Project Finance Brief: EE North America Sells 350 MW Solar Project in Texas
DSD Renewables secures $75 million tax equity financing
From: Mercom Capital Group
EE North America, a subsidiary of European Energy, a solar and wind project developer, agreed to sell a 350 MW utility-scale solar project in Texas to Osaka Gas USA, an energy utility company. The project is currently being developed and expected to enter commercial operation by July 2025.
DSD Renewables, a business backed by BlackRock Real Assets’ Global Renewable Power platform, secured $75 million in tax equity financing from Bank of America to support the company’s distributed generation solar projects under its 2023 build plan. The tax equity will fund the development and deployment of 61 MW of commercial and industrial projects and community solar and storage assets across California, Connecticut, Illinois, New Jersey, New York, Massachusetts, Minnesota, Pennsylvania, and Washington, D.C.
Low Carbon, a renewable energy investment firm, secured £310 million (~$391 million) second finance facility to construct an additional 448 MW of solar projects in the UK and the Netherlands. ABN AMRO, ING, the Commonwealth Bank of Australia, Intesa Sanpaolo, and the existing banks, including NatWest, Lloyds Bank, and AIB, provided the financing. The finance facility announced takes the total amount of debt funding raised by Low Carbon to £540 million (~$671 million).
Accelergen Energy, a solar and storage project developer, secured $30 million in financing from Leyline Renewable Capital to develop a multi-gigawatt pipeline of utility-scale solar and storage projects across multiple U.S. markets over the next four years.
Santander UK, an investment bank, provided £25 million (~$31 million) funding South Farm Solar, a subsidiary of global energy producer and service provider Voltalia, to support the construction and operation of its 49.9 MW new solar project that will deliver more than half of the City Corporation’s electricity. The South Farm is a 49.9 MW ground-mounted solar farm near Spetisbury, Dorset, developed, constructed, operated, and maintained by Voltalia.
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.