Project Finance Brief: Capital Energy Secures €165 Million for Solar and Wind Projects

Capital Energy, a Spanish energy company, raised financing of €165 million (~$167 million) for 206 MW solar and wind projects from MEAG, an asset manager of Munich Re and ERGO. Capital Energy plans to allocate new project finance to five renewable facilities, comprising four wind farms, one of which is operational, and one solar project. The wind projects have a total capacity of 198 MW, and the solar project is of 8 MW capacity.

Umbrella Solar Investment, a Spanish company focused on photovoltaic solar energy, secured debt financing from Incus Capital, an investment firm, and equity co-investment with Rgreen Invest through its Infragreen IV vehicle for the 212 MW of solar project in Spain. The Umbrella Solar Investment combines companies like IM2 Energia Solar and Turbo Energy Solar Innovation, all in the photovoltaic sector. It has owned and developed the portfolio of 14 photovoltaic solar projects in the Extremadura, Andalucía, and Comunidad Valenciana regions of Spain, totaling a total capacity of 212 MW.

Whetstone Power and Rosemawr Sustainable Infrastructure Management, the sustainable infrastructure arm of Rosemawr Management, announced the acquisition of a 30 MW solar power generation facility in Alamosa, Colorado. The facility’s output is fully contracted to Public Service Company of Colorado, a subsidiary of Xcel Energy. Whetstone Power Operations, a wholly-owned subsidiary of Whetstone, will provide operations, maintenance, and asset management services for the facility.

Amber Infrastructure, the infrastructure specialist, announced that with its development partner Hudson Energy Enterprises, it completed the sale of its ownership of Flint Mine Solar, a utility-scale solar project in upstate New York. The project will provide widespread and long-term environmental, economic, and cultural benefits to the state, Greene County, and the towns of Athens and Coxsackie, as well as to local landowners and service providers. The project’s development directly contributes to New York State’s ambitious clean energy and climate goals for 70% of energy to come from renewable energy sources by 2030.

India-focused renewable energy platform Continuum Green Energy raised $350 million from two marquee global institutional investors to finance the expansion of its clean energy projects. Continuum raised the debt by issuing senior secured floating rate notes. The fund-raising round provided the investors with an option to issue an additional $50 million on fulfilling certain conditions.

Fotowatio Renewable Ventures Australia, as part of Abdul Latif Jameel Energy and Canadian infrastructure fund OMERS, completed the refinancing of the 100 MW Lilyvale solar project in Queensland. The refinancing package was provided by Natixis (as Mandated Lead Arranger (MLA), Underwriter and Bookrunner, Structuring Lender Hedging Provider, LC Provider, and Green Coordinator), Export Development Canada (as MLA), and NordLB (as MLA and Hedge Provider).

Atrato Onsite Energy, a renewable investment trust acquired 100% of the shares of Hylton Plantation Solar Farm; a company set up to develop a 20 MW solar photovoltaic system for Nissan Motor Manufacturing UK Limited, for £ 10.6 million (~$12.75 million). The company will take on the ownership of a behind-the-meter private wire solar installation project for Nissan in Sunderland. Nissan has entered into a 20-year power purchase agreement (PPA) on a 100% take-or-pay basis.

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.