Project Finance Brief Enfinity Global Acquires 250 MW Solar Portfolio in Japan

Spain-based renewable energy company Enfinity Global announced the acquisition of a 250 MW solar PV portfolio in Japan with an enterprise value of $1 billion. This acquisition consolidates Enfinity Global’s platform in Japan and positions the company for further expansion in the country. The acquisition includes three operational large-scale solar projects and five projects currently under construction throughout Japan. The operational projects currently total 70 MW, and 180 MW are under construction, with 80 MW planned to reach operations in 2022 and 100 MW in 2023.

European solar power producer AMPYR Solar Europe (ASE), a joint venture between AGP Sustainable Real Assets, Hartree Partners, and NaGa Solar, secured a €400 million (~$454.7 million) facility from CarVal Investors to develop over 2 GW of the solar projects by 2025. The initial focus will be on Germany, the Netherlands, and the UK. The facility can expand to other European states and allow for the funding of energy storage projects.

SunSource Energy, a provider of solar-based energy solutions to commercial & industrial (C&I) customers, has entered into a Project Financing agreement with SunFunder – an international solar finance company. This investment will enable the company to expand its presence in Southeast Asia. The investment will provide project financing for an industrial solar installation in Thailand and is the beginning of a broader partnership as the company expands its footprint in other Asian countries.

Ameren Missouri, a subsidiary of Ameren announced an agreement with Invenergy, a developer, owner, and operator of sustainable energy solutions, to acquire a 150 MW solar project being developed in southeastern Illinois. The deal is subject to closing conditions, including regulatory approvals. With timely regulatory approvals, the project could begin generating clean energy by 2024.

CleanCapital, a clean energy investment platform, acquired 65.3 MW of solar portfolio from the developer BR Group. The portfolio spans 12 states in the U.S. and comprises 39 projects and 91 total sites ranging from 0.2 MW to 6.5 MW in size. The portfolio includes various projects providing solar power to schools, including 20 carport assets serving California’s Stockton Unified School District and 16 sites serving the Hawaii Department of Education. The portfolio includes 11.5 MW of Minnesota community solar projects with various C&I off-takers.

CleanCapital also announced that it had closed debt financing with CIT, a division of First Citizens Bank, and a tax equity transaction with Nelnet, both relating to a portfolio of new construction solar assets in Maryland. CIT’s Power and Energy business served as coordinating lead arranger on the $71.4 million debt financing; Nelnet served as the coordinating lead tax equity investor.

Atlas Renewable Energy, a renewable energy company, has secured a R$407 million (~$76 Million) loan from Brazil’s Northeastern Bank’s ‘Northeastern Constitutional Financing Fund’ to construct the 239 MW Lar do Sol – Casablanca II solar project. The project will be located in Pirapora, State of Minas Gerais, Brazil. Atlas Renewable Energy will be the main investor and operator and will partner with Unipar, who will co-invest.

Spanish renewable energy company Acciona Energia acquired Red-Tailed Hawk, a 350 MWac/458 MWdc solar PV project from Avondale Solar and Solar Plus Development. The financial terms of the acquisition were not disclosed. The Red-Tailed Hawk solar project is located near Houston, Texas, and the project will be developed by Avondale Solar’s affiliate, AP Solar Holdings, and Solar Plus Development. The construction of the Red-Tailed Hawk project starts in the third quarter of 2022, and operations can be expected in 2024.

US Solar Fund, an investment firm, announces it has exercised its option to acquire a further 25% interest in the 200 MW Mount Signal 2, taking its total ownership of the project to 50%. USF committed to acquire an initial 25% (Tranche One) of MS2 in December 2020 and had twelve months from Tranche One completion (which was in March 2021) to exercise its option over a second 25% (Tranche Two). The purchase price for Tranche Two is $21 million, taking USF’s total equity investment for 50% of the project to $44 million.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

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