Project Finance Brief: Enefit Green Acquires Solar Projects in Estonia

Nautilus acquires community solar projects in New York

September 28, 2022


From: Mercom Capital Group

Enefit Green, an Estonian renewable energy developer, has signed an agreement to acquire a 100% stake in Raabiste Pollud OU, an entity that owns 165 MW of two early-stage solar development projects in Parnu County, Estonia, from Raabiste Pollud OU. The financial side of the arrangement was not disclosed.

Nautilus Solar Energy, a solar project developer on behalf of its affiliate Nautilus US Power Holdco, acquired 25 MW of two community solar projects in New York from Cipriani Energy Group Corporation, a renewable energy project developer. The two companies will co-develop eight community solar projects, totaling 25 MW. The projects are in various phases of development across six New York counties. The first projects are expected to reach operation by the fourth quarter of 2023.

Green Genius, a renewable energy company, has secured €22 million (~$21.23 million) debt financing from German private bank Berenberg to finance the construction of a 69 MW portfolio of solar projects in Poland. The Berenberg Green Energy Junior Debt Funds provides mezzanine financing, which, along with other financial resources, is to be used for the construction and operation of solar projects. The private bank Berenberg acted as an investment advisor to the fund.

Enfinity Global, a renewable energy company, announced a definitive agreement with Capital Dynamics to acquire a 400 MW utility-scale solar portfolio in the US, consisting of 28 operational solar PV power projects in California, North Carolina, and Idaho.

Nexamp, a Massachusetts-based solar energy solutions provider, has reached an agreement to acquire 45 MW of Illinois solar projects from Cypress Creek Renewables, an integrated solar and storage company in the USA. The portfolio consists of 15 separate community solar projects across ComEd and Ameren utility territories. The projects are anticipated to be operational by the Fall of 2023.

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.