Primergy Solar, a developer of distributed and utility-scale solar and battery storage projects, announced closing $225 million in project financing for developing its Valley of Fire portfolio. The funding comprises a $125 million tax credit sale for the Gemini Solar + Storage project and a $100 million revolving credit facility from Rabobank for the continued development of the other VoF projects.
Lightsource bp, a solar project developer, secured a structured equity investment for a 288 MW utility-scale solar portfolio in Texas. HASI, an investor in climate solutions, provided funding to Lightsource bp. The two transactions reached a financial close on October 3 this year. The portfolio comprises the 163 MW Starr solar project in Starr County and the 125 MW Second Division solar project in Brazoria County. Both projects are expected to reach commercial operation by the end of 2024.
Low Carbon, a renewable energy project developer, announced the sale of 6 GW of energy storage projects in the Netherlands. LC Energy, a joint venture between Low Carbon and QING, developed those storage assets. The projects were acquired by S4 Energy, a Dutch-based grid-scale energy storage developer and operator, majority-owned by Castleton Commodities International. According to Low Carbon, the sale is one of the largest-ever investments in battery storage capacity in the renewables sector globally.
Avantus, a solar and storage project developer, announced the sale of the Catclaw solar and storage project to D. E. Shaw Renewable Investments. The project features 225 MWac solar and 250 MW/1,000 MWh storage capacity in Buckeye, Arizona, in Maricopa County, and is expected to become commercially operational in 2026. Arizona Public Service has signed a long-term power purchase agreement for the project.
Click here for reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance brief.
