Opdenergy, an independent renewable energy producer focused on solar photovoltaic and onshore wind technologies, has closed with BBVA the underwriting mandate for the financing of the development, construction, and commissioning of its backlog project portfolio in Spain, with a total expected installed capacity of approximately 725 MWp and for an amount of close to €500 million (~$601 million) (of which up to €76 million (~$91 million) would be for guarantees linked to the PPAs, and up to €20 million (~$24 million) would be for guarantees related to the reserve accounts. The financing will be structured as long-term project financing.
D.E. Shaw Renewable Investments (DESRI), a provider of cost-effective renewable energy across North America, announced the financial closing of Assembly Solar III, a 79 MW solar project in Lennon, Michigan. DESRI is moving forward with construction after securing both construction debt and tax equity financing for the project. The Assembly Solar III project is the third phase of the Assembly Solar project in Michigan to begin construction. The projects were developed by Ranger Power, a utility-scale solar developer headquartered, in partnership with DESRI, and are being constructed by McCarthy Building Companies.
Nautilus Solar Energy (Nautilus), an owner-operator of distributed generation and community solar projects located throughout North America, has closed a $110 million tax equity commitment with Credit Suisse. The facility will provide competitive long-term financing for 22 community solar projects across Colorado, Maryland, Minnesota, New York, and Rhode Island, amounting to approximately 75 MWdc of nameplate capacity. All projects in the portfolio are expected to be placed in service in 2021 and early 2022.
Gresham House Energy Storage Fund finalized the purchase of the 30 MW/30 MWh Byers Brae battery energy storage system (BESS) in Scotland. The asset was acquired for a total enterprise value of £15.6 million (~$21.7 million), plus up to £35,000 (~$48,749) of deferred contingent consideration. It was sold by developers Gresham House DevCo Limited and Noriker Power.
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.