Atrato Onsite Energy, an investment company, has acquired 33 MW of installed solar projects across 32 the UK from Macquarie’s Green Investment Group for £31 million (~$36.19 million). The offtakers are all institutional grade, and the project revenues benefit from annual inflation or fixed uplifts, with a remaining average maturity of 21 years for the power purchase agreements. The company has also reached a financial close on a 1 MW new rooftop solar project, benefitting from a 25-year power purchase agreement with a wholly owned subsidiary of Recipharm AB.
Aquila Clean Energy, a clean energy development platform of Germany-based asset manager Aquila Capital, has secured €1 billion (~$1.005 billion) from the European Investment Bank (EIB) and commercial banks to develop 2.6 GW of renewable energy projects in southern Europe. The EIB loan is backed by the European Union’s sustainable investment initiative InvestEU which aims to trigger over €372 billion (~$374 billion) in additional investment in the next five years.
Qcells, a utility-scale solar developer, energy storage developer, and solar EPC provider, closed a $150 million funding to support the construction of the Cunningham Energy Storage Project and other projects in their pipeline. BNP Paribas Securities and Crédit Agricole CIB were the lead arrangers for the facility with BNP acting also as sole Administrative Agent.
The European Bank for Reconstruction and Development provided around $100 million in financing to Adnan Polat Enerji Yatirimi, a renewable energy company, as part of a financing package jointly provided by Turkiye Is Bankasi, Turkiye Sinai Kalkinma Bankasi, and Garanti BBVA. The expansion includes 53 MW of wind and 150 MW of solar, which will prevent the emission of approximately 154,000 tons of CO2 each year from the Turkish power system by generating 438,000 GWh of electricity annually.
German investment manager Aquila Capital has struck a deal to acquire a 220-MW/440-MWh pipeline of battery energy storage projects in Australia from Spain’s Gransolar Group. The portfolio consists of three projects at various stages of development. The deal is Aquila Capital’s first investment in the energy storage market in Australia, where the German investor sees immense opportunities.
Ignitis Renewables has signed an agreement to acquire 100% shares of a Latvian company developing wind and solar projects in Latvia. The total targeted capacity of the project under development is around 200 MW. The project is in the early stage of development, with an estimated start of construction in 2025–2026 and a commercial operation date in 2027–2028.
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.