Project Finance Brief Enerparc Sells 193 MW Solar Portfolio in Australia

OCI Solar Power, a developer, and operator of utility-scale solar projects, signed an agreement to sell 110 MW of construction-ready solar photovoltaic project named Three W Solar to Mitsui in Texas. Three W Solar to be constructed on 875 acres near Hillsboro, south of Dallas. Construction of the project is slated for 2024 with operations beginning in 2025.

“We spent nearly two years developing Three W Solar, working with landowners and the school district, and completing all the environmental studies and addressing the electrical interconnection requirements needed to begin construction. Now, we’re excited to announce that Mitsui has purchased the project and will take it to completion. Producing more reliable, sustainable, affordable energy is a win for all Texans,” said Charles Kim, President & CEO, OCI Solar Power.

Renewable Connections, a solar and battery storage project developer, and its partner European Energy UK announced the sale of two “shovel-ready” solar and battery storage projects totalling 121 MW in Scotland. EVC Kilt Limited, a part of EVC Energy, a solar and battery storage project developer, acquired the projects. EVC Energy is a joint venture between Elmya Energy and Valpre Capital launched in 2021.

According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 67 large-scale solar project acquisitions (13 disclosed for $3.6 billion) in Q1 2023, compared to 61 transactions (12 disclosed for $3.2 billion) in Q4 2022. Glennmont Partners, a clean energy fund manager, recently acquired a portfolio of seven solar PV projects totalling 65 MW in Basilicata, Italy. The projects in the Basilicata region of Italy will be built in two clusters, with the first expected to begin construction in early 2024 and the other in the second half of 2024. The projects are expected to be commissioned in the first half of 2025 and the second half of 2026.