Clearway, a solar, wind, and energy storage project developer, has closed $421 million in financing for the 147 MW/ 588 MWh Rosamond Central Battery Energy Storage Project, which is being paired with the operating 192 MW Rosamond Central solar farm in Kern County, California. The construction on Rosamond Central BESS began in April 2023, and the facility is expected to reach commercial operation in 2024.
The European Investment Bank has approved a €575 million (~$636.7 million) loan to support global energy company Repsol‘s renewable energy projects in Spain. The approved loan’s first tranche of €400 million (~$442.9 million) aligns with Repsol’s goal of achieving zero net emissions by 2050. The projects are expected to bolster the REPowerEU objective of reducing the European Union’s dependency on fossil fuel imports and increasing energy security. The funds will support the rollout of wind and solar photovoltaic plants, resulting in a total capacity of 1.1 GW.
Mytilineos, a Greek industrial conglomerate, has signed a binding agreement to sell 211 MW of solar projects in Romania to Helleniq Energy, an oil and gas company, through its subsidiary, Helleniq Renewables. The binding agreement signed includes the construction and transfer of four solar parks in Southern Romania that are already in an advanced stage of development, of which 13 MW are expected to enter commercial operation in 2023, 108 MW in 2024, and 90 MW by Q3 2025.
Corre Energy, a developer and operator of underground energy storage solutions, has signed an agreement through its North American subsidiary, Corre Energy US Development Company, to acquire a 280 MW/ 4.2 GWh energy storage project from Contour Energy, an energy storage project developer. Following the completion of due diligence, the buyout transaction is expected to close before the end of this year.
Modus Asset Management, a Lithuania-based renewables investor through Modus Poland Solar Fund I, has secured €58 million (~$63.97 million) in debt financing from a group of lenders consisting of BNP Paribas Bank Polska and PKO Bank Polski. The investment facility will finance the acquisition of a 93 MW operational solar PV portfolio throughout Poland. The portfolio’s revenues will be safeguarded through a combination of corporate power purchase agreements and contracts for different auction tariffs.
Click here for reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance brief.