Enlight Renewable Energy, a renewable energy project developer, announced the closing of $550 million debt financing for the project Roadrunner, located in the Sulphur Springs Valley region near Tuscon, Arizona. The project, also known as Apache Solar II, consists of 200 MW of solar and 940 MWh of energy storage capacity. The construction at the project site has already begun, and the project is expected to reach commercial operation by the end of 2025.
Kavram Enerji, a subsidiary of Türkiye-based renewable energy developer Fiba Yenilenebilir Enerji Holding (Fiba Renewables), secured a $42 million (€39.7 million) loan from the European Bank for Reconstruction and Development to develop hybrid solar projects in the country. The portfolio includes a 55 MW hybrid solar project in Isparta and a 20 MW hybrid solar project in Balikesir. Once operational, the projects are expected to reduce carbon emissions of the Turkish power system by around 37,000 tons per year.
Econergy, an independent renewable energy power producer, announced the signing of a project financing agreement valued at approximately €38 million (~$39.61 million) with Raiffeisen Bank International AG. The funding will be used to repay loans provided by related parties for the acquisition, development, and construction of the 92 MW Parau solar project in Romania, which became operational earlier this year. The loan includes a maturity of up to 10.5 years, structured repayments, and a balloon payment at final maturity, with an interest rate linked to the six-month EURIBOR at a competitive margin.
ACME Renewtech, a subsidiary of solar energy company ACME Solar Holdings, has secured ₹19.88 billion (~$232.3 million) in term loan financing from the Power Finance Corporation to fund a 300 MW solar-wind hybrid project. The project’s solar component will be in Bikaner, Rajasthan, and the wind sites in Bhuj, Gujarat. The project is set to begin commercial operations by June 30, 2025. The project will utilize the interstate transmission system charges waiver.
Nordic Solar, a Denmark-based developer and owner of solar projects, announced the signing of a share purchase agreement for the 2.8 MW Montmayon solar project in France. The company sold the project to an undisclosed acquirer. The financial terms of the acquisition remained undisclosed. The transaction is Nordic Solar’s first in France. In addition, the company is planning to divest its other solar projects in the near future. In 2024, it sold three projects, the highest number of divestments completed in a single year by the company so far.
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.
