Cubico Sustainable Investments Acquires 1 GW Solar Project in Brazil

SOWITEC, a German wind and solar energy project developer, has signed contracts to sell three solar development projects in Mexico with a total capacity of 570 MW to an international utility. The financial terms of the transaction were not disclosed. The three solar projects are already at an advanced development stage with secured land and all necessary environmental permits. Commissioning is expected to begin in 2025.

Grenergy, an independent power producer that designs, develops, and implements large-scale solar, wind, and storage projects, closed the sale of 32.5 MW of three solar distributed generation projects in Chile for €41.3 million (~$44 million). All three projects are PMGDs, which signifies that they are all covered by a special regulatory regime for small-scale DG plants and entitled to sell electricity at stabilized prices. The name of the acquirers was not disclosed. The projects are located across Dolores, Buenaventura, and Zaturno in Chile.

Gore Street Energy Storage Fund, a London-based publicly traded fund managed by Gore Street Capital, has acquired a 200 MW Big Rock 1 energy storage project in Imperial County, California, from clean energy project developer Avantus, for an undisclosed amount. The project is expected to begin construction in the second half of 2023, with completion expected by late 2024.

Zenobe Energy, a UK-based electric vehicle fleet operator and battery storage project developer, secured a £235 million (~$252 million) long-term debt facility to fund its next two grid-scale, transmission-connected battery storage projects totaling 400 MW/ 800 MWh in Scotland. The financing comes from the Canadian Imperial Bank of Commerce, Rabobank, Santander UK, Siemens Financial Services through Siemens Bank, and NatWest. For the transaction, NatWest acted as the sole debt advisor.

TransAlta Corporation, an electric utility company, announced the signing of a definitive agreement to acquire a 50% stake in the Tent Mountain Renewable Energy Complex, a 320 MW pumped hydro energy storage development project in southwest Alberta, Canada. The project is owned by Montem Resources. TransAlta will partner with Montem to jointly manage the project, with TransAlta acting as the project developer.

Altus Power, an independent power producer, announced the financial close on 220 MW of solar photovoltaic assets for approximately $293 million. These assets were purchased from True Green Capital Fund III under definitive agreements. The base purchase price of approximately $293 million was financed partially with debt secured from a $204 million long-term funding facility led by Blackstone Structured Finance at a fixed interest rate of 5.62% and the remainder from cash on hand.

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

Read last week’s project finance brief.