From: Mercom Capital Group

Permanent Power Company, an energy holding platform operating and developing solar and storage projects, has secured approximately $600 million in construction financing for its Grape solar and battery energy storage project in California. The financing package includes an approximately $372.3 million construction-to-term loan, an approximately $166.7 million tax credit transfer bridge loan, and an approximately $61.3 million letter of credit facility. 

Equitix, an investor, developer, and long-term fund manager of infrastructure assets, has secured €500 million (~$573 million) in project financing from UniCredit, an Italian multinational banking group headquartered in Milan. The financing is expected to support the construction of a portfolio of onshore wind farms and co-located solar photovoltaic projects across Spain. The projects are being developed under a framework agreement with Capital Energy.

Nautilus Solar Energy, a U.S.-based community solar company, has renewed its construction debt facility with a total commitment of $600 million. National Bank of Canada Capital Markets, Royal Bank of Canada, and Export Development Canada served as co-lead arrangers for the facility. National Bank of Canada also acted as sole bookrunner, administrative agent, issuing bank, and collateral agent. Fédération des Caisses Desjardins du Québec, Siemens Financial Services, The Huntington National Bank, and Sumitomo Mitsui Banking Corporation also participated as lenders in the facility.

Chrysalis Renewables, a global renewables investment platform established by global infrastructure manager Morrison, has acquired the Atlas V and Atlas VI solar projects in the U.S. from Hanwha Renewables, a utility-scale solar and energy storage developer. The Atlas V and Atlas VI solar projects have a combined capacity of approximately 357 MW. The projects are in the final stages of commissioning and are expected to reach commercial operation within the next few months.

Rivington Energy, a developer and manager of renewable energy solutions, has sold a battery energy storage project in Yarnton, Oxfordshire, in the U.K., to funds managed by Schroders Greencoat. Schroders Greencoat is a renewables and energy transition infrastructure manager, and the acquisition was made through Wessex Gardens, its place-based and locally focused renewable infrastructure fund for Local Government Pension Scheme members.

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

Read last week’s project finance brief.