Project Finance Brief: Terra-Gen Raises $959 Million for Solar Storage Projects
Matrix Renewables acquires 4.6 GW portfolio of solar projects
From: Mercom Capital Group
Terra-Gen, an independent renewable energy provider, raised $959 million in financing for the second phase of its Edwards Sanborn solar storage project in Kern County, California. This phase of the Edwards Sanborn Solar Storage facility comprises 410 MWac of nameplate solar capacity and 1,786 MWh of battery storage. Terra-Gen expects the solar portion of the second phase to come online in the third and fourth quarters of 2022, with the battery storage scheduled to be fully operational by the third quarter of 2023.
Matrix Renewables, a renewable energy company, acquired a 4.6 GW portfolio of utility-scale solar projects across the central U.S. from SolarStone Partners. Matrix and SolarStone will jointly develop the 4.6 GW portfolio while exploring and originating additional opportunities across different markets in the U.S. The transaction details were not disclosed. Cohn Reznick Capital and Norton Rose Fulbright acted as financial and legal advisors to Matrix.
ABO Wind, a Wiesbaden-based project developer, sold 200 MW of solar projects to the South African SOLA Group, an independent power producer in South Africa. The South African SOLA Group has already concluded a private power purchase agreement (PPA) for the projects with the mine operator Tronox. These are Africa’s most significant renewable energy projects financed through a corporate PPA.
Greenbacker Renewable Energy, a green energy investment manager and independent power producer, entered into a senior credit agreement of $186.2 million with KeyBank N.A. and Fifth Third Bank to construct 160 MW of two solar projects in the USA. KeyBank served as administrative agent for the lenders and Keybanc Capital Markets and Fifth Third Bank, National Association, served as joint lead arrangers. Greenbacker was advised on the deal by Sheppard, Mullin, Richter & Hampton; Winston & Strawn represented the lenders.
Dutch solar developer Sunvest BV has closed a €25 million (~$24.9 million) debt financing deal that will enable it to support the construction and operation of 420 MW solar projects in the Netherlands. The financing was provided by France’s Sienna Private Credit, an AIFM portfolio management company.
Clenera, a privately-held renewable energy company, acquires, develops, builds, and manages utility-scale solar projects and energy storage facilities closed construction and tax equity financing for the 105 MW Apex solar project in Montana, U.S. The financing was provided by the Bank of America, NordLB. Greenberg Traurig, LLP served as legal counsel to Clēnera, and Paragon Energy Capital acted as Clēnera’s exclusive tax equity advisor on the transaction. Apex Solar is expected to reach commercial operations in the second quarter of 2023.
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Read last week’s project finance brief.