Project Finance Brief: Opdenergy to Sell 1,044 MW of Spanish Solar Portfolio to Bruc Energy

ReNew Power acquires 260 MW of operational solar projects in Telangana, India

August 16, 2021

/ Staff

Opdenergy, an independent renewable energy producer, has reached an agreement to sell 20 solar projects in Spain with a total capacity of 1,044 MW to Bruc Energy, an asset manager in the renewable energy sector. As part of this transaction, Opdenergy will continue developing the projects until they reach the Ready to Build (RtB) phase, which is expected to occur in the second half of 2022. The solar projects included in the transaction are located in the Spanish provinces of Cádiz, Zaragoza, Valladolid, Burgos, Teruel, Seville, and Soria.

ReNew Power, an independent power producer, announced that it had signed a definitive agreement to acquire 260 MW (AC) of operational solar projects in Telangana, India. In addition, the company also signed an agreement to acquire a 99 MW hydropower project located in Uttarakhand, India. The company acquired solar and hydropower projects with a total capacity of 359 MW for ₹28.5 billion (~$384 million). ReNew Power said the solar projects have been operating for around four years and have 25-year power purchase agreements (PPA) with Northern Power Distribution Company of Telangana and Southern Power Distribution Company of Telangana.

Neoen, an independent renewable energy producer, and its Irish partner BNRG, a developer and operator of solar projects, have completed financial close for 58 MW solar projects in the Republic of Ireland. The Hilltown, Hortland, and Millvale projects are located across Meath, Kildare, and Wicklow counties jointly owned by Neoen and BNRG. The project will be funded by a combination of equity provided by Neoen and BNRG and a non-recourse senior debt facility provided by Societe Generale. Total project costs will amount to approximately €39 million (~$45.7 million), excluding financing costs. The engineering, procurement, and construction (EPC) and operation and maintenance (O&M) contracts have been awarded to Omexom, and construction is underway. Commissioning is scheduled for the first half of 2022.

Energea Global, a renewable energy investment manager, has announced a $27 million deal with BTG Pactual, an investment bank in Latin America, to construct a 28 MW portfolio of solar projects in Brazil. The investment will be used to construct a series of community solar projects in Minas Gerais.

Real estate investor Portland Trust has completed the sale 153 MW solar project in Romania to renewable energy companies Econergy and Nofar Energy. Portland Trust Renewables 1, owned by Portland Trust, earlier obtained a grid connection permit. Romania’s transmission system operator Transelectrica estimated the solar power project would become operational in 2022.

Daroga Power, an investor and developer of distributed generation energy assets, announced that they had closed an infrastructure portfolio fund to deploy 32.85 MW of Bloom Energy solid oxide fuel cells (SOFC). The fund was developed through a private joint venture, RAD Energy Solutions, a partnership between Daroga Power and an affiliate of Related Companies. The sponsor and tax equity were privately raised with a sponsor contribution of $21.5 million. Bank of America has committed up to $68 million of tax equity. Silicon Valley Bank provided the debt financing of approximately $135 million. Further financial details were not disclosed.

Greenbacker Renewable Energy, an owner, and operator of sustainable infrastructure and energy efficiency projects, through a wholly-owned subsidiary, purchased two utility-scale solar projects – Hecate Energy Albany 1 (20 MW) and Hecate Energy Albany 2 (20 MW) – totaling 40 MW from Hecate Energy. The solar facilities are slated to begin construction in the third quarter of 2021 and reach commercial operations in summer 2022.

Globeleq, an independent renewable power producer, and Absa Bank, a financier in the renewable energy program in South Africa, have completed the senior debt refinancing of three of Globeleq’s renewable projects. Absa Bank acted as the mandated lead arranger and sole underwriter of the ZAR 5.2 billion (~$0.35 billion) debt financing package. Globeleq led the refinancing process on behalf of all its shareholders in the 138 MW Jeffreys Bay wind project, 50 MW De Aar solar, and 50 MW Droogfontein solar projects.

Kommunalkredit Austria, a specializing bank in the structuring and financing of infrastructure and energy projects, acted as sole mandated lead arranger, is providing a 52 million (~$60.9 million) long-term senior financing for the construction of an 89 MW solar PV portfolio in Spain. The portfolio comprises two solar PV projects already under construction, Calatrava Solar I (49.9 MW) and Calatrava Solar II (39.1 MW) in the region of Castilla-La Mancha.

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: Lightsource bp




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