Project Finance Brief: Sunwin Energy Sells Solar Project Portfolio in Italy
Tion Renewables acquires energy storage project in England
November 30, 2022
From: Mercom Capital Group
Sunwin Energy, a Switzerland-headquartered solar project developer, entered into a framework agreement with an undisclosed European public-listed energy company to develop a 375 MW solar project portfolio in Italy. The transaction was designed as a conditional sale and purchase agreement for 15 mid-stage solar photovoltaic projects, with individual project sizes ranging between 10 and 75 MW, with expected ready-to-build dates between 2023 and 2026. The financial terms of the agreement were not revealed.
Tion Renewables, a renewable energy assets developer, announced the acquisition of an 8 MW/9.3 MWh battery storage project developed by Boom Power for an enterprise value of around £5 million (~$6 million). The battery energy storage system, located in Bacup, England, consists of five battery containers using lithium-ion technology and will be directly connected to the grid. This is Tion’s first battery storage project and is expected to become operational in the first half of 2023.
Private equity firm Actis-backed BluPine Energy acquired 404 MW of solar assets from Kolkata-based mining company Atha Group. The company’s operational solar portfolio is spread across India. Actis said that the acquisition would enable BluPine, which was formed earlier this year, to support India’s energy transition by targeting 4 GW of portfolio capacity over the next four to five years. Actis has committed to invest up to $800 million in BluPine through Actis’ Energy 5 Fund, which represents $6 billion of investable capital.
Germany-based independent power producer Encavis acquired a 55 MW ready-to-build solar project in Spain from Hive Energy, a UK-based renewable energy developer. Land and grid connections for the project have already been secured. Construction works are planned to begin shortly and will be handled by Ethical Power, a company under Hive Group.
Leeward Renewable Energy closed $420 million in construction-to-term financing from MUFG Bank and a $195 million tax equity commitment from Wells Fargo for its Big Plain Solar Facility in Ohio and its Oak Trail Solar Facility in North Carolina. Once completed, the solar facilities will provide a combined 296 MW of renewable energy to Verizon Communications under a long-term power purchase agreement. Both projects are expected to reach commercial operation by mid-2023.
For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.
Read last week’s project finance brief.