Project Finance Brief: OMV Petrom Acquires 710 MW Solar Projects in Romania

Matrix Renewables acquires 284 MW solar project in Texas

July 5, 2023


From: Mercom Capital Group

OMV Petrom, an oil and gas company, has signed an agreement to acquire 710 MW solar projects in Romania from Danish developer Jantzen Renewables. The parks will be one of Southeast Europe’s most significant photovoltaic projects, powering the equivalent consumption of ~280,000 Romanian households annually.

Matrix Renewables, the TPG Rise-backed renewable energy platform, announced the acquisition of a 284 MW Stillhouse solar project in Texas from OCI Solar Power, a utility-scale solar project developer. The project is in the late stages of development, and its construction is slated to be completed by 2024, with commercial operations scheduled for 2025.

Endesa, a Spain-based electric utility company, has signed sustainability-linked financing agreements worth €500 million (~$545.7 million) with Instituto de Crédito Oficial (ICO), a state-owned bank in Spain and the European Investment Bank (EIB) to finance the development of its 4.8 GW of renewable energy portfolio in the country.

Grenergy, an independent renewable power producer, secured $148 million in green financing for the construction of the Gran Teno and Tamango solar projects located in Chile, with a combined capacity of 300 MW. The transaction was signed with French banks BNP Paribas and Societe Générale. This also includes other complementary credit lines. The transaction is structured as a Green Use of Proceeds loan with the funds used to finance renewable energy projects.

Energix Renewables, a U.S.-headquartered independent power producer, has closed two project financing transactions totaling $520 million with Santander Corporate & Investment Banking (Santander CIB) and Morgan Stanley Renewables to develop six utility-scale solar projects in the U.S. The financing deals involve a consortium led by Santander CIB, providing a construction and term loan facility of $260 million, while Morgan Stanley is acting as a tax equity investor with a commitment of $260 million.

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.