Project Finance Brief: Renewable Japan Raises $92.4 Million for a 25.76 MW Solar Project

Etrion Corporation enters an agreement to sell 38 MW of operating solar projects to a Japanese consortium for $74.5 million


From: Mercom Capital Group

ReneSola, a fully integrated solar project developer, announced that it closed the sale of a portfolio of projects totaling 12.3 MW in Hungary to Obton, an investment firm. The portfolio comprises 20 solar projects in five locations, including Sarbogard, Komlod, Szajol, Lukacshaza, and Torokszentmiklos, with a combined capacity, which was successfully connected to the grid in 2020, are now in operation and are qualified under the Hungarian 25-year KAT feed-in tariff scheme.

SolRiver Capital, a solar investment fund, announced the acquisition of a 45 MW solar portfolio located throughout the Carolinas from Birdseye Renewable Energy, a developer of solar energy projects in the Southeastern U.S.

Sonnedix, an independent power producer, has completed the acquisition of a 5.1 MW portfolio of operating assets from Diversis Energia and Grupo Enerpal. The portfolio is comprised of two ground-mounted solar PV projects located in Spain. Both projects are under the Spanish regulatory regime and have been in operations since 2008 and 2006.

Williams Renewable Energy (Two) Limited (WREL), a wholly-owned subsidiary of Barbados-based Williams Caribbean Capital (WCCB), an impact investment company, has raised BBD 14 million (~$7 million) in green energy bonds to finance more solar PV arrays in native Barbados. WREL will use the proceeds to add more rooftop and ground-mounted solar in partnership with individuals and businesses in the Caribbean island country. RF Merchant Bank & Trust (Barbados) acted as financial advisor and placement agent to WREL.

BlueWave Solar, a Boston-based solar developer and community solar service provider, announced the sale of a 4.2 MW, agrivoltaic solar project on a wild (lowbush) blueberry farm in Rockport, Maine, to Navisun, a solar power producer that owns and operates distributed and small utility-scale solar projects.

US Solar Fund, an investment firm, announced that it had reached completion on the first tranche of an acquisition representing a 25% interest in a 200 MW operating solar project located in the Imperial Valley of Southern California, Mount Signal 2 (MS2).

Renewable Japan, an energy company, announced it had raised JYP 10.15 billion (~$92.42 million) for a 25.76 MW solar project in Kagoshima prefecture. The company issued a project bond, RJ Renewable Energy Project Bond IX, arranged by local brokerage firm Barclays Securities Japan with Hitachi Capital Trust acting as the trustee. The bond matures on February 20, 2041.

Falck Renewables, an Italian renewable energy project developer, announced the signing of a share purchase agreement with Caicos Directorship, a company owned by Fund IV, managed by Everwood Capital SGEIC, for the acquisition of 100% of the share capital of Desafio Solar, owning an operating solar project in Spain. The 49.88 MW solar project located in the Municipality of Escatron, in the Aragon region, was built by Gransolar Desarollo y Construccion, and commissioned in June 2020.

S&B (formerly Shikun and Binui America) has signed a definitive agreement with Savion, a Green Investment Group portfolio company, to acquire a 200 MW Brazoria West solar project in Brazoria County, Texas. Once fully operational, the project will produce enough renewable electricity to power the equivalent of approximately 37,100 Texas homes. Construction is expected to start in Q2 2021, and the commercial operation date is anticipated to be in Q2 2022.

Etrion Corporation, a solar independent power producer, announced that Solar Resources Holding and Etrion Japan K.K., wholly-owned subsidiaries of the company, have entered into agreements to sell their interests in the company’s 13.2 MW Komatsu, 24.7 MW Shizukuishi and 9.3 MW Mito operating solar projects to three Japanese companies, GK Komatsu Solar, GK Shizukuishi Solar, and GK MITO Solar, for an aggregate purchase price of approximately JPY 8.252 billion (~$74.5 million), subject to certain adjustments at closing.

Scotland-based clean energy developer ILI Group has closed the sale of a 50 MW grid battery to Abbey Group Cambridgeshire and YooGen1. The battery will be built in Fife. ILI Group has a development pipeline of 3 GW of energy storage projects across Scotland, comprising 2 GW of pumped storage hydro and 1 GW of battery storage.

Edelweiss Infrastructure Yield Plus (EIYP), an alternative investment fund managed by Edelweiss Alternative Asset Advisors Limited (EAAA), along with its investee company Sekura Energy, has acquired a 74% stake in the solar portfolio of Engie in India. These assets will be developed by Engie and acquired by EIYP post-commissioning. Engie has 813 MW of operating capacity in the country.

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.

Image credit: LONGI Solar


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