Ferrovial, a sustainable infrastructure builder and operator, announced the acquisition of a 257 MW solar project in Leon County, Texas, U.S. The acquisition agreement includes the construction and operation of the solar project, which is capable of powering over 36,000 households. The company is investing $72 million in the project, which is its first investment in a renewable project in the U.S., where the company has been operating for 20 years. Once operational, the project will generate approximately 475 GWh annually, avoiding the emission of over 195,000 tons of carbon dioxide annually.
Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar announced the completion of the sale of its 49.9 MW Middle Road solar project in Harbury, Warwickshire, U.K. Centrica Business Solutions, an integrated energy solutions company, acquired the project. The Middle Road solar project is subsidy-free, fully permitted, and ready for construction. It is expected to begin in the summer of 2024. Commercial operations are expected to commence in 2025. Once operational, it will generate enough clean electricity to power approximately 14,500 households.
Sol Systems, a solar finance and development company, secured $85 million debt financing from Macquarie Asset Management, a global asset manager for the construction and development of five utility-scale solar projects in Illinois and Ohio. Macquarie Asset Management is providing the investment on a fully bilateral basis in the form of a six-year term loan. The facility is subordinated to senior debt and tax equity and is secured against Sol Systems’ ownership interest in the underlying solar projects. The investment is the first tranche of a planned broader collaboration between the companies. The projects are expected to be completed by the end of 2025.
Avaada Energy, the renewable energy division of Avaada Group, has secured financing of ₹3.15 billion (~$37.8 million) from Aseem Infrastructure Finance (AIFL) for a solar power project. The financing is for Avaada Energy’s solar project, which is being developed under a long-term captive power purchase agreement with the Karnataka Cooperative Milk Producers’ Federation. The project is located in the Kalaburagi district of Karnataka. The company said this 21-year project loan facility from AIFL underscores Avaada’s derisked project development strategy and robust project financing capability.
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Correction, June 5, 2024, The county where the Ferrovial project is located was corrected from Lean County, Texas to Leon County, Texas.
