Project Finance Brief Pivot Energy Raises $100 Million from Fundamental Renewables

SunVest Solar, a solar project developer, announced closing a $113 million debt facility and $41 million tax equity for 56 MW of solar projects in Illinois, Maine, Minnesota, and Wisconsin. The construction will be done in stages through 2023, with part construction already underway at ten projects across all four states. The portfolio would be owned and operated by SunVest and represents the largest portfolio the company has developed to date.

Shell New Energies Holding Europe has acquired Spain-based Green Tie Capital‘s ten under-development solar energy projects across Spain, with a potential generation capacity of 2 GW. The company did not disclose the transaction value. Shell said that the capital expenditure on the transaction is covered by its current capital range for renewables and energy solutions. Land exclusivity rights have been secured for the ten solar projects in the early or advanced stages of development.

The Indian Renewable Energy Development Agency (IREDA) has approved a ₹44.45 billion (~$537.14 million) loan to SJVN Green Energy to develop a 1 GW solar project in Bikaner, Rajasthan. SJVN had bagged the project tendered by IREDA under the CPSU Phase-II (Tranche-III) program under viability gap funding to develop a grid-connected solar project.

The Australian Renewable Energy Agency announced A$176 million (~$118 million) in conditional funding to support eight grid-scale battery projects across the country. With a total project value of A$2.7 billion (~$1.8 billion) and a cumulative capacity of 2 GW/4.2 GWh, the projects represent a tenfold increase in grid-forming power storage capacity, which is currently operational in the National Electricity Market.

Acciona Energía has acquired the 190 MW/380 MWh battery energy storage system (BESS) facility in Cunningham, Texas, U.S., from Qcells, a subsidiary of the South Korean industrial group Hanwha Corporation. The Madrid-headquartered company said that the deal would also include the acquisition of over 1 GW/2 GWh of BESS projects portfolio at an advanced stage of development. The parties did not disclose the deal value.

CVE North America, an independent power producer, completed the acquisition of 41 MW of solar photovoltaic projects portfolio in New York from Saturn Power Corporation. The portfolio comprises seven community solar projects throughout the National Grid utility territory. Saturn Power has developed the projects to Notice to Proceed status, and CVE is expected to begin construction by the end of 2022. CVE would own and operate the portfolio and work with third-party providers to construct the projects and acquire community solar subscribers.

Fotowatio Renewable Ventures Australia, a developer of sustainable energy solutions, has reached the financial close on the Walla Walla solar farm in New South Wales with a peak power capacity of 300 MW. The funding was provided by ING, the Clean Energy Finance Corporation, and Export Development Canada in the form of a green loan compliant with the Loan Market Association’s Green Loan Principles.

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.