Allianz Capital Partners, an asset manager, acquired the 147 MW Galloway 2 Solar Project from Avantus (formerly 8minute), an independent solar power developer in Texas, U.S. Avantus will continue to oversee procurement, construction, and asset management while holding a minority stake in Galloway 2. RES is providing the Engineering, Procurement, and Construction services for Galloway 2. Construction financing was arranged by CIT. Tenaska led the tax equity investment for the project, and Tenaska’s power marketing affiliate, Tenaska Power Services Co., will serve as the qualified scheduling entity when the project comes online in 2023.
Harrison Street, an investment management firm, acquired a 28 MW solar project from Soltage, a solar project developer and independent power producer. The solar project is located in Warren County, Ohio, on land owned by the Cincinnati Zoo in the PJM power market. The project was originally developed by Melink Solar Development and is fully contracted for ten years with two power purchase agreements.
WEC Energy Group, an electricity and natural gas provider, has agreed to acquire an 80% ownership interest in the Maple Flats Solar Energy Center. Located in Clay County, Illinois, the project is being developed by Invenergy, a leading global developer and operator of sustainable energy solutions. The Maple Flats Solar Energy Center is a 250 MW project. The site will host 800,000 solar panels across 1,500 acres. Commercial operation is expected in early 2024. WEC Energy Group’s investment is expected to total approximately $360M for the 80% ownership interest.
Fotowatio Renewable Ventures, a sustainable energy developer, acquired a majority stake in a 600 MW battery electricity storage systems project from Wootis, a battery storage developer. The projects are expected to reach completion between Q4 of 2023 and Q2 of 2024. In addition to the 600 MW of the initial projects, the parties will also collaborate on new developments in the country.
Rezolv Energy, an independent clean energy power producer, focused on sustainable power in Central and South Eastern Europe, has acquired from the Monsson Group the rights to build and operate a 1,044 MW solar photovoltaic plant in Arad County in western Romania. Once constructed, it is expected to be the largest solar PV plant in Europe. The project is already in the late-stage development phase.
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Read last week’s project finance brief.