Recurrent Energy, a global developer, owner, and operator of solar and energy storage, secured financial closure on the 119 MW Horus Solar project in Mexico. The solar project was closed under a non-recourse financing of $51 million provided by Korea Eximbank, South Korea’s official export credit agency, and KEB Hana Bank, one of South Korea’s largest banks.
ENGIE North America, a U.S.-based electric utility, announced the completion of more than $1 billion in tax equity financing for 1.3 GW of renewable energy projects in the U.S. The financing was secured through separate agreements with three banks, including J.P. Morgan, Goldman Sachs, and BNP Paribas. The financing pertains to a portfolio of recently commissioned renewable projects in the U.S. The overall portfolio consists of 6 projects across ERCOT, MISO, and SPP, including 950 MW of solar and 353 MW of wind capacity.
The European Bank for Reconstruction and Development and French asset manager Eiffel Investment Group extended a joint loan of €45 million (~$48.83 million) to PL-SUN for the construction of a portfolio of solar power plants.
India-based BluPine Energy has expanded its renewable energy portfolio by acquiring 369 MW of solar power assets from the ACME Group. The deal covers 14 special-purpose vehicle solar projects located across Uttarakhand, Punjab, and Karnataka. With this acquisition, BluPine’s total renewable capacity has grown to 2.4 GW.
Elawan Energy, a developer and operator in the renewable energy industry, has closed €150 million (~$162.76 million) in debt financing for a portfolio of renewable projects in Spain. The project is financed by ING, Banco Sabadell, Banco Santander, and Unicaja. Watson Farley & Williams provided legal assistance to Elawan Energy through the transaction, while Clifford Chance advised the financers.
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.
