Project Finance Brief: Iberdrola Acquires a 190 MW Solar Project from RES
Quinbrook Infrastructure Partners acquires a 350 MW Solar + Battery storage project in the UK
From: Mercom Capital Group
Iberdrola, a multinational electric utility company, acquired the 190 MWac (245 MWdc) Avonlie solar project from RES, an independent renewable energy company. The project is in New South Wales, Australia. Lumea will deliver grid connection services through the project’s life, with construction expected to commence later this year and energization scheduled before the end of 2022.
Quinbrook Infrastructure Partners, an investment management firm focused exclusively on renewables, storage, and grid support infrastructure investment, acquired a 350 MW Solar + Battery storage project in Kent, United Kingdom. Quinbrook expects to commence construction of the project in the first half of 2022.
Westbridge Energy Corporation announced that its wholly-owned subsidiary, Westbridge Energy (U.S.), acquired a 221 MWp Accalia Point Solar project located in Cameron County, Texas, U.S., from Aelius Solar, a solar project developer. The total consideration payable on closing is $576,000 and milestone payments.
Pacifico Renewables Yield, an independent power producer of electricity from renewable sources, entered a memorandum of understanding (MoU) with Boom Developments to acquire solar parks in the U.K. Building on the right of the first offer agreement signed in March of this year, the MoU provides a pathway towards acquiring the first two solar parks with a total capacity of 123 MW.
Adani Renewable Energy (MH), a wholly-owned subsidiary of Adani Green Energy (AGEL), has signed an agreement with Essel Green Energy to acquire its 40 MW operational solar project in Odisha for ₹2.9 billion (~$39 million). The 40 MW project has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for a tariff of ₹4.23 (~$0.057)/kWh. The PPA has a remaining life of 22 years.
Altius Renewable Royalties (ARR), a renewable energy company, announced that its subsidiary Great Bay Renewables (GBR) closed a $52.5 million royalty investment with Northleaf Capital Partners for three operating-stage wind and solar energy projects located in Texas. GBR is a joint venture company of ARR and funds managed by affiliates of Apollo Global Management. The royalty funding will be used to repay existing debt financing and provide additional working capital.
Vestas’ development arm in North America Steelhead Americas sold a 250 MW wind project in the U.S. to an undisclosed customer. The project will include 59 V150-4.2 MW turbines and one V110-2.3 MW machine. After acquiring the project in 2019, Steelhead Americas led all development efforts. Vestas will provide the turbines’ supply, transportation, commissioning, and a multi-year active output management service agreement. Turbine delivery starts in the first quarter of 2022, with commissioning scheduled by the end of the same year.
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