Sonnedix, the global solar independent power producer, and Cox Energy América, a solar energy company, closed a $120 million financing from Sumitomo Mitsui Bank Corporation through the joint venture Sonnedix Cox Energy Chile, on which Sonnedix holds a 70%, while Cox Energy América has the remaining 30%. The financing will cover the IPP’s 160 MW development project Sonnedix Meseta de Los Andes solar PV project, in Chile. The project is located in the Valparaíso Region of Chile, in the municipalities of Calle Larga and Los Andes.
Clearway Energy, a renewable energy project developer, closed more than $195 million in debt financing for its Community Solar Fund 7 – a diversified portfolio of 12 projects totaling 71 MW that will serve commercial and industrial customers and around 3,600 residential customers across Illinois and Massachusetts. For the debt financing, Fifth Third Bank and KeyBanc Capital Markets acted as Coordinating Lead Arrangers and Joint Bookrunners, while MUFG Union Bank served as Joint Lead Arranger and Joint Bookrunner for construction and term debt financing.
Brazil’s National Development Bank has approved BRL 1.47 billion (~$278 million) in financing for the 700 MW Janauba solar complex owned by a local unit of Canada’s Brookfield Asset Management. Located in Minas Gerais state, the photovoltaic complex consists of 14 solar farms. The finance, which corresponds to 72% of the total project cost of BRL 2.04 billion (~$385 million), was given to Elera Renovaveis, formerly Brookfield Energia Renovavel.
Distributed Solar Development, a commercial and industrial solar installation company, raised $85 million in tax equity financing from Bank of America to support its expanding pipeline of distributed generation solar projects in the commercial and industrial market through 2021, with a sizeable portion going toward New York State Energy Development and Research Authority Value of Distributed Energy Resources assets.
Private equity fund Amber Capital Armenia, supported by the European Bank for Reconstruction and Development and the European Union, acquired Solis, an Armenian solar plant operator, to build and operate a 4 MW photovoltaic solar power plant in Aragatsotn, western Armenia. The facility is expected to be operational by the end of 2021 and generate 7.5 GWh of clean energy per year, resulting in 3,200 tons of avoided CO2 emissions annually.
ENGIE Romania, the Romanian arm of French multinational electric utility company ENGIE has completed the acquisition of an operational PV project, with a total installed capacity of 5.46 MW, from a company owned by two German investors. The photovoltaic project is located in the southern part of Romania, in the village of Nenciulești in Teleorman County.
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Read last week’s project finance brief.