Greenalia, a renewable energy project developer, has secured a $295 million construction-to-term loan and $93 million letter of credit facility from Mitsubishi UFJ Financial Group (MUFG) and Nomura Securities International for the 430 MWdc/331.6 MWac Misae II solar project in Texas.
The project is currently under construction and has already completed 72% of its construction, with commercial operation expected in the third quarter of 2025.
MUFG and Nomura both acted as coordinating lead arranger and bookrunner, with MUFG also acting as administrative agent.
The solar project benefits from two ERCOT West-settled power purchase agreements for 65% of its energy output and renewable energy certificates. The remaining 35% of the electricity produced will be sold into the merchant ERCOT market. Additionally, Misae II has executed a fixed-price Production Tax Credit Transfer Agreement and a separate fixed-price agreement for 40% of the project’s renewable energy certificates.
“This transaction is a major step for Greenalia’s US expansion,” said Manuel Garcia, CEO of Greenalia S.A. “With the help of MUFG and Nomura, we are on track to reach 1 GW of operational projects by 2026.”
Alain Halimi, Managing Director of Nomura IPB, added, “Nomura is pleased to once again support Greenalia, this time for their inaugural Misae II solar project in Texas.” Our partnership with Greenalia demonstrates Nomura’s commitment to providing tailored strategic financing solutions to leading renewable energy developers.”
In February, the company also closed a €97 million (~$100.89 million) financing transaction to support its existing portfolio of projects and to develop its pipeline of renewable energy projects in Spain.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, large-scale project funding in 2024 increased 21% year-over-year.
Last week, PGE Energia Ciepła, a producer and supplier of electricity and heat and a unit of PGE Group, secured PLN 48.7 million (~$12.61 million) in the form of a preferential loan from the National Fund for Environmental Protection and Water Management for the construction of 7 solar projects totaling 10.54 MW.
