Qcells, a utility-scale solar developer, energy storage developer, and solar EPC provider, closed a $150 million funding to support the construction of the Cunningham Energy Storage Project and other projects in their pipeline.
BNP Paribas Securities, Crédit Agricole CIB were the lead arrangers for the facility with BNP acting also as sole Administrative Agent.
“We appreciate the confidence and trust that BNP and CA-CIB have placed in Qcells to execute on our pipeline with industry-leading projects like Cunningham. We look forward to exploring ways to deepen our relationship with our partners given our aggressive growth plans,” said Rich Chung, Head of Project Finance at Qcells.
The Cunningham Energy Storage Project is a 190 MW/380 MWh (2hr capacity) project and is expected to be one of the largest energy storage facilities in the ERCOT market once operational.
“Qcells has a growing footprint in the renewable energy space and fits with BNP Paribas Low Carbon Transition Group ambitions. BNP Paribas is proud to be part of this important transaction, and we look forward to growing alongside Qcells,” said Chris Sked, Managing Director of High-Grade Finance at BNP Paribas said, “BNP Paribas.
This Month, Scatec, a renewable energy solutions provider, secured NOK 1.2 billion (~$102 million) in financial risk reduction for the combined solar power and battery plant project in the Northern Cape from export credit agency Export Finance Norway (Eksfin). Scatec is set to build three power plants in the South African province with 540 MW of installed solar power and 225 MW of battery capacity.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, there were 13 energy storage M&A transactions in 1H 2022 compared to nine in 1H 2021.
SUSI Partners, through SETF, has acquired a 100 MW portfolio of front-of-the-meter battery storage systems in South Texas in partnership with SMT Energy, a developer and operator of renewable energy and energy storage projects. The portfolio comprises ten ready-to-build projects with a capacity of 10 MW each. The assets are expected to start commercial operation in the first half of 2023.