Project Finance Brief: Primergy Closes $75 Million Credit Facility from Rabobank

Primergy Solar, a U.S.-based utility-scale and distributed solar and storage company, has closed a $75 million revolving credit facility from Rabobank to develop a pipeline of solar and storage projects. The funding, which can be extended to $200 million, is expected to support the company’s portfolio of projects spanning 17 states and exceeds 3.2 GW of solar photovoltaic and 2.3 GW of storage projects targeting operational dates through 2026.

Enfinity Global, a renewable energy company, secured €142 million (~$151.15 million) in the long term and VAT financing and letter of credit facilities to construct three solar projects with 112 MW capacity in Italy. The funding was provided in two tranches by Santander Corporate & Investment Banking and BayernLB, providing project financing for two power plants totaling 72 MW and an additional tranche for 40 MW that also included Nomura.

Spain-based renewable energy group Bruc has acquired six new solar photovoltaic power generation plants with a cumulative capacity of 384 MW from independent renewable energy producer Opdenergy. The assets are part of the 1,101 MW portfolio agreed upon between the two companies in August 2021 for selling and purchasing 20 solar photovoltaic power generation plants.

Europe-based ILOS Energy has secured a €500 million (~$532.1 million) structured credit facility to generate over 2 GW of power through solar and battery storage projects until 2026. Sponsored by private equity and infrastructure investor Omnes, the power producer inked a pact for the loan with global institutional investor EIG.

ERG Spain Holdco, a subsidiary of ERG, a Europe-based renewable energy producer, announced the acquisition of the entire share capital of Instalacion Fotovoltaica Arericsol VIII, which owns a solar project of 25 MW capacity located in Spain, at an enterprise value of €30.4 million (~$32.31 million).

Tata Power has secured a ₹4.5 billion (~$54.3 million) trade finance facility from Japan-based Mitsubishi UFJ Financial Group for two solar projects. The funds will be used for a 100 MW solar project in Parthur, Maharashtra, and a 120 MW solar project in Mesanka, Gujarat. Both projects will be executed by TP Kirnali, a wholly owned subsidiary of Tata Power Renewable Energy, the clean energy arm of Tata 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.