Project Finance Brief: Deriva Energy Acquires 140 MW Solar Project
Nautilus Solar Energy secures $72 million tax equity financing
January 31, 2024
From: Mercom Capital Group
Deriva Energy, an independent renewable energy developer, announced the acquisition of a 140 MW solar project in Las Animas County, Colo. The project was acquired from the JUWI, a solar project developer. The project, named ‘Spanish Peaks, is located in the service territory of Tri-State member San Isabel Electric Association. The Spanish Peaks commenced construction and is expected to be commissioned in Q4 2024. Deriva Energy will own the plant and share operations and maintenance responsibilities with JUWI.
Nautilus Solar Energy, a New Jersey-based independent solar power producer, on behalf of its affiliate Nautilus US Power Holdco and Foss & Company, an institutional investment firm, entered into a $72 million tax equity partnership. The investment will be used to fund a 62 MW portfolio of 16 solar projects in Maine, Minnesota, New York, and Maryland. This is the second partnership between the two companies.
SAEL, an India-based solar and agricultural waste-to-energy company, raised $1 billion in a funding round involving Norfund, the U.S. Development Finance Corporation, the Asian Development Bank (ADB), Tata Cleantech, and other financial institutions. Out of the total, ADB approved a ₹12.23 billion ($147 million) loan for a 400 MW solar project in Gujarat, and Tata Capital provided financing of ₹6.11 billion ($73.4 million).
Origis Energy, a vertically integrated renewable energy platform and a solar project developer, secured $317 million project tax equity financing from J.P. Morgan to develop two utility-scale solar and solar plus storage projects. The renewable energy projects are located in New Mexico and Mississippi. The Escalante Solar project is currently under construction and has a capacity of 200 MWac.
Low Carbon, a renewable energy investor and project developer, announced that it has reached financial closure on a 385 MW portfolio of solar and energy storage projects in the U.K. Most of the projects will begin construction in early 2024 and are part of a large pipeline of solar and battery storage projects in excess of 3 GW in the U.K.
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