Project Finance Brief: Soltec Sells 850 MW Solar Portfolio in Denmark

Ellomay Capital sells 9 MW solar facility in Israel

January 10, 2024


From: Mercom Capital Group

Single-axis solar tracker firm Soltec sold a 100% stake in its 850 MW portfolio of solar projects in Denmark to Copenhagen Infrastructure Partners’ Energy Transition Fund I. All the solar projects sold are currently at an early stage of development and are located across Denmark, with the vast majority of the projects situated in Jutland.

Ellomay Capital, a renewable energy project developer in Europe, the U.S., and Israel, announced that it had executed an agreement to sell its holdings in the 9 MW Talmei Yosef Solar facility in Israel to Greenlight Fund Limited Partnership and Doral Group Renewable Energy Resources, in equal parts, in consideration for NIS44.75 million (~$12.2 million). The agreement also provides for an additional potential payment of up to NIS4 million (~$1.09 million) if the solar facility generates more than 18 million kWh during 2024.

Renewable energy developer Serentica Renewables has secured ₹35 billion (~$425 million) for its round-the-clock renewable energy project in India from a consortium of three international banks and three Indian lenders. The deal will allow the company to fund the development of its 530 MW wind-solar hybrid project that will come up in Rajasthan and Maharashtra. This project will also provide clean energy to Hindustan Zinc, one of India’s largest zinc producers, replacing 24% of its coal-based power supply with firm dispatchable green power.

Power infrastructure investment trust IndiGrid has signed a share purchase agreement to acquire ReNew’s 300 MW solar project in Rajasthan at an enterprise valuation of ₹15.5 billion (~$186.5 million). The valuation, inclusive of working net capital and cash, stands at ₹16.5 billion ($198.58 million). The asset, ReNew Solar Urja, located in Jaisalmer, has been operational since December 2021. The project has been operational and revenue-generating for the past two years, and in 2022-23, the solar project delivered a net plant load factor of 27.42%.

Key Capture Energy (KCE), an energy storage project developer, and Enhanced Capital, an investment firm, entered a deal to transfer investment tax credits (ITCs) to a third party with immediate monetization for three of KCE’s operating standalone battery energy storage projects with a nameplate capacity of 120 MW. The transaction includes the transfer of ITCs from two operating projects in Texas (KCE TX 19 and KCE TX 21) totaling 100 MW and another 20 MW project in New York (KCE NY6).

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.