Greenbacker Renewable Energy, a renewable energy investment firm, through a wholly-owned subsidiary, acquired a 41 MW Heathlands utility-scale solar project in Manistee county, Michigan, from Prism Power Partners. The to-be-constructed project is the second project in Prism’s 53 MW 2022 Michigan portfolio. The project is co-located battery energy storage systems onsite. The project is expected to begin construction early next year and reach commercial operations in the fourth quarter of 2022.
Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, sold an 80% stake in its 350 MW/1,400 MWh Crimson storage project to Axium Infrastructure (Axium). Recurrent Energy will retain the remaining 20% ownership. The storage project will begin in Q3 2021 and is expected to reach commercial operation by the summer of 2022. The Crimson storage project is Canadian Solar’s first stand-alone storage project and the largest developed to date. It holds two energy storage contracts with local utilities: a 200 MW/800 MWh 14 year and 10-month contract with Southern California Edison under a full tolling agreement and a 150 MW/600 MWh 15-year contract with Pacific Gas and Electric. Recurrent and Axium will operate the battery system in the California wholesale power market
Norway-based renewable energy company, Statkraft, has signed an agreement with The Renewables Infrastructure Group (TRIG) to sell its portfolio of four co-located solar projects with a 234 MW cumulative capacity in Cadiz, Southern Spain. With this acquisition, Statkraft gained access to a 6 GW pipeline (gross) in Europe and South America that, combined with Statkraft’s current project portfolio, positioned the company as a leading developer in the European solar market. The company said it would construct the project starting this month, and the projects are expected to be completed in the fourth quarter of 2022.
Enel Green Power Romania, part of the Enel Group, has signed two share purchase agreements with Mytilineos Renewables & Storage Development (RSD) Business Unit for the acquisition of two solar PV projects located in Giurgiu and Teleorman counties, with a total capacity of around 90 MW. The first project will have an installed capacity of 63 MW and will be implemented in the Călugareni, Giurgiu county. Construction works are scheduled to start by the end of 2021. The second one will have a 26 MW capacity will be built in the Moșteni, Teleorman county. Construction works are expected to start at the beginning of 2022. The two projects are expected to achieve commercial operations by 2022 and the beginning of 2023, respectively.
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.