ENGIE Acquires 1.25 GW of Solar Plus Storage Projects in Arizona

Duke Energy Sustainable Solutions, a subsidiary of Duke Energy, acquired the 100 MW Wildflower Solar Project from Clearway Energy Group, a U.S.-based clean energy developer. The construction of the solar project is expected to begin at the end of 2022 and reach commercial operation in late 2023. Toyota North America has signed a 15-year virtual power purchase agreement for up to 80 MW of the solar energy generated by the project.

NTR, an Ireland-based renewable energy investor, acquired the 70 MW Medebridge Solar Project from REG Power Management. The large-scale ready-to-build solar project is located in Essex, with grid connection and land agreements in place. The project is expected to be operational in Q1 2024. The company is in talks to arrange a power purchase agreement for the project.

Nautilus Solar Energy, a solar project acquisition, development, and asset management company, on behalf of its affiliate Nautilus US Power Holdco, acquired 7.6 MW of community solar portfolio of two projects in Maine from National Renewable Solutions, a renewable energy company. The projects are located in Presque Isle, Aroostook County, and are expected to reach commercial operation by the third quarter of 2023.

Brazilian lender Banco do Nordeste do Brasil has approved a BRL429-million (~$80.2 million) loan for constructing the 213 MW Caldeirao 2 Solar Project in northeast Brazil. The bank’s FNE credit line provided the financing to local developer Grupo Ibitu Energias Renovaveis. The investment represents 56% of the total investment needed for the projects.

Japanese energy company Z Energy has acquired a 50% equity interest in a 34.74 MW solar project in Fukushima prefecture, northeast Japan. Z Energy indirectly bought the shares in the photovoltaic solar park through the Carbon Neutral Fund No. 1 Investment Ltd Liability Partnership vehicle. The project is located in the Tomioka municipality and has been in commercial operation since December 2019.

Infinigen Renewables, a renewable energy platform launched by private equity firm ArcLight Capital Partners, has secured financing for two operational solar projects in Puerto Rico with a combined capacity of about 73 MW. The financing was provided by Forbright Bank, which raised and syndicated debt facilities for the subsidiary of ArcLight Energy Partners Fund VII LP.

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.