Spearmint Energy, a utility-scale battery storage project developer, secured more than $250 million in financing for the construction and development of two 100 MW/200 MWh Tierra Seca and Seven Flags battery energy storage projects located in Del Rio and Laredo, respectively, within the Texas ERCOT power market. The financing package includes $59 million in construction-to-term loan facilities, $95 million in tax equity bridge loan facilities, and $98 million in tax equity commitments.
True Green Capital Management, a renewable energy infrastructure investment firm, has announced the acquisition of 64 MW of operational solar projects from Ecofin US Renewables Infrastructure Trust PLC through its fourth fund. The assets consist of 62 geographically diversified projects located across seven states and four markets. The states include New Jersey, California, Massachusetts, Minnesota, Virginia, and Delaware, while the power markets include PJM, CAISO, ISO-NE, and MISO.
Enlight, a renewable energy project developer, has secured $243 million in financing for its Quail Ranch project near Albuquerque, New Mexico. The funding was arranged through its U.S. subsidiary, Clenera Holdings. The project consists of 128 MW solar, along with a 400 MWh battery storage project. It is expected to reach commercial operation by the end of 2025. Offtake for both generation and storage volumes is secured by a 20-year busbar PPA with the Public Service Company of New Mexico.
Catalyze, a project developer and independent power producer of distributed renewable energy assets, secured $85 million in tax equity investment from RBC Community Investments (RBC). The financing will be used to construct and complete approximately 75 MW of commercial, industrial, and community solar projects across the U.S. in 2025. The company’s distributed generation portfolio now totals 300 MW of projects in operations and construction.
Palladium Energy, a renewable energy project developer, announced the sale of a 364 MW solar plus 280 MWh storage portfolio to Exus Renewables North America (Exus) through its joint venture with Arava Power, a utility-scale renewable energy project developer.
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.
