Project Finance Brief: EDF Renewables Acquires 4.5 GW Solar Project Pipeline in the US

GreenYellow closed $19 million for a 20 MW solar project in Madagascar

October 27, 2020


From: Mercom Capital Group

GreenYellow, an operator of green energy in Madagascar, Axian, a Pan-African group, Societe Generale, GuarantCo, the guarantee arm of the Private Infrastructure Development Group, and African Guarantee Fund have closed an MGA 73.8 billion (~$19 million) transaction to support the debt funding of the 20 MW solar PV project in Ambatolampy, Madagascar. This project is the largest in the country and was operated and built by GreenYellow. It has been operational since 2018.

Sol Customer Solutions, a joint venture between Capital Dynamics’ clean energy infrastructure (CEI) business and Sol Systems, has secured a distributed generation tax equity commitment from the Bank of America. The second tranche funding under the tax equity commitment occurred in September of 2020 and seeded four additional projects. Included are Rock Falls, a 1.3 MW ground-mount solar project in Illinois, supplying power to the City of Rock Falls through a PPA with IMEA, and three additional Walmart projects in California developed by Sol Customer Solutions totaling 2.4 MW.

Etrion Corporation, an independent power producer, has completed the sale of its investment interest in the Mie 60 MW solar project and received JPY 3.4 billion (~$32.2 million). Also, Etrion’s subsidiary, Etrion Japan KK, has been paid a development fee of JPY 300 million (~$2.8 million). Earlier this month, Etrion Japan KK also received JPY 700 million (~$6.6 million) as compensation for work performed to date. In aggregate, Etrion has received a total of JPY 4.4 billion (~$41.6 million) for this project.

EDF Renewables North America, an independent power producer, and services provider, and Geenex Solar, a utility-scale project developer, announced the close of an acquisition agreement of up to 4.5 GW pipeline of solar development assets throughout PJM. The transaction will accelerate EDFR growth in the PJM wholesale electricity market to meet the growing demands of corporate and utility customers seeking cost-effective renewable energy sources. Jefferies Financial Group served as exclusive financial advisor to Geenex.

Sonnedix, an independent solar power producer, acquired a 1.3 MW operating solar PV portfolio from Genergy in Italy. The portfolio is under the Italian Conto Energia IISalva Alcoa (feed-in tariff) scheme and has been in operations since 2011. 

Polish solar projects developer R.Power Group secured a loan financing agreement to get PLN 102 million (~$26.M) in debt to back a 29.4 MW solar portfolio in Poland. The debt funding will be provided by mBank and will support the construction of 32 solar parks across Poland. The Polish firm plans to initiate construction later this year and aim to bring the solar farms online in the third quarter of 2021.

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.

Image credit: Amplus Solar


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