From: Mercom Capital Group

U.K.-based Enviromena, an independent power producer, signed an £825 million (~$1.1 billion) senior portfolio financing package to support the expansion of its solar portfolio across the U.K. The transaction is underwritten by a syndicate of lenders, including BBVA, Intesa Sanpaolo (IMI CIB), Lloyds, NatWest, and Société Générale. The financing facility includes an initial committed tranche of £525 million (~$708 million), and the remaining £300 million (~$405 million) is structured as an uncommitted accordion feature.

Renewable energy company Evren secured approximately $600 million from lenders, including SMBC, Standard Chartered Bank, MUFG, DBS Bank, Crédit Agricole CIB, and BNP Paribas, to develop a 1 GW hybrid firm and dispatchable renewable energy (FDRE) project in Andhra Pradesh and Rajasthan, India. The project will integrate solar and wind power generation with a battery energy storage system.

ILOS Projects, a pan-European independent power producer backed by BNP Paribas Asset Management, upsized its structured credit facility to €450 million (~$529 million) with EIG, an institutional investor in the global energy and infrastructure sectors, and La Caisse, a global investment group. The upsizing follows the initial €250 million (~$294 million) tranche provided by EIG. The expanded facility will support the development and operation of over 2 GW of solar and battery energy storage capacity across Europe by 2028.

U.S.-based independent power producer Lydian Energy acquired the 1.5 GW Atlas North portfolio, comprising solar-plus-battery energy storage systems in North America, from Hanwha Renewables, a developer of utility-scale solar and energy storage projects. The financial terms of the acquisition were not disclosed. The Atlas North portfolio includes more than 1,000 MW of solar generation capacity with 450 MW/1,800 MWh of battery storage across four late-stage projects.

CleanCapital, a U.S.-based independent power producer focused on distributed renewable energy, sold a 120 MW solar project in Harrison County, Ohio, to Energix Renewables, an independent power producer that develops, constructs, owns, and operates renewable energy projects. The financial terms of the transaction were not disclosed.

EIE Renewables, a wholly owned subsidiary of Enviro Infra Engineers, entered into an agreement to acquire PRA Bihar Bess, a special purpose vehicle of Barbrik Projects set up to implement a 37.5 MW/150 MWh battery energy storage project in Bihar. The company has signed a share purchase and options agreement to acquire a 49% equity stake in the target company. The remaining 51% stake is expected to be acquired within 60 days of the project’s commercial operation date.

For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.

Read last week’s project finance brief.