Project Finance Brief: SOLEK Closes $379 Million Financing for Solar Projects in Chile
BayWa r.e. secures financing for 54 MW solar project in Spain
Solar energy firm SOLEK has closed a $379 million financing package, including a private placement of 20-year bonds in the United States for its projects in Chile. The privately owned Czech firm raised $178 million through the private placement and $75 million in mezzanine financing, plus other forms of loans. The company owns a 284 MW portfolio of solar projects in Chile.
BayWa r.e., a renewable service provider, energy developer and distributor, secured €32.5 million (~$34.67 million) financing for a 54 MW solar project in Spain. The Alhendín solar project is currently under construction and is scheduled for completion at the end of June this year. Once connected to the grid by the end of 2023, it is expected to generate 96.8 GWh of renewable energy each year, equivalent to the electricity consumption of approximately 24,700 Spanish households.
MYTILINEOS Energy & Metals, a global industrial and energy company, announced its entry into the Canadian market through the acquisition of a 1,235 MW (1.4 GWdc) Alberta solar portfolio from Westbridge Renewable Energy. The transaction, valued at CAD$1.7 billion (~$1.2 billion), involves the purchase of five solar projects by MYTILINEOS’ subsidiary, M Renewables. The projects – Georgetown Solar (230 MW), Sunnynook Solar (280 MW), Dolcy Solar (200 MW), Eastervale Solar (300 MW), and Red Willow Solar (225 MW), are projected to generate 2.1 TWh per year of renewable energy.
Heelstone Renewable Energy, an independent power producer and solar project developer, secured $357 million in financing for constructing three portfolios composed of five utility-scale solar projects totaling 345 MW in the US. All five projects – Lyons Solar, Blackwater Solar, Bird Dog Solar, Hobnail Solar, and Wolfskin Solar – are under construction and expected to be operational in late 2023 or early 2024.
Cero Generation, a solar and storage project developer, and its UK development partner Enso Energy, announced financial closure on the 49.5 MW/ 99 MWh battery energy storage project. The battery will be co-located with the Larks Green solar PV project in South Gloucestershire – a 49.9 MW solar farm developed jointly by Cero and Enso, which came online in May. The financing was provided by Rabobank, who also financed the Larks Green solar project.
Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, completed the sale of 100 MW of Azuma Kofuji solar project located in Fukushima, Japan, to Japanese investors arranged by Mizuho Securities Co., Ltd (“Mizuho Fund”). Canadian Solar expects to recognize the revenue from the transaction in the second quarter of 2023.
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