Hive Energy, a renewable energy project developer, has completed the sale of a 267 MW ‘Consortium’ portfolio comprising four individual solar power projects in Greece to JUWI Hellas, a renewable energy specialist. The projects have been developed to ready-to-build status by Hive Energy, and construction by JUWI is scheduled to begin in the first quarter of 2024. Once operational, these projects will provide enough electricity to power around 100,000 homes each year.
Pacific Green Technologies, an energy storage project developer, secured £120 million (~$146 million) Senior Debt Facility for 249 MW/373.5 MWh Sheaf Energy Park battery energy storage project in Kent, England. The Facility is provided by a two-bank syndicate, with National Westminster Bank and UK Infrastructure Bank Limited contributing £60 million (~$73 million) each. It will be used to fund the development and construction of Sheaf Energy Park, following which repayment will occur on a 10-year amortization profile upon the start of commercial operations.
Radiance Renewables, a subsidiary of Green Growth Equity Fund and backed by EverSource Capital, has secured a $90 million Green Loan Project Finance Facility for its 150 MW (AC) greenfield commercial and industrial (C&I) solar power project in Maharashtra. Axis Bank and Standard Chartered Bank collaborated to organize the green loan, with Standard Chartered Bank overseeing green loan compliance, including the Loan Market Association’s Green Loan Principles, IFC Performance Standards, and Equator Principles.
Helleniq Energy, an oil company, announced the acquisition of six solar photovoltaic parks totaling 26 MW in Cyprus as part of its efforts to grow its renewable energy activities. The acquisition, carried out through its subsidiary HELLENiQ Renewables, is the Group’s fifth investment in RES internationally and the second in the Cypriot market.
Longroad Energy, a U.S.-based renewable energy project developer, announced the financial closure and beginning of construction of the Sun Streams 4 project, comprising 377 MW solar photovoltaic and 300 MW/1200 MWh storage capacity. The project, located in Longroad’s Sun Streams complex based in Maricopa County, Arizona, is expected to start commercial operations by mid-2025.
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.