Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, secured tax equity investment from Google to develop an 800 MWdc (593 MWac) Double Black Diamond solar project in southern Illinois. The project is currently under construction and is expected to reach commercial operations by early 2025. Once operational, the project is expected to be the largest solar project east of the Mississippi River. The tax equity financing utilizes energy communities and domestic content adders, provided in the Inflation Reduction Act.
The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International provided €110 million (~$122 million) in funding to build and operate two solar projects in southeastern Romania. The Lepuresti and Ghimpati solar projects have a total installed capacity of around 300 MW. EBRD will provide a loan of €55 million (~$61 million), which will be split into two tranches of €25 million (~$27.74 million) and €30 million (~$33.29 million), and another €55 million (~$61 million) will be from Raiffeisen Bank International.
Levanta Renewables, a renewable energy project developer and independent power producer in Southeast Asia backed by Actis, an investor in sustainable infrastructure, announced the acquisition of six solar projects with a total installed capacity of 9.5 MWp for its commercial and industrial business from an undisclosed regional renewable energy projects developer. The portfolio comprises solar projects with long-term power purchase agreements signed with leading Global 500 multinational corporations.
Lodestone Energy, a solar project developer, announced the acquisition of two grid-scale solar project sites in the Manawatu region of New Zealand from Kiwi Solar, a utility-scale and rooftop solar energy project developer. Upon completion, the two projects will each have a total capacity of approximately 27 MW. Construction on the first site is scheduled to begin by mid-2025.
Generate Capital, a sustainable investment and operating company, and KeyState Renewables, an investment firm, announced the close of their third joint fund, Generate NY Community Solar VI. The closed fund includes a $64 million investment from KeyState, which will be used to develop and manage 11 projects in New York with a total capacity of 53.5 MW.
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.
