Project Finance Brief: Enfinity Secures $195 Million for 70 MW Solar Project

Globeleq acquires 48.3% stake in 25 MW solar project in Egypt


From: Mercom Capital Group

Enfinity Global, a renewable energy project developer, secured $195 million in long-term project financing for a 70 MW solar project in Japan. Nomura Securities International, a financial institution, acted as the initial lead arranger/sole bookrunner, and Aozora Bank, a Japanese commercial bank, acted as the lead arranger/agent. The project is located in Aomori Prefecture in northern Japan. It was recently completed and is expected to produce more than 75 GWh of clean energy annually.

Globeleq, an independent solar power producer, announced the acquisition of a 48.3% equity stake in the 25 MW Winnergy solar project in Egypt. The solar project was acquired from Enerray, Enerray Global Solar Opportunities, and Desert Technologies. The solar project is already operational and is located in Egypt’s flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq’s 66 MW ARC solar project.

Matrix Renewables, the TPG Rise-backed renewable energy platform, secured €179 million (~$191.54 million) in non-recourse project financing with Banco Sabadell to develop 239 MW solar projects in Spain. The portfolio comprises five solar projects in the Palencia province of Castilla León and Badajoz province of Extremadura, Spain. The construction phase of the solar projects commenced in December 2023, and the projects are expected to generate approximately 430 full-time jobs.

BW Solar, a solar and storage project developer, announced the sale of 12 community solar projects with a total capacity of 76.7 MW in New York to Catalyze, a clean energy transition company that finances, builds, owns, and operates solar and battery storage systems. The portfolio consists of projects in the range of 6~38.2 MW, currently under pre-construction, and another group of projects in the range of 6~38.5 MW, which are in the early stage of development and are all located in upstate New York.

Renewable energy company BluPine Energy has secured debt financing of ₹4.18 billion (~$50.1 million) from HDFC Bank for its 120 MW solar power project in Sadla, Gujarat. The company won the project in Gujarat Urja Vikas Nigam’s auction to supply solar power projects (Tranche XVIII) in January 2023. BluPine had won 50 MW in the initial auction for 500 MW solar projects at ₹2.52 (~$0.0302)/kWh and later received additional greenshoe capacity.

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.


Get the most relevant India solar and clean energy news.