Project Finance Brief Econergy Secures €200 Million Funding for Solar Projects (1)

Econergy Renewable Energy, an independent power producer, has secured €200 million (~$227 million) for its Romanian and Polish solar projects through joint ventures with Phoenix Insurance and RGreen Invest. Phoenix Insurance has provided a total €150 million (~$170 million) loan – a convertible loan amount of €110.25 million (~$125 million) and a permanent loan amount of €39.75 million (~$45 million)  for solar projects in Romania and Poland that are expected to start construction in 2022.

Macquarie Asset Management, a global asset manager on behalf of its institutional clients, has provided a £275 million (~$373.4 million) debt refinancing for 365 MW of solar portfolio in the UK. The portfolio comprises 24 ground-mounted solar PV projects located across England and Wales. Upon completion, the portfolio will contribute to the UK’s clean energy supply, producing enough electricity to power the equivalent of more than 90,000 homes each year. The solar portfolio is owned and operated by Vantage RE, a UK-based renewable energy investment and asset management firm owned by electricity utility – Tenaga Nasional Berhad.

Eco (Atlantic) Oil & Gas, the oil and gas exploration company focused on the offshore Atlantic Margins, announced the sale of the Kozani project in Greece by Solear for €1.8 million (~$2 million) to Nepcoe Capital Partners, in partnership with PowerChina New Energy Power, a Chinese state-owned company. This transaction enables the re-payment of this consideration to Eco Atlantic pursuant to the shareholder loan advanced by Eco to Solear in 2021.

Standard Solar, a solar energy company, specializing in developing and financing solar electric systems nationwide, has acquired a 4.69 MW solar and 4 MWh storage project from developer EDF Renewables North America. The project received an award from the state’s Solar Massachusetts Renewable Targets (SMART) program, which provides solar and storage projects incentives.

Spain’s Capital Energy secured a €50 million (~$56 million) bond facility from French asset manager Eiffel Investment Group for a 202 MW portfolio of wind and solar projects. The portfolio comprises four onshore wind farms totaling 194 MW in the Spanish regions of Castile and León, Castile-La Mancha and Andalusia, and an 8 MW solar PV project in Castile-La Mancha. Spanish law firm Squire Patton Boggs advised Eiffel Investment Group on the transaction.

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.