EDP Renewables Acquires 200 MW Solar Projects in Vietnam

Signal Iduna and its financial subsidiary HANSAINVEST Real Assets acquired the 650 MW Witznitz solar project in Lake Hainer near Leipzig, Germany. The project is subject to planning approval. Moveon Energy is developing the project and plans to install more than 1.1 million solar modules. Construction works are expected to be completed by Q2 2023. Moveon Energy will take over the operational management of the project and operate 45 MW of it in its portfolio. The energy produced will be available to industrial and large customers without state subsidies utilizing long-term power purchase agreements.

Sonnedix, an independent solar power producer, has completed the ownership transfer of its South African operations to BTE Renewables, a wind, and solar power producer, backed by global infrastructure investor Actis. The transaction includes the sale of Sonnedix Africa’s wholly-owned subsidiary, Sonnedix Solar South Africa. Sonnedix Solar South Africa owns a 60% interest in Mulilo Sonnedix Prieska PV (RF) Proprietary Limited, which owns the solar PV project in the Prieska region of the Northern Cape Province, South Africa, with a contracted capacity of 75 MW. Sonnedix Solar South Africa also manages the Prieska project through a management services agreement on behalf of the shareholders.

Summit Ridge Energy, an owner, and operator of community solar assets secured $15 million in funding for constructing two lithium-ion battery energy storage systems (BESS) projects totaling 31 MWh in Staten Island, New York. Fundamental Renewables, formerly MMA Energy Capital, provided the funding through two loans. To date, Fundamental Renewables has provided over $765 million in financing to Summit Ridge through multiple constructions, development, and equipment loans. The BESS projects have been awarded a Block Incentive through the NYSERDA Retail Energy Storage Incentive Program and will operate under New York’s Value of Distributed Energy Resources tariff.

Torrent Power announced the completion of its acquisition of the special purpose vehicle (SPV) operating a 50 MW solar power plant in the state of Telangana. The acquisition of 100% securities of the SPV as per the Securities Purchase Agreement with SkyPower Southeast Asia III Investments and SkyPower Southeast Asia Holdings 2 (the Sellers), and Sunshakti Solar Power Projects (SPV). The long-term Power Purchase Agreement for the project is with Northern Power Distribution Company of Telangana for 25 years at a fixed tariff of approximately ₹5.35 (~$0.069)/kWh, with remaining useful life of approximately 20 years. The enterprise value for this acquisition is about ₹4.16 billion (~$53.28 million).

Australian renewable energy company, Edify Energy, announced the completion of project financing to build and operate a 150 MW/300 MWh battery energy storage system, located in the southwest of New South Wales. The project comprises three separate partitions: 60 MW/120 MWh Riverina Energy Storage System 1 (RESS 1); 65 MW/130 MW Riverina Energy Storage System 2 (RESS 2); and 25 MW/50 MWh Darlington Point Energy Storage System (DPESS). Commonwealth Bank of Australia (CBA), Westpac, and DNB provided long-term syndicated debt financing.

US Solar Fund (USF), a renewable energy fund, announced the financial close on its option to acquire a further 25% interest (Tranche 2) in the 200 MW Mount Signal 2 (MS2) solar project. The acquisition takes USF’s total ownership of MS2 to 50% or 100 MW and was funded with available cash. USF’s portfolio now comprises 42 fully operational assets with a combined capacity of 543 MW across five states in the U.S. The acquisition increases USF’s weighted average investment-grade power purchase agreement (PPA) term from 14.1 years to 14.5 years and further enhances geographic diversification.

A2A, an Italian company, completed the acquisition of wind and solar portfolios from Ardian, in compliance with the agreements entered on January 22, 2022. A2A has acquired participations in 3New&Partners, Daunia Calvello, and Daunia Serracapriola, companies comprising a portfolio of wind projects in Italy with a total capacity of 335 MW (196 MW pro-rata with respect to Ardian’s stake) for €265 million (~$283.7 million). A2A has also acquired an additional portfolio, 4New, consisting of wind and solar projects for an overall capacity of 157 MW, of which 117 MW are located in Italy and the remaining 40 MW in Spain, for an equity value of €187 million (~$200.2 million). The wind projects covered by the agreements between A2A and Ardian are located in Sardinia, Puglia, Campania, and the Spanish region of Catalonia, while the solar projects are located in Puglia, Lazio, and the Spanish region of Andalusia.

China’s state-owned China Three Gorges has agreed to buy a portfolio of solar PV projects in Spain worth about 200 million (~$214.52 million) from Nexwell Group, a fund with renewable power assets, the Spanish newspaper Expansion, citing unidentified market sources. China Three Georges entered Spain in August 2020 when it announced the acquisition of 13 Spanish solar projects built by Madrid-based renewables company X-Elio.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

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