Ashtrom Renewable Energy Secures Financing for 400 MW Solar Project

Summit Ridge Energy, a solar project developer, announced the acquisition of 19 community solar projects totaling 100 MW across the Commonwealth of Virginia. The acquired portfolio comprises projects spanning from Virginia’s southernmost border up to the Richmond and the D.C. metropolitan areas. The projects, expected to be operational by the end of 2024, will generate enough power to lower the energy bills for 12,600 homes across 16 counties.

Primergy Solar, a solar and energy storage project developer, secured $300 million in debt and tax equity financing for the 100 MW Prairie Mist solar project in Arkansas. The Prairie Mist project debt financing includes a tax equity bridge loan, construction/term debt, and a letter of credit facility.

SB Energy Global, a U.S.-based integrated renewable energy platform, has secured $2.4 billion to support the development of renewable energy projects focusing on the domestic content utilization provision under the Inflation Reduction Act. The company will utilize part of the funds to develop a 1.3 GW portfolio of four utility-scale solar power projects.

A $1.3 billion financing package for the Faraday Solar project, a 682.5 MW ground-mounted solar facility in Utah County, Utah, in the U.S., was closed by Excelsior Energy Capital, a renewable energy infrastructure fund focused on middle-market investments in North America. The construction of the Faraday Solar project is in progress and is expected to start operating in Q3 2025.

Sunlight Energy Investments, a subsidiary of Genie Energy, a retail and renewable energy solutions firm, announced that it had acquired a portfolio of 12 operating solar arrays totaling 9.4 MWdc from the project developer. The arrays supply power to on-site school facilities in Ohio and Michigan, and their production is covered under direct, long-term, fixed-price solar power purchase agreements.

Adani Green Energy announced a follow-on funding of a $1.36 billion senior debt facility as part of its construction financing framework, enhancing the pool to $3 billion since the initial project financing. The financing will be a key enabler in developing a 2,167 MW renewable energy park in Khavda, Gujarat. The park is expected to accelerate the company’s vision of 45 GW operating capacity by 2030.

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.