Origis Energy, a vertically integrated renewable energy platform and solar project developer, secured a $136 million construction financing facility and conversion to a term loan with MUFG to develop a 75 MW Rice Creek Solar project in Florida. The project is currently under construction. The Rice Creek Solar, located in Putnam County, is a PV solar project contracted by the Florida Municipal Power Agency for its members.
BRUC, a Spain-based renewable energy company that owns and operates solar and wind projects, secured €570 million (~$608.44 million) in financing for the construction of 842 MW of solar projects. The financing agreement was closed with Santander, ING, BNP Paribas, Crédit Agricole CIB, Sabadell, BBVA, and Unicaja. The financing is classified as a “green loan.” Banco Santander acted as financial advisor, hedge coordinator, and green loan coordinator.
Nova Clean Energy, a solar and wind project developer, announced the acquisition of HyFuels, a more than 1 GW portfolio of mid-to-late-stage wind and solar development projects, and an early-stage green ammonia project from BNB Renewable Energy. The project is located on the Texas Gulf Coast. The first phase of the project is expected to reach full notice to proceed in 2025 and Commercial Operations in 2026.
Recurrent Energy, a solar project developer and a wholly-owned subsidiary of Canadian Solar, secured 343 million Brazilian Reais (~$70 million) of non-recourse project financing from Banco do Nordeste do Brasil (BNB) for the Jaiba III solar project in Brazil. The Jaiba III project, with a total installed capacity of 152 MW, will be financed over 22 years, spanning both the construction and operation phases. The solar project will feature Canadian Solar’s BiHiKu modules. The project is currently under construction and is expected to be operational in Q4 2024.
Avaada Energy has closed a ₹44.71 billion (~$535.3 million) refinancing deal with the National Bank for Financing Infrastructure and Development (NaBFID) for four inter-state transmission system-connected solar projects with a combined capacity of 1.7 GW in Rajasthan. The financing from NaBFID, a specialized government-owned development finance institution, will enable the prepayment of existing loans and offer a successful exit to multiple lenders. The facility will be approved and disbursed as a 20-year rupee term loan facility.
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