Lightsource bp, a solar project developer, acquired three projects from Horizon Firm, a developer specialized in solar, totaling 156 MW, across the country. Two of the projects are based in Sicily, in the province of Agrigento: the Canicattì project (40.9 MWp) and the Torre di Mastro project (58.2 MWp). The third project, Manfredonia (57.4 MWp), based in Apulia, will be developed as an Agri-PV to virtuously integrate agriculture and renewable energy. These projects cast light upon the two ‘regions’ strategic roles to develop RES in line with the national objectives of energy production and decarbonization.
Atlas Renewable Energy, a renewable energy company, announced receiving a $150 million loan from IDB Invest, a member of IDB Group, and from DNB Bank to finance the construction of its Lar do Sol – Casablanca project, a 359 MW solar project to be developed in Brazil that will provide clean energy to Anglo American’s operations in Minas Gerais. The loan was secured from IDB Invest, including the Clean Technology Fund and the Canadian Climate Fund for the Private Sector in the Americas – Phase II, both administered by IDB Invest, together with participation from DNB Bank ASA.
Public Service Enterprise Group (PSEG), a publicly-traded diversified energy company, entered into an agreement to sell its PSEG Solar Source portfolio to Quattro Solar, an affiliate of LS Power. The sale includes the 467 MW portfolio of 25 solar assets located in various states and related assets and liabilities. The PSEG solar source transaction is expected to close in the second or third quarter of 2021, subject to customary regulatory and other closing conditions.
Greenbacker Renewable Energy Company (GREC), a company that acquires and manages income-generating renewable energy and energy efficiency projects, announced that through a wholly-owned subsidiary, it purchased an 80 MW pre-operational solar project from Broad Reach Power. The project, MTSun Solar, is currently under development in Yellowstone County, Montana, with an expected commercial operation date of July 2022. It has a long-term power purchase agreement in place with the investment-grade utility Northwestern Energy, enabling GREC to continue developing its strong relationship with a high-quality offtaker.
Floating Power Plant (FPP), a Danish company developing a platform for floating wind and wave energy, secured R&D tax credits from the Spanish tax agency to finance a 5 MW hybrid demonstrator off the Canary Islands. The tax credit totals just over €17.6 million (~$21.3 million) and covers the initial three years of anticipated expenses associated with the demonstration project, FPP said. The project design and development are underway, with FPP planning to take the final investment decision later this year.
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Read last week’s project finance brief.