Funding and M&A Roundup: Nexamp Secures $520 Million

Greenalia, a Spanish developer of renewable power projects, secured $200 million of three-year credit facilities to support the development of its 1.9 GW solar and wind ERCOT renewables pipeline in the U.S.  Greenalia Power US (the “Borrower”) is a subsidiary of Greenalia that acquires, develops, constructs and operates utility-scale solar, wind and energy storage projects in the U.S.

The funding will be used to finance project equipment, as well as other development and construction expenses.

“This operation represents an important milestone for the company’s U.S. expansion, where we are currently developing a 3 GW portfolio diversified through projects in three technologies -solar, wind, and batteries,” said Antonio Fernández-Montells, CFO of Greenalia S.A.

Nomura Securities International led the financing and acted as the Sole Underwriter, Lead Arranger, and Bookrunner of the Facilities. PEI Global Partners served as Exclusive Financial Advisor to the Company. Holland & Knight acted as Borrower’s Counsel. Norton Rose Fulbright acted as the lender’s counsel.

“We are excited to partner with Greenalia and believe this partnership will help unlock the full potential of Greenalia’s impressive renewable energy project development platform in the US. This financing is emblematic of our strategy of providing customized financing to leading renewable power generation assets and transition-enabling infrastructure,” said Vinod Mukani, Head of Nomura Infrastructure & Power Business.

Recently, BrightNight, an independent power producer, announced the completion of a $375 million corporate credit facility to expand its ~31 GW renewable energy portfolio in the U.S. BrightNight’s project portfolio in the country includes solar, energy storage, and integrated technologies.

According to Mercom’s Q4 and Annual Solar Funding and M&A report, In 2023, announced debt financing came to $20 billion, 67% higher compared to $12 billion in 2022 and the highest amount raised since 2010. Securitization activity was a key contributor, with $3.4 billion in 11 deals.

Last Year, Enviromena, a clean energy solutions company, secured £270 million (~$342 million) in funding to expand its solar portfolio. The company has agreed to a £200 million (~$253 million) debt and construction facility with Close Brothers, a UK-based merchant banking group, to fund its target of building 500 MW of generating assets by 2025.