Samsung C&T Renewables, a renewable energy development and investment company and the renewable energy corporation of South Korea’s Samsung C&T in the U.S., signed a contract for sale and development services for a 3 GW solar and ESS (energy storage system) project in southern Texas to Sunraycer Renewables. The portfolio sold consists of 15 projects, of which 1 GW is from six solar projects and 2 GW from 9 ESS projects.
Dimension Renewable Energy, a community solar project developer, secured $237 million in financing for constructing a 120 MW distributed generation portfolio. Silicon Valley Bank , a division of First Citizens Bank, acted as lead debt syndicator, with NT Solar and Advantage Capital arranging the tax equity. The portfolio comprises 28 solar projects located across New York, New Jersey, Virginia, and California.
Ethical Power, a utility-scale solar and storage project developer, secured £20M (~$25M) loan facility from Thrive Renewables for the development and construction of two 25 MW battery storage and four solar projects (142 MW in total) across the UK over the next three to five years.
IGNIS, a vertically integrated renewable energy company, achieved a financial closing amounting to €335 million (~$357.47 million) for the development of 500 MW of solar projects in Spain. The loan was led by Deutsche Bank, which also acted as sole underwriter, with the participation of Rabobank, ABN Amro and Triodos Bank. IGNIS was advised by Cuatrecasas and the financial institutions by Clifford Chance.
Nexwell Power, a UK-based company that builds and operates solar PV installations, announced the signing of a financing agreement with Coöperatieve Rabobank U.A. for a total amount of €37 million (~$39.77 million). The funding will be utilized to construct seven new plants located in Andalusia and Extremadura totaling 46 MW. The projects are expected to start delivering power in 2024.
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.