Project Finance Brief: Mainstream Renewable to Buy 80% Stake in a 405 MW Solar Portfolio

Nautilus Solar Energy acquires 60 MW fully operational solar portfolio In New York and Maryland


From: Mercom Capital Group

Mainstream Renewable Power, an independent developer of utility-scale wind and solar projects, has signed an agreement to acquire 80% shareholding in Technology and Development Joint Stock Company Limited (D&T), developing a 405 MW portfolio of solar projects in the Dak Nong province of central Vietnam. The portfolio of three projects, including in the Vietnam Government’s Power Development Plan 7 (PDP 7), has been in development since 2019 and is expected to reach a financial close in 2022.

Nautilus Solar Energy, an owner-operator of solar projects, announced the acquisition of 21 fully operational solar projects in New York and Maryland totaling 60 MW of solar capacity. Sixteen projects in New York and five in Maryland currently provide community solar power to 9,500 households and two school districts through a power purchase agreement.

MYTILINEOS, through its Renewables and Storage Development business unit, announces the acquisition of a 14 MW portfolio of solar development projects in Ireland from Elgin Energy, a solar development platform across the U.K. and Ireland. This portfolio will benefit from long-term ‘Contracts for Difference’ awarded under the 2020 RESS 1 auction.

Gresham House Energy Storage Fund, the fund investing in utility-scale battery energy storage systems, has signed contracts for the acquisition of a further 425 MW of projects from Gresham House Devco, of which 275 MW are proceeding into construction with commissioning targeted for Q1 2022, and the remaining 150 MW will be built subject to funding and other conditions. The acquisition fully commits the equity funds raised in November 2020.

Centaurus Renewable Energy, the Arroyo Solar & Storage Project developer in McKinley County, New Mexico, announced that it had closed a $70 million construction bridge loan facility provided by Voya Investment Management, the asset management business of Voya Financial. The credit facility will be used to make payments for project equipment and other development and construction expenses. The transaction was organized by Voya Investment Management’s Direct Infrastructure team led by Tom Emmons and Ed Levin.

Power producer Conrad Energy has announced its first battery storage acquisition. The company acquired the 24 MW battery project in Blackpool from Power Initiatives. The site is expected to commence construction in autumn this year. Conrad Energy has placed transitioning to a low-carbon economy as one of its prime business strategies in line with the firm’s vision of becoming a full-service power provider.

Clean energy development company Verdant Microgrid has announced the completion of a $150 million financing agreement to develop microgrid projects with ClearGen, a Blackstone Credit portfolio company. The new partnership with ClearGen enables projects to be owned by ClearGen and operated and managed by Verdant. The energy produced by the microgrids would be sold to the customers under a long-term contract – Energy Services Agreement.

Starwood Energy Group Global, a private investment firm focused on energy infrastructure, closed the acquisition of a 252 MW portfolio of operating renewable assets from Consolidated Edison Development. The portfolio consists of Coram Wind, a 102 MW wind farm located in Tehachapi, CA, and Crane Solar, a 150 MW solar project located in Crane, Texas, and an adjacent 25 MW battery development.

LS Power, a development, investment, and operating company, has completed the acquisition of 25 solar power facilities totaling 468 MW from Public Service Enterprise Group Incorporated (PSEG). The solar facilities were acquired by LS Power affiliate Quattro Solar. The solar portfolio spans 14 states and five regional transmission organizations, benefiting from power off-take agreements with a variety of utilities, electric cooperatives, and other large energy suppliers.

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

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