ENGIE Secures $1 Billion Financing for 1.3 GW Renewable Projects

Leeward Renewable Energy, a solar, wind, and energy storage project developer, closed $580 million of tax equity commitments and debt facilities for its White Wing Ranch Solar and GSG Wind projects located in Yuma County, Arizona, and LaSalle County, Illinois. The tax equity commitment was secured from Wells Fargo Bank, and the debt facility was provided by Mizuho Bank, National Bank of Canada, Société Générale, and Sumitomo Mitsui Trust Bank.

Pacific Green, an energy storage project developer, through its wholly-owned subsidiary, Pacific Green Battery Energy Park (Italia), acquired a 51% stake in five projects totaling 500 MW/ 2,800 MWh in Italy from Sphera Energy. The remaining 49% of the shares of each project will be acquired after achieving certain development milestones. The first 100 MW battery energy storage system project in Campania has been submitted to the Ministry of Environment and Energy Security for permitting, and the remaining four will be finalized in the coming months.

Foresight Solar, a sustainability-focused fund investing in solar and battery storage assets, sold a 50% stake in Spain’s 99 MW Lorca solar portfolio. A Luxembourg-based fund advised by EB-Sustainable Investment Management, a subsidiary of Evangelische Bank, paid €26.9 million (~$29.2 million) for the assets, a 21% premium to their third-quarter holding value. This represents an exit IRR of 12.1% on funds invested to date in the stake sold.

Rubis Photosol, an independent French energy operator, acquired a 29 MW solar portfolio in Spain from the European Solar Energy Development JV, a collaborative venture established between Emeren and Eiffel Investment Group, a French asset manager. The 29 MW portfolio comprises three late-stage projects located in the Municipality of Algorfa, Alicante, Spain, in an advanced phase of obtaining the Administrative Authorization for Construction. These projects are expected to be operational during the second half of 2025.

Pontegadea, a private real estate asset manager, has agreed to acquire a 49% stake in Repsol’s 618 MW renewable portfolio for €363 million (~$393 million). The portfolio is made up of twelve wind farms located in Huesca, Zaragoza, Teruel (the region of Aragon), and Valladolid (Castile and Leon), with a total installed capacity of 398 MW, and two solar power projects located in Albacete (Castile-La Mancha) and Cadiz (Andalusia), with 220 MW capacity. The portfolio includes projects with hybridization potential, which would add 279.2 MW to the existing portfolio.

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.