From: Mercom Capital Group

Solar Landscape, a U.S.-based commercial rooftop solar developer, announced a $175 million long-term partnership with PGIM Private Capital, a private capital arm of PGIM, to finance its growing portfolio of projects that feed electricity directly into the distributed grid, initially across Maryland and Illinois. The partnership, in the form of an institutional shelf debt facility, will finance the construction and operation of 74 solar landscape projects on commercial rooftops in the two states.

Eku Energy, an energy storage project developer, secured more than £45 million (~$59 million) debt financing to construct a 99 MW/198 MWh battery energy storage project at Ocker Hill, between the towns of Dudley and Wednesbury in the West Midlands in England. NatWest Bank and Sumitomo Mitsui Banking Corporation provided the project’s financing. Construction is expected to begin next month and will be completed in late 2026.

Ignitis Renewables, a green energy company, secured a €77.5 million (~$87.24 million) loan from Swedbank Lithuania and Swedbank Latvia for developing and constructing solar projects of 239 MW capacity in Stelpe and Vārme in Latvia. The banks granted funds in equal amounts. The solar projects are currently under development and are expected to reach commercial operation within this year.

Aypa Power, a Blackstone portfolio company and developer of utility-scale energy storage and hybrid renewable energy projects, announced closing $535 million in debt financing to support the development of the 320 MW Vidal solar-plus-storage project in San Bernardino County, California. The hybrid project, scheduled to come online in 2026, has a long-term power purchase agreement with the San Diego Community Power.

Thrive Renewables, a renewable energy investment company, announced the acquisition of the 14 MW Dunmow solar project in Essex, U.K., from PS Renewables, a renewable energy project developer. The project’s construction is completed, and commercial operation is expected to begin in May. With new project development rights secured, the company’s total capacity is expected to increase from 91.5 MW to 170.1 MW by 2027.

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.