Doral Renewables, a utility-scale renewable energy project developer, closed tax equity funding for its Great Bend solar project. Fifth Third Bank committed to investing up to $30 million of tax equity into the project. Located in Meigs County, Ohio, the 48 MWac project features a ground-mounted, single-axis PV system and is expected to be operational by Q4 2025. Doral Renewables and Fifth Third are also set to receive proceeds from a tax credit transfer transaction that will be finalized later this year.
Stonepeak, an alternative investment firm focused on infrastructure and real assets, has agreed to acquire a 46.3% stake in Repsol’s 777 MW operating solar and storage portfolio in New Mexico and Texas for $340 million. Repsol is a Spanish energy and petrochemical company. The portfolio comprises the Fyre solar project and the Jicarilla solar and storage project. The transaction is expected to close during the third quarter of 2025, subject to customary regulatory approvals.
Cypress Creek Renewables, a solar and energy storage project developer, closed $150 million in financing to support the development and construction of the 104 MW Ostrea solar project in Yakima County, Washington. The company also announced the beginning of construction of the project. The project is expected to reach commercial operation by mid-2026.
Indian Oil Corporation’s board of directors has approved an additional equity investment of ₹10.86 billion (~$129.44 million) in its wholly owned subsidiary, Terra Clean, to develop 4.3 GW renewable energy capacity. This decision adds to the previously approved 1 GW capacity. Terra Clean was incorporated on March 15, 2023. In April 2024, it received an initial equity investment of ₹13.03 billion (~$155.28 million) to develop its first 1 GW renewable energy capacity.
Voltalia, a renewable energy power producer, secured £20 million (~$26.6 million) in debt financing for the 34 MW Eastgate solar project from Triodos Bank UK. The funding will support the construction and development of the project. The financial package comprises a senior debt loan of up to £18.9 million (~$25.11 million) and a Debt Service Reserve Facility (DSRF) of £1.1 million (~$1.46 million), which will provide crucial support during the project’s construction phase.
Click here for reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors.
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