Project Finance Brief: 7X Energy Sells 130 MW Solar Project to KOMIPO America

7X Energy, a utility-scale solar developer, owner, and asset manager, has sold its 130 MW Elara Energy project located in Frio County, Texas, to KOMIPO America, a U.S. subsidiary of Korea Midland Power. Morgan Stanley Renewables acted as the sole tax equity investor for the project. CohnReznick Capital served as the financial advisor to 7X, providing support across capital formation and structuring. Elara is currently under construction and is expected to reach full commercial operation in Q4 2021.

Greenbacker Renewable Energy, an owner, and operator of sustainable infrastructure and energy efficiency projects announced that it purchased the 20 MW West River portfolio of pre-operational solar projects from Energy of Utah through a wholly-owned subsidiary. The projects, West River Solar and West River Solar II, have a long-term power purchase agreement with investment-grade utility Basin Electric Power. The West River portfolio is expected to reach Commercial Operations in December 2022.

MPC Caribbean Clean Energy Fund (the investment company of regionally publicly-listed MPC Caribbean Clean Energy Limited) acquired the 33.4 MW operational Monte Plata solar project in the Dominican Republic. MPC Caribbean Clean Energy Fund led an equity consortium comprised of ANSA McAl and two minority investors from the Dominican Republic and Canada, that together intend to acquire the full ownership of the asset. The seller is United Renewable Energy, a Taiwanese solar module producer, and system integrator. The closing of the transaction is subject to customary conditions and expected to take place in Q3 2021.

Alerion Clean Power, an Italian renewable energy holding, has acquired three companies that own photovoltaic projects currently under construction in Romania with a total installed capacity of around 14.3 MW. The construction of the three acquired projects is expected to be completed by October. The acquisition was through its Romanian subsidiary Alerion Clean Power RO.

Australian-based New Energy Solar has entered into a binding agreement to sell its two Australian assets, Beryl (111 MW) and Manildra (56 MW), to Banpu Energy and affiliates for a combined gross asset value of A$288 million (~$222.7 million) and gross equity proceeds, before transaction costs, of A$105.4 million (~$81.5 million). Transaction completion is expected within two months, subject to customary consents and approvals, including Foreign Investment Review Board approval.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s project finance brief.