Funding and M&A Roundup: Torus Raises $67 Million to Advance Energy Storage Solutions

energyRe, an independent solar, wind, and energy storage project developer, secured $155 million in project financing and an $85 million tax equity commitment for a 108 MW Lone Star solar project and a 198 MWh energy storage project in South Carolina. The Lone Star Solar project is under construction and is expected to be operational by Fall 2024. The $155 million project financing includes construction debt, a tax equity bridge facility, and a letter of credit facility. The funding was secured with Santander acting as the Coordinating Lead Arranger.

Dynamic Sun Energy, a unit of Paramount Textile, secured a financial package to build and operate a 100 MW grid-connected solar power project in Pabna, Bangladesh. The Asian Development Bank led the financing package for the solar project. The plant is the country’s first private-sector utility-scale solar facility to secure support from global financiers. ADB arranged, structured, and syndicated the debt package as the sole mandated lead arranger and book runner.

Avaada Energy, the renewable energy division of Avaada Group, has secured green financing of ₹11.9 billion (~$143 million) from the State Bank of India, a public sector lender. The 20-year-old financing facility will facilitate the development of a 400 MW utility-scale solar power project in the Surendra Nagar district of Gujarat. Gujarat Urja Vikas Nigam, a government of Gujarat agency involved in electricity bulk procurement and distribution, will procure all the electricity generated by the project.

Adani Green Energy has secured a $400 million green loan for its under-construction 750 MW solar power projects in Rajasthan and Gujarat from a consortium of five international banks. The consortium will provide financing for projects that will come online by November this year. The 500 MW project being developed in Rajasthan has a long-term power purchase agreement with the Solar Energy Corporation of India. The second project, with a capacity of 250 MW, is a standalone merchant power project implemented at Gujarat’s Khavda renewable energy cluster.

Finland-based energy company Fortum said it is exiting the Indian solar power market after signing an agreement to sell its remaining 43.75% stake in a 185 MW solar portfolio to Gentari Renewables India, a subsidiary of Malaysia-based clean energy firm Gentari. The portfolio consists of four solar projects with a total capacity of 185 MW – a 5 MW Amrit project and 70 MW Bhadla project in Rajasthan, a 10 MW Kapeli project in Madhya Pradesh, and a 100 MW Pavagada plant in Karnataka.

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.