Project Finance Brief: Recurrent Energy Secures $160 Million Project Financing

Nautilus acquires 12.7 MW community solar portfolio

February 14, 2024


From: Mercom Capital Group

Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar secured $160 million in project financing for the 127 MWdc Bayou Galion Solar project located in Morehouse Parish in Northeast Louisiana. The project is under construction and is expected to be operational by fall 2024. The company began the development of the Bayou Galion Solar project in 2018, and construction began in December 2023.

Nautilus Solar Energy, on behalf of its affiliate Nautilus US Power Holdco, has acquired a 12.7 MW portfolio of community solar projects in New York from SoIAmercia Energy. Both solar projects are expected to be fully operational in 2024. Once completed, the community solar projects are expected to provide clean energy to power over 1,800 residential subscribers within the National Grid utility territory.

SMT Energy, an energy storage project developer, announced the sale of 400 MW of battery energy storage projects in Texas to UBS Asset Management. The projects are connected to the ERCOT power grid and are on track to come online in 2024 and 2025.

Sonnedix, an independent solar power producer, secured a €260 million (~$280 million) green loan to finance the acquisition and construction of renewable energy projects in Italy. The multi-borrower loan includes greenfield project finance for the construction of two photovoltaic plants located in Sicily and Sardinia with a total capacity of around 200 MW, as well as an acquisition finance line of an operating asset.

Renewable energy power producer Sunly secured €65.9 million (~$71.10 million) in senior non-recourse project funding from mBank to develop renewable energy projects in Poland. The funding will be used to construct 58 solar projects with a total capacity of about 98 MW. Most of them will be located in the south of Poland, in the provinces of Małopolska, Opole, Podkarpackie, Silesia, and Świętokrzyskie, but individual installations are also planned in other regions.

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.