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Broad Reach Power, a utility-scale battery storage project developer, <a href="https://cms.mercomindia.com/broad-reach-power-secures-bess-projects/" target="_blank" rel="noopener">secured</a> $435 million in credit facilities to support the construction of seven stand-alone energy storage projects totaling 880 MW in Texas and California. The Battery Energy Storage System projects are under construction, with expected commercial operation dates ranging from late 2023 through Q1 2024. The projects include 825 MW in ERCOT and 55 MW in CAISO.
Alternus Energy, an independent power producer, <a href="https://cms.mercomindia.com/alternus-energy-acquires-solar-project-portfolio-spain/" target="_blank" rel="noopener">acquired</a> a 32 MW portfolio of solar PV projects in Valencia, Spain, known as the “NF Projects.” The portfolio consists of six projects,  five of which, totaling 24.4 MW, are expected to reach operation in Q2 2024, with the remaining one project expected to achieve operation in Q1 2025. The initial funding for the project comes from the local bank Banco Internacional Español-Bankinter. Alternus subsidiary Unisun will manage the project construction.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://cms.mercomindia.com/matrix-renewables-acquires-controlling-stake-solar-project/" target="_blank" rel="noopener">acquired</a> a controlling interest in 261 MW of the Pleasant Valley Solar Project from rPlus Energies in Idaho. The project will begin construction in Q3 2023. The Pleasant Valley Solar project was awarded a power purchase agreement through a negotiated process with Meta and Idaho Power.
Qair, an independent renewable energy producer, <a href="https://cms.mercomindia.com/qair-secures-financing-for-solar-project-portfolio-poland/" target="_blank" rel="noopener">secured</a> a PLN 335.3 million (~$82.31 million) loan to develop a 129.5 MW solar project portfolio in Poland. The portfolio consists of three large-scale solar projects located in Golczewo, Rokietnica, and Pakość. The loan agreement was signed with the Santander Bank Polska and PKO Bank Polski consortium. The energy generated by the solar farm will be sold to identified off-takers under long-term corporate power purchase agreements.
Nautilus Solar Energy, a community solar company, <a href="https://cms.mercomindia.com/nautilus-solar-energy-acquires-community-solar-portfolio-delaware/" target="_blank" rel="noopener">acquired</a> a 28.7 MW portfolio of six community solar projects in Delaware from TurningPoint Energy (TPE). The projects, located in Kent, New Castle, and Sussex Counties, are in the late stages of development and are expected to start construction in 2024. TPE developed the six projects as part of Delaware’s community solar program.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-clearway-secures-energy-storage-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Broad Reach Secures $435 Million for 880 MW BESS Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-broad-reach-bess-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Broad Reach Power, a utility-scale battery storage project developer, <a href="https://mercomcapital.com/broad-reach-power-secures-bess-projects/" target="_blank" rel="noopener">secured</a> $435 million in credit facilities to support the construction of seven stand-alone energy storage projects totaling 880 MW in Texas and California. The Battery Energy Storage System projects are under construction, with expected commercial operation dates ranging from late 2023 through Q1 2024. The projects include 825 MW in ERCOT and 55 MW in CAISO.
Alternus Energy, an independent power producer, <a href="https://mercomcapital.com/alternus-energy-acquires-solar-project-portfolio-spain/" target="_blank" rel="noopener">acquired</a> a 32 MW portfolio of solar PV projects in Valencia, Spain, known as the “NF Projects.” The portfolio consists of six projects,  five of which, totaling 24.4 MW, are expected to reach operation in Q2 2024, with the remaining one project expected to achieve operation in Q1 2025. The initial funding for the project comes from the local bank Banco Internacional Español-Bankinter. Alternus subsidiary Unisun will manage the project construction.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://mercomcapital.com/matrix-renewables-acquires-controlling-stake-solar-project/" target="_blank" rel="noopener">acquired</a> a controlling interest in 261 MW of the Pleasant Valley Solar Project from rPlus Energies in Idaho. The project will begin construction in Q3 2023. The Pleasant Valley Solar project was awarded a power purchase agreement through a negotiated process with Meta and Idaho Power.
Qair, an independent renewable energy producer, <a href="https://mercomcapital.com/qair-secures-financing-for-solar-project-portfolio-poland/" target="_blank" rel="noopener">secured</a> a PLN 335.3 million (~$82.31 million) loan to develop a 129.5 MW solar project portfolio in Poland. The portfolio consists of three large-scale solar projects located in Golczewo, Rokietnica, and Pakość. The loan agreement was signed with the Santander Bank Polska and PKO Bank Polski consortium. The energy generated by the solar farm will be sold to identified off-takers under long-term corporate power purchase agreements.
Nautilus Solar Energy, a community solar company, <a href="https://mercomcapital.com/nautilus-solar-energy-acquires-community-solar-portfolio-delaware/" target="_blank" rel="noopener">acquired</a> a 28.7 MW portfolio of six community solar projects in Delaware from TurningPoint Energy (TPE). The projects, located in Kent, New Castle, and Sussex Counties, are in the late stages of development and are expected to start construction in 2024. TPE developed the six projects as part of Delaware’s community solar program.
Click <a href="https://mercomcapital.com/clean-energy-reports/">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://www.mercomindia.com/project-finance-brief-clearway-energy-storagesolar-project" target="_blank" rel="noopener">brief</a>.

