ib vogt, a renewable energy project developer, has agreed to sell the 149 MW Garnacha solar project in Spain to ERG, a renewable energy independent power producer. The Garnacha solar power project is in an advanced stage of construction. Commercial operation is expected to begin by the end of 2023, after which ib vogt will provide complete O&M services. The transaction for the 100 % stake in Garnacha Solar is expected to close by the third quarter of 2023 and represents an enterprise value of 170 million euros (~$188 million).
Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, secured financing for its 266 MW Tres Bahias Solar project in Texas. ING Capital financed the project and acted as the sole Lead Arranger, Bookrunner, and Green Loan Structuring Agent. Morgan Stanley has committed to the tax equity for the project.
BayWa r.e., a utility-scale solar project developer, secured a $115 million credit facility from Nomura to support the development of utility-scale solar and solar+storage projects as it continues to grow its footprint in the U.S. clean energy market. The credit facility will initially support projects totaling 1.1 GW of solar and 188 MWh of battery storage in several states, including North Carolina, Illinois, Kentucky, Arkansas, and Washington. The projects will be brought online starting in 2024 through 2026.
Akuo, a renewable energy power producer and project developer, and its UK-based partner Atlantica Sustainable Infrastructure closed the financing for 80 MW of solar projects in Chile. The portfolio comprises nine photovoltaic power projects which are currently under construction. The projects are all situated in the south of Santiago de Chile.
U.S. distributed generation platform Aspen Power Partners acquired a 42 MWdc portfolio of solar projects in Pennsylvania as part of a wider development agreement with Sunrise Energy. The specific portfolio consists of 10 ground-mounted commercial photovoltaic projects. The sites will mark the start of Aspen’s agreement with Sunrise for the development of 84 MW DC of solar in the Keystone State.
For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.
Read last week’s project finance brief.
