Project Finance Brief: Bluefield Solar Acquires 80 MW Battery Storage Projects in the UK

Green Genius secures $40 million for Polish solar projects


From: Mercom Capital Group

Bluefield Solar, an income fund focused on acquiring and managing renewable energy and storage assets predominantly in the UK, acquired two standalone 40 MW battery storage projects from Green Hedge Energy for approximately £4.5 million (~$5.6 million). The projects are located in Derbyshire and Worcestershire. The acquisition signifies the development rights, grid connection costs, and land leasehold for the projects. Both projects have fully consented, and benefited from near-term grid connections, and the construction of the projects is expected to commence in 2022.

Green Genius, a renewable energy company, secured PLN 175 million (~$39.5 million) debt financing from Sequoia Economic Infrastructure Income Fund Limited to construct 66 MW solar projects in Poland. Sequoia Investment Management Company acted as an investment advisor on behalf of Sequoia Economic Infrastructure Income Fund Limited. The project is expected to reach commercial operation in early 2023. Since 2019, the company has developed three solar PV projects in Poland with a total accumulated capacity of 128.1 MW.

GreenVolt, through its subsidiaries V-Ridium Solar 45 and V-Ridium Renewables, has reached an agreement to acquire a 45 MW solar PV project in Romania, held by Samsung C&T Corporation, LSG Building Solutions, and Green Source Consulting. The operation values ​​the project at around €83 million (~$87.5 million). Part of the energy is sold on the market, with another component of regulated revenue, through green certificates, which are valid until 2031. GreenVolt expects to optimize the asset’s financial return by establishing a potential bilateral agreement for the sale of unregulated electricity, optimizing the operational management of the project, and the medium-term repowering potential of this asset.

Captona and South Jersey Industries announced the acquisition through Catamaran Renewables joint venture for a 5.66 MW Solar and 5.2MWh Storage facility in Agawam, Massachusetts. Catamaran Renewables acquired the Agawam Solar and Storage project from Consolidated Edison Solutions, a U.S.-based energy services company (ESCO). The project has qualified for the Massachusetts SMART program – a tariff-based incentive program for eligible solar technology assets – ensuring a strong return on investment as the facility continues to provide clean power to over 100 C&I community subscribers in Western Massachusetts.

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.