear sign of the quality of our assets and the added value that EDP’s expertise brings,” stated Miguel Stilwell d’Andrade, CEO of EDP Renewables. “With this transaction, we have executed more than 25% of the target announced for our asset rotation program for 2023-26. We remain committed to delivering our business plan with a solid investment in renewables and focus on sustainable growth”.

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.

On behalf of its affiliate Nautilus U.S. Power Holdco, Nautilus, a New Jersey-based independent solar producer, recently announced the acquisition of a 75.6 MW community solar portfolio consisting 16 projects. All the projects across Illinois are expected to be operational between 2025 and 2027. The projects are expected to generate clean energy to serve the energy needs of around 10,000 homes and commercial businesses.


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