<a href="https://alternusenergy.com/" target="_blank" rel="noopener">Alternus Energy</a>, an independent power producer, acquired a 32 MW portfolio of solar PV projects in Valencia, Spain, known as the &#8220;NF Projects.&#8221; The portfolio consists of six projects in total: five of which, totaling 24.4 MW, are expected to reach operation in Q2 2024, with the remaining project expected to achieve operation in Q1 2025.
Once operating, 10-year average annual revenues from the initial portfolio of five will be approximately $2.3 million, going to $2.8 million once all are connected. The initial funding for the project comes from the local bank Banco Internacional Español-Bankinter. Alternus subsidiary Unisun will manage the Project construction.
Juan Carlos Martinez Amago, Country Manager for Alternus in Spain, commented, &#8220;We are excited to grow our footprint in Spain with this attractive set of projects. This deal strengthens our presence through collaboration with local partners. We expect to actively pursue many similar projects in the years ahead. Notably, we are excited to work with our new banking partner Banco Internacional Español-Bankinter, who provided the funding to acquire the initial projects.&#8221;
Alternus Chief Executive Officer Vincent Browne noted, &#8220;This portfolio acquisition demonstrates our ability to penetrate Spain, a relatively new market for us in Europe. Spain has the potential to become a large market for us, so our dedicated local team is focused on sourcing additional accretive deals in this region. The NF Projects is a valuable addition to our pipeline, and I am fully confident that our team at Unisun will once again deliver these projects on time and on budget.&#8221;
Alternus Energy also <a href="https://alternusenergy.com/alternus-energy-expands-u-s-footprint-with-acquisition-of-32-mwp-project-in-tennessee/" target="_blank" rel="noopener">acquired</a> a 32 MW project called &#8220;Dancing Horse.&#8221; Dancing Horse is expected to start operating in Q1 2025 and should produce annual revenue of approximately $2.3 million when fully operational. 100% of the offtake for the project is already secured by 30-year power purchase agreements with two regional utilities.
According to Mercom&#8217;s 1H and Q2 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in 1H 2023, there were 116 project acquisitions for 25.5 GW of solar projects compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.

Alternus Energy Acquires 32 MW Solar Project Portfolio in Spain

<a href="https://alternusenergy.com/" target="_blank" rel="noopener">Alternus Energy Group</a>, an independent power producer, has completed a €500 million (~$531 million) financing agreement with <a href="https://www.db.com/index?language_id=1&amp;kid=sl.redirect-en.shortcut" target="_blank" rel="noopener">Deutsche Bank</a> for funding its solar project acquisitions in Europe.
The funding has an approved initial draw of €80 million (~$85 million).
Other than funding the acquisitions, the financing will also support the closure of currently contracted acquisitions and help finance the construction of up to 600 MW of the development pipeline on a revolving basis.
“Securing this facility will allow us to accelerate our growth initiatives over the next few years. Deutsche Bank is an ideal partner as they share our vision of combatting climate change through the delivery of clean energy assets while maximizing stakeholder benefits in the process,” said Vincent Browne Group CEO.
Headquartered in Ireland, Alternus is an independent power producer that develops, installs, owns, and operates midsized utility-scale solar parks. The company aims to own and operate over 3.5 GW of solar parks by the end of 2025.
Alternus anticipates expanding its current annual recurring revenues of approximately €30 million (~$31.8 million) to more than €200 million (~$212.3 million) by the end of 2025.
The company’s operational portfolio of solar assets, located across five European countries, provided a long-term recurring cash flow generation with approximately €400 million (~$424 million) in lifetime revenues, out of which ~ €172 million (~$182 million) is contracted.
On October 12 this year, Alternus announced the execution of a definitive business combination agreement with Clean Earth Acquisitions, a climate technology, and energy transition-focused special purpose acquisition company. The transaction is expected to close in the first half of 2023.
According to Mercom’s recently announced 9M and Q3 2022 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, solar debt financing activity in the first nine months (9M) of 2022 totaled $8.3 billion in 48 deals, 42% lower than 9M 2021 when $14.2 billion was raised in 50 deals.
Last week, photovoltaics leasing firm Enpal <a href="https://cms.mercomindia.com/pv-leasing-firm-enpal-raises-908-million-for-solar-projects-in-germany/" target="_blank" rel="noopener">raised</a> €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany.

Alternus Energy Secures $531 Million Debt Finance from Deutsche Bank

International renewable independent power producer (IPP) Alternus Energy <a href="https://alternusenergy.com/alternus-energy-acquires-228mw-spain/" target="_blank" rel="noopener">agreed</a> to a definitive agreement to acquire up to 228 MW solar projects in Spain. Alternus has executed a binding purchase agreement to acquire the projects at ready-to-build (RTB) status. The projects are in mid-stage development and are anticipated to reach RTB status by Q2 and Q3 of 2023, subject to permitting and suitable grid connection conditions. The developer will be responsible for all activities and costs to achieve these milestones prior to closing. The projects are estimated to achieve a commercial operation date (COD) in 2024.
BlackRock Real Assets, a unit of the asset manager BlackRock, <a href="https://legaldesire.com/linklaters-advises-on-blackrock-real-assets-refinancing-of-solar-assets-in-taiwan/" target="_blank" rel="noopener">obtained</a> TWD 9.4 billion (~$327.5 million) in debt to refinance a 186 MW portfolio of solar assets in Taiwan. Linklaters advised on the transaction. The portfolio of aggregate 42 projects is owned by BlackRock Real Assets’ Global Renewable Power Fund II and held by many operating companies. It includes ground-mounted, floating, and rooftop solar assets across Taiwan, which BlackRock Real Assets and Taiwan-based New Green Power have taken through from construction to operations. The 18-year green loan facility adopts the Green Loan Framework, aligning with the Green Loan Principles (2011). The lenders comprised two Taiwanese banks, Bank