Project Finance Brief: X-ELIO Secures $97 Million Financing for Solar Projects

Sonnedix acquires 49 MW solar portfolio in Portugal

March 13, 2024


From: Mercom Capital Group

X-ELIO, a solar project developer, announced the closing of €89 million (~$96.75 million) financing deal with Societe Generale as sole bookrunner, mandated lead arranger, and hedge provider. The funds will be utilized for the development and construction of three solar projects totaling 123 MW in Spain. The assets involved in the operation are an X-ELIO PV plant in Almeria, which is currently reaching the end of its construction phase, and two further plants, one located in Murcia and the other in Granada, both under construction since the end of 2023. The financing deal closed in February 2024.

Sonnedix, an independent solar power producer, announced the acquisition of a 49 MW portfolio of solar projects in Portugal from Cubico Sustainable Investments. All the projects that were brought into operation between 2012 and 2014 are located across southern Portugal in the regions of Evora, Setubal, and Faro. The already-in-operation portfolio adds immediate capacity without permitting and construction risk.

Standard Solar, a solar energy company specializing in developing and financing solar electric systems, announced the acquisition of an 18.5 MW solar project portfolio in Vermont from MHG Solar, a solar project developer. The portfolio consists of six solar projects, all owned and operated by Standard Solar, and will provide clean energy to Vermont’s electric utilities under the state’s Standard Offer Program.

RIC Energy, an independent renewable energy project developer, announced the sale of three community solar projects with a combined capacity of 20 MW in New York to Luminace, a provider of decarbonization-as-a-service solutions owned by Brookfield. The solar projects are located in New York State Electric and Gas and National Grid service territories in upstate New York.

GridStor, a developer and operator of utility-scale battery energy storage projects, announced that it has acquired a 450 MW / 900 MWh project in Galveston County, Texas, from Balanced Rock Power. The Evelyn Battery Energy Storage project, which is slated to begin construction in Summer 2024, has an anticipated online date of Spring 2025.

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.