From: Mercom Capital Group

Arevon Energy, a renewable energy developer, owner, and operator, secured a $98 million tax equity commitment from Fifth Third Bank to develop 265 MW of solar projects in the U.S. The 192 MW Ratts and the 73 MW Heirloom solar projects are currently under construction and are expected to be fully operational later this year. These projects will add 265 MW of new domestic energy to Pike County, Indiana, and will expand Arevon’s portfolio in the Midwest/Midcontinent Independent System Operator territories.

Arena Renewables, a community and distributed solar and storage project developer, announced the sale of the 40 MW Illinois solar project portfolio to Summit Ridge Energy, a commercial solar project developer. The Illinois portfolio consists of six solar projects and is expected to reach commercial operation over the next year. The acquisition is expected to expand Summit Ridge’s footprint in the Midwest and further its mission to provide affordable, American-made energy to local communities.

Ormat Technologies, a geothermal and renewable energy company, entered into a $62 million hybrid tax equity partnership with Morgan Stanley Renewables. The funding will be used to develop solar and energy storage projects in the U.S. The project portfolio comprises the 60 MW/129 MWh Lower Rio energy storage project, the 35 MW/140 MWh Arrowleaf storage, and the 42 MW solar projects, which are expected to reach commercial operation by the end of 2025.

SAEL Solar MHP, a subsidiary of SAEL Industries, secured debt finance of $132 million from the Asian Infrastructure Investment Bank, the New Development Bank, and Societe Generale to develop a 300 MW solar power project in Andhra Pradesh, India. Each institution has committed $44 million in debt to the company’s project, which was awarded by the Solar Energy Corporation of India. The funds will be utilized towards the execution and operationalization of the project.

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.