Broad Reach Power, a utility-scale battery storage project developer, secured $435 million in credit facilities to support the construction of seven stand-alone energy storage projects totaling 880 MW in Texas and California. The Battery Energy Storage System projects are under construction, with expected commercial operation dates ranging from late 2023 through Q1 2024. The projects include 825 MW in ERCOT and 55 MW in CAISO.
Alternus Energy, an independent power producer, acquired a 32 MW portfolio of solar PV projects in Valencia, Spain, known as the “NF Projects.” The portfolio consists of six projects, five of which, totaling 24.4 MW, are expected to reach operation in Q2 2024, with the remaining one project expected to achieve operation in Q1 2025. The initial funding for the project comes from the local bank Banco Internacional Español-Bankinter. Alternus subsidiary Unisun will manage the project construction.
Matrix Renewables, the TPG Rise-backed renewable energy platform, acquired a controlling interest in 261 MW of the Pleasant Valley Solar Project from rPlus Energies in Idaho. The project will begin construction in Q3 2023. The Pleasant Valley Solar project was awarded a power purchase agreement through a negotiated process with Meta and Idaho Power.
Qair, an independent renewable energy producer, secured a PLN 335.3 million (~$82.31 million) loan to develop a 129.5 MW solar project portfolio in Poland. The portfolio consists of three large-scale solar projects located in Golczewo, Rokietnica, and Pakość. The loan agreement was signed with the Santander Bank Polska and PKO Bank Polski consortium. The energy generated by the solar farm will be sold to identified off-takers under long-term corporate power purchase agreements.
Nautilus Solar Energy, a community solar company, acquired a 28.7 MW portfolio of six community solar projects in Delaware from TurningPoint Energy (TPE). The projects, located in Kent, New Castle, and Sussex Counties, are in the late stages of development and are expected to start construction in 2024. TPE developed the six projects as part of Delaware’s community solar program.
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Read last week’s project finance brief.