Idemitsu Renewables, a project developer and an independent power producer, raised $61 million in tax equity and debt financing for its 73 MW Luciana Solar Project in Tulare County, California.
Morgan Stanley Renewables provided the tax equity, and Rabobank provided the debt financing for the solar project. The project began its commercial operation in May 2022, owned and operated by Idemitsu Renewables.
The power generated by Luciana is supposed to serve Northern California, generating clean and affordable power equivalent to the needs of over 20,000 homes.
“This project continues our team’s legacy of execution from greenfield, financing, and construction to operations of utility-scale solar projects. Given the dynamics of the last few years, this project is a testament to the expertise and dedication of the team. Securing financing from top-tier financial partners Morgan Stanley and Rabobank was critical to the success of this project,” said Cary Vandenberg, CEO of Idemitsu Renewables Americas.
Recently, Opdenergy, an independent renewable energy producer, signed a green financing agreement of €350 million (~$356.4 million) with BBVA and the European Investment Bank (EIB) for the construction and commissioning of 605 MW of a solar PV portfolio located in Spain.
The project falls under the green financing framework of Opdenergy, which was announced last year with a Second Party Opinion by Mercados Aries.
According to Mercom’s 1H and Q2 2022 report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022. Capital Energy, a Spanish energy company, has raised financing of €165 million (~$167 million) for 206 MW solar and wind projects from MEAG, an asset manager of Munich Re and ERGO. Capital Energy plans to allocate new project finance to five renewable facilities, comprising four wind farms, one of which is operational, and one solar project.