Low Carbon, a renewable energy developer, raised a £230 million (~$265 million) senior debt facility to construct 1 GW of large-scale renewable energy projects in the UK and the Netherlands. NatWest, Lloyds Bank provided the debt facility, and AIB as the renewable energy investment leader’s rapid growth trajectory continues. The fund raised will be injected into Low Carbon’s growing portfolio. The company expects to immediately deploy to support the construction of 500 MW of new solar PV capacity across 17 assets in the Netherlands and the UK.

Scatec, a renewable energy solutions provider, secured  NOK 1.2 billion (~$102 million) for the combined solar power and battery project in the Northern Cape from export credit agency Export Finance Norway (Eksfin). Scatec is set to build three power plants in the South African province with a total of 540 MW of installed solar power and 225 MW of battery capacity. The company has previously delivered six large power plants in South Africa with a total capacity of 448 MW.

Naturgy, through its subsidiary Global Power Generation, a joint venture of Naturgy Energy Group, SA (75%) and the Kuwait Investment Authority (25%), acquired the Cunderdin hybrid PV solar and energy storage project with a 125 MWdc (100 MWac) solar PV capacity and a 55 MW / 220 MWh battery energy storage system from SBP, a renewable energy developer. The project is located in Cunderdin in Western Australia, approximately 150 km east of Perth. It will be connected to Western Australia’s Southwest Interconnected System (SWIS).

Ib vogt, a renewable energy project developer, raised $90.4 million to construct a 135 MW solar project in Poland. Commercial operation of the first section is expected in September 2022, and the project will be operational by the beginning of 2023. The investment was provided by BayernLB and Siemens Financial Services through Siemens Bank.

Orsted, a renewable energy developer, acquired 65 MW of the Ballinrea solar PV project in Ireland from renewable energy developer Terra Solar. The 65 MW solar project will be located in Cork, the second-largest city in Ireland, and is expected to be operational by 2025. Ballinrea solar project is expected to generate enough green energy to power up to 16,000 Irish homes.

Arevon Energy, a renewable energy company, secured a $400 million green loan fund credit facility from Canadian Imperial Bank of Commerce and KeyBank to finance the development of a 6 GW solar and storage pipeline of projects in the Midwest, Southeast, and California. Stoel Rives represented Arevon as legal counsel, and Mayer Brown served as lender counsel.

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.