Maxsolar, a German-based solar and storage project developer, secured €410 million (~$460 million) financing facility to install 2 GW of solar and co-located storage projects in the next 5 years. Infranity led the investment round with participation from I Squared Capital and Rivage Investment.
The financing facility comprises an initially committed tranche of €165 million (~$185.27 million) and a second tranche that will expand the size of the facility by an additional €245 million (~$275 million). The financing is expected to accelerate MaxSolar’s ambition to be a large independent power producer of renewable electricity.
The proceeds from this facility, together with project-level senior financing, will be used to support capital investments in solar PV and co-located storage projects. Furthermore, the facility offers the flexibility to deploy capital towards inorganic growth opportunities and project development expenditures.
Christoph Strasser, CEO of MaxSolar, said, “We are thrilled to collaborate with like-minded partners who share our vision of accelerating Europe’s energy transition. The financing facility will enable our next growth phase by helping us materially scale our offering. I would also like to express my deepest gratitude to our exceptional team, whose dedication and remarkable spirit have made this financing facility possible.”
According to Mercom’s recently released 1H and Q2 2023 Solar Funding and M&A Report, announced large-scale project funding in Q2 2023 came to $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
Heelstone Renewable Energy, an independent power producer and solar project developer, announced the successful closure of a tax equity investment for four solar projects totaling 320 MW in Georgia. The financial terms of the transaction were not disclosed. Advantage Capital acted as the tax equity syndicator for Heelstone’s four Georgia utility-scale solar projects currently under construction: Bird Dog Solar, Blackwater Solar, Hobnail Solar and Wolfskin Solar, totaling approximately 320 MW (the “Georgia Projects”).
