Project Finance Brief: ENERPARC Secures Financing for 325 MW Solar, Hybrid Projects

Plus Power secures nearly $100 million in tax equity financing

February 21, 2024


From: Mercom Capital Group

ENERPARC AG, a solar project developer, secured bridge financing for a 325 MW project portfolio consisting of solar photovoltaic (PV) and hybrid projects, including energy storage. The French investment firm, Eiffel Investment Group, provided the financing. The portfolio consists of fifteen solar projects located in the states of Rhineland-Palatinate, Schleswig-Holstein, and Brandenburg. The projects vary in size, with the smallest at approximately 6 MW and the largest at 39 MW.

Plus Power, a developer and owner of energy storage projects secured approximately $98 million in tax equity financing from Greenprint Capital Management to develop the 200 MW/ 400 MWh Ebony energy storage project. The Ebony energy storage project is located near San Antonio, Texas. The construction started in March 2023, and the project is expected to go online during the spring of 2024. The investment from Greenprint Capital Management is expected to help the project stabilize ERCOT’s power system during dynamic summer demand and cold winter storms.

CDPQ, an investment company, acquired an 80% stake in a 31 MW solar power project in Japan alongside its portfolio company, Shizen Energy. The Inuyama project, which went into operation in the last few days, has a total solar power generation capacity that is enough to power the equivalent of 7,850 homes. The solar power project is located in Aichi prefecture. The acquisition will be CDPQ’s first co-investment with Japan’s Shizen Energy as part of a JPY 50 billion (~$0.33 billion) co-investment framework announced in October 2022, when CDPQ invested JPY 20 billion (~$0.13 billion) in the company to support its growth.

ib vogt, a renewable energy project developer, achieved financial closure for a 418 MW solar PV portfolio in Spain. The PV portfolio consists of three projects clustered around Segovia, in the autonomous community of Castile and León, Spain. The project financing was provided by Norddeutsche Landesbank -Girozentrale, Santander CIB, and BBVA. The total debt raised for the portfolio amounts to approximately €350 million (~$375.61 million).

Standard Solar, a solar energy company specializing in developing and financing solar electric systems, acquired an 84 MW community solar portfolio in Illinois from New Leaf Energy. The portfolio consists of three sets of community solar gardens in Illinois: six sites with a capacity of approximately 47 MW, four sites totaling 12 MW, and four sites representing 25 MW.

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.