Project Finance Brief: Catalyze Secures $100 Million for Community Solar Projects

RWE acquires 599 MW of solar and energy storage projects

May 22, 2024

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From: Mercom Capital Group

Catalyze, a solar and energy storage project developer, secured $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority  for the development of a 79 MW portfolio of community distributed generation solar projects across New York State.

RWE Clean Energy, a renewable energy project developer, announced the acquisition of 599 MW solar and energy storage projects from Galehead Development, a solar, wind, and energy storage project developer in the U.S. The projects being acquired include two development-stage projects located within PacifiCorp’s operating territory in the Pacific Northwest and a mid-stage development asset in northeastern New York.

Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, signed an agreement for the acquisition of solar and energy storage projects in Spain from Q-Impact and Qualitas Energy. The portfolio consists of two solar projects with a total capacity of 60 MW and an energy storage project with a total capacity of 30 MW/ 120 MWh. The projects are in the municipality of Mahon in Menorca Island, Spain.

Apex Clean Energy, a renewable energy project developer, secured more than $150 million in project financing for two energy storage projects in Texas.  First Citizens Bank Energy Finance business and Bank United served as co-lead arranger of financings. Both projects are expected to reach commercial operation by the third quarter of 2024. Bank United also served as co-lead arranger of the financing.

Photon Energy, a solar project developer, secured €15 million (~$16.24 million) senior secured loan from the European Bank for Reconstruction and Development to develop a 29 MW solar project portfolio in Romania. The portfolio consists of six solar projects.

Enfinity Global, a renewable energy project developer, has announced financing worth $135 million from the Canada Pension Plan Investment Board to fund the development and construction of 1.2 GW of solar and wind power projects across five states in India. The projects, located in Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced development stages and are projected to be commissioned and connected to the grid between 2025 and 2026.

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.

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