From: Mercom Capital Group

Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, closed $260 million in project financing and tax equity for the 94 MW Blue Moon Solar project located in Harrison County, Kentucky. U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance, is providing both tax equity and construction financing for the project. The project is currently under construction and is expected to reach commercial operation in 2026.

OCI Energy, a developer of utility-scale solar and battery storage projects, announced the sale of the 120 MWac Pepper solar project to Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings. The project is located in McLennan County, Texas. Sabanci Renewables will finance, construct, own, and operate the project, which is expected to commence operation in the third quarter of 2027.

Cero Generation, a solar and energy storage project developer and independent portfolio company of Macquarie’s Green Investment Group, along with its development partner Enso Energy, announced the financial closing of £200 million (~$269.21 million) for a portfolio of solar and battery storage projects in the UK. The financing was provided by a consortium of lenders, including ING, NordLB, Rabobank, and Santander UK.

The State Oil Fund of the Republic of Azerbaijan has entered into an agreement to acquire a 49% equity interest in a 402 MW solar project portfolio in Italy, with Enfinity Global, a renewable energy company. The portfolio comprises 14 solar projects, both operational and under construction, located in the Lazio and Emilia-Romagna regions of Italy.  Once operational, the projects are expected to generate approximately 685 GWh of clean energy per year.

DOMINION, an electric utility company, announced the sale of six solar projects totaling 321 MW located in the Dominican Republic for a value exceeding $375 million. The transaction is expected to generate a cash flow of $102 million, with $82 million anticipated to be received in 2025.

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.