Project Finance Brief Competitive Power Acquires 460 MW of Solar Projects from Belltown

Competitive Power Ventures (CPV), an electric power generation development and asset management company, has completed the acquisition of two solar PV projects under development from Belltown Power USA. This transaction includes the 360 MW Prairie Dock solar project in Illinois and the 100 MW Stonecrop solar project in Kentucky. The projects are expected to begin construction in the second half of 2023.

Sonnedix, an independent solar power producer, announced the 100% ownership transfer of its interest in the Puerto Rico operations to ArcLight’s Infinigen renewables platform. The transaction includes Sonnedix USA, Sonnedix Solar Puerto Rico, Sonnedix Solar Puerto Rico Holdings, and Sonnedix Solar Puerto Rico Holdings II. The Puerto Rico operations include two solar PV projects – Oriana and Horizon – totaling 73.2 MW. On this transaction, Sonnedix was advised by DLA Piper as primary legal counsel, while Latham & Watkins served as primary legal counsel to ArcLight.

Matrix Renewables, the TPG-backed renewable energy platform, has entered into an agreement with Solaer to acquire 91 MW of solar portfolio in Italy. The portfolio consists of 15 different assets, with the first phase of these projects scheduled to begin in 2022.

Greenbacker Renewable Energy, an owner, and operator of sustainable infrastructure and energy efficiency projects, announced that it had acquired a to-be-constructed solar portfolio in Maine from ReneSola Power. The portfolio’s two projects – Athens Ridge (3.8 MW) and Mars Hill (2.8 MW) – deepen Greenbacker’s relationship with an established renewables developer with a robust pipeline of both community and utility-scale solar projects, as well as battery energy storage systems.

Spanish utility Endesa has acquired 419 MW solar projects in Spain from Fotowatio Renewable Venture (FRV), a renewables developer and part of Abdul Latif Jameel Energy. Endesa closed the transaction through its renewable’s unit Enel Green Power Espana. The projects will entail an investment of over €300 million (~$346.9 million), including costs of the acquisition and construction. The projects are in an advanced stage of the permitting process. According to the utility company, FRV sold the projects as part of its usual strategy to rotate non-strategic assets to finance its investment plan in Spain.

Plus Power, a U.S.-based renewable energy company, has closed a credit facility for its 185 MW/565 MWh Kapolei Energy Storage project in Hawaii. The company has signed a contract with Hawaiian Electric for a credit facility of $219 million, including $188 million in non-recourse construction debt and $31 million in letters of credit. Mizuho Securities USA and KeyBanc led the financing and were joined by CoBank and Silicon Valley Bank.

Q CELLS USA announced that it had completed the acquisition of the Sputnik Energy Storage development project from Belltown Power, Texas. The project is located in Hunt County, Texas, and will connect to the Rayburn County Electric Cooperative grid. The Sputnik Energy Storage Project is a 190 MW / 380 MWh standalone storage facility, which is expected to operate in the ERCOT market. Most recently, as part of its turnkey solutions offering, Q CELLS completed the development, supplied modules, constructed, financed, commissioned, owned, and operated 332 MW of solar assets, and it continues to work on over nine GW of solar & energy storage development projects in the U.S.

MPC Energy Solutions (MPCES), a global provider of sustainable energy and primarily focuses on low-carbon energy infrastructure, including solar and wind assets, has acquired the 15.8 MW Los Santos Solar I in Ahumada Chihuahua, in Mexico. The project has been operational since 2017. Renewable energy project Buenavista Renewables financed and developed the project and has a USD-denominated Power Purchase Agreement (PPA) with German cable manufacturer Leoni Cable and the International De La Salle Educational Network. MPCES has acquired full ownership of the Los Santos Solar, and 20-year project financing has been provided by the U.S. Government’s Development Finance Corporation (DFC) and the North American Development Bank (NADB). The closing of the acquisition is expected to occur in Q1 2022 and is subject to customary conditions.

SWITCH has closed the acquisition of a portfolio of development BESS with PEAK, following the acquisition of four operating BESS. The portfolio represents 25 MWs or 44 MWhs, including nine projects to be deployed through 2022 and 2023. In addition to the closing of the acquisition, SWITCH has entered into an EP Loan agreement with RE Royalties, a renewable energy royalty-based financing provider, for $4.3 million.

Greenbacker Renewable Energy, an owner, and operator of sustainable infrastructure and energy efficiency projects, announced that, through a wholly-owned subsidiary, it had purchased a pre-operational 11.3 MW Fillinona solar project from OneEnergy Renewables. The project is slated to reach commercial operation in the fourth quarter of 2021.

Econergy, an investor, developer, and operator in renewable energy projects across Europe has completed an acquisition from Portland Trust of a ready-to-build 155 MW solar PV project in northwest Romania with Nofar Energy. The total investment in the Ratești solar project will be €100 million (~$115.7 million) and will see Econergy and Nofar Energy acquire a 50% stake each in the project from Portland Trust. Econergy will also provide management services, including EPC and O&M negotiations, construction management and PPA, and project finance management. Once operational, Econergy shall also provide a long-term asset management service. The project has received all its required permits, and construction is due to start in Q4 2021, with commercial operations expected to begin in Q4 2022.

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