ib vogt Secures $376M in Financing for Spanish Solar Project Portfolio

Plus Power, a developer and owner of energy storage projects, announced the completion of $1.8 billion in new financing for the construction and operation of five standalone battery energy storage projects. The financing commitments announced will cover the five projects with a cumulative 1,040 MW/2,760 MWh capacity. The transactions will support the portfolio’s construction and operations, including construction financing, term financing, letters of credit, and tax equity investments in partnership with 11 leading industry lenders and investors.

Grenergy, an independent solar and wind power producer, has agreed to sell two solar projects of nearly 300 MW capacity in Spain to Allianz Capital Partners on behalf of Allianz insurance companies and further institutional investors for €270.6 million (~$284.61 million). The transaction’s closing, subject to the satisfaction of customary conditions, is expected to occur on June 30, 2025. The projects are expected to reach commercial operation by the second half of 2024.

Spearmint Energy, an energy storage project developer, announced the successful closure of a $92 million tax equity investment for a 150 MW/300 MWh battery energy storage project in West Texas provided by Greenprint Capital Management, an investment firm. This marks one of the first applications of the Investment Tax Credit structure for a standalone battery energy storage system following the passing of the Inflation Reduction Act. The project named Revolution reached its completion this summer and is scheduled to begin operations later this year.

Opdenergy, an independent renewable energy producer, closed a $252 million project financing package for two solar power projects in the U.S. The first solar project, “Blake, “located in Jefferson County, West Virginia, has an installed capacity of 100 MW, and the second solar project, “Elizabeth,” located in Allen Parish, Louisiana, has an installed capacity of 160 MW. Both solar projects are currently under construction and are expected to be operational within the next few months.

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.


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