Project Finance Brief: Hellenic Petroleum Acquires a 204 MW Solar Portfolio

APICORP provides $70.5 million for the fifth phase of Mohammed bin Rashid Al Maktoum Solar Park

October 12, 2020


From: Mercom Capital Group

Hellenic Petroleum, through its wholly-owned subsidiary, ELPE Renewables, completed the acquisition of a portfolio of solar PV projects at the final permitting stage in the wider Kozani region, Greece, from JUWI, a renewable energy project developer. When completed, the PV project will be the largest-scale RES initiative project in Greece and one of the biggest PV projects in Europe with a total planned installed capacity of 204 MW.

Altus Power America, an investor, owner, and operator of clean energy projects, has completed the acquisition of a 4 MW operating solar portfolio comprised of four single-axis tracker projects and one fixed-tilt project. The projects sell renewable energy to Georgia Power. The solar projects generate approximately 6.5 million kWh of electricity annually, enough energy to power 540 homes. The portfolio was acquired from Beltline Energy.

The Asian Development Bank (ADB) and Phu Yen TTP Joint Stock Company (Phu Yen JSC) signed a $186 million loan to develop and operate a 257 MW solar project in Hoa Hoi, Phu Yen Province, Vietnam, through the country’s first certified green loan. Phu Yen JSC is owned by B.Grimm Power Public Company Limited and Truong Thanh Viet Nam Group Joint Stock Company (TTVN). The financing comprises a $27.9 million loan funded by ADB, a $148.8 million syndicated loan (B loan) funded by commercial banks with ADB as lender of record, and a $9.3 million loan from Leading Asia’s Private Infrastructure Fund (LEAP).

Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, announced financial close for its 126 MW Tastiota project in the state of Sonora, Mexico. The non-recourse financing package, arranged by Canadian Solar, was provided by Sumitomo Mitsui Banking Corporation (SMBC). SMBC acted as Sole Structuring Bank and Mandated Lead Arranger in the transaction. The financing package consists of a $67 million senior loan, a $15-million letter of credit facility, and a $12 million VAT facility covering the construction and operational phase of the project.

The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, has signed an agreement with Shuaa Energy 3 PSC sponsored by Dubai Electricity and Water Authority (DEWA), ACWA Power, and Gulf Investment Corporation, to provide $70.5 million in financing for the fifth phase of development of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, UAE. Part of a larger project finance facility amounting to $420.2 million provided by a number of local, regional, and international banks, the funds will be used in the development, construction, ownership, operation, and maintenance of a $564 million 900 MW state-of-the-art solar project.

The European Bank for Reconstruction and Development (EBRD) is investing €75 million (~$88.2 million) in the successful Eurobond tap issuance by Hellenic Petroleum (HELPE), a Greek energy group. The total funds of €100 million (~$117.6 million) raised will enable HELPE to finance the construction of 18 solar PV projects with a total installed capacity of 204 MW in Kozani, Western Macedonia.

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.

Image credit: PE Solar



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