From: Mercom Capital Group

Energy Vault, a utility-scale energy storage project developer, announced the acquisition and planned development of the SOSA Energy Center, a 150 MW/300 MWh battery energy storage system located in Madison County, Texas. The project, located in the ERCOT North market, is expected to receive notice to proceed in the fourth quarter of 2025, with commercial operation scheduled for the first quarter of 2027. Construction is expected to begin in Q4 2025.

Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, secured $825 million in construction financing and tax equity for its Desert Bloom storage and Papago Solar projects. NORD/LB, Mitsubishi UFJ Financial Group, CoBank, and Siemens Financial Services provided construction financing, and Wells Fargo provided the tax equity.

Ampliform, a Pennsylvania-based utility-scale solar and storage project developer, secured a loan facility of up to $165 million with Copenhagen Infrastructure Partners, through its Green Credit Fund I. The proceeds of the financing will support the advancement of the company’s project pipeline across various U.S. regional electrical grids, with a focus on development and construction of its near-term portfolio in PJM, the grid operator serving 13 states and Washington, D.C.

Renewable energy solutions providers, Radiance Renewables and Sunsure Energy, have received cumulative funding of ₹6.8 billion (~$77.47 million) from NIIF Infrastructure Finance (NIIF IFL). Mumbai-based Radiance Renewables and Gurugram-based Sunsure Energy have received funding of ₹5.5 billion (~$62.6 million) and ₹1.3 billion (~$14.8 million), respectively, from NIIF IFL. Radiance will utilize the funding to support renewable energy projects for commercial and industrial businesses across Karnataka, Maharashtra, and Uttar Pradesh, and to retire its existing debt facilities.

European Energy, a renewable energy project developer, has agreed to sell a 50% stake in its 111 MW Saldus solar and battery project in Latvia to Sampension, a Danish pension fund organization. The Saldus project comprises a 65 MW solar project with a 46 MW battery energy storage system. The project construction began in July 2025 and is expected to be completed in May 2026.

METLEN Energy & Metals, a global industrial and energy company, and Korean energy investment and development company HRE, entered into an agreement under which HRE will acquire a diversified portfolio of solar projects in South Korea totaling 42 MW. The portfolio comprises five operational and under-development solar projects that, together, will produce over 60 GWh of clean electricity each year, sufficient to power more than 12,000 Korean households.

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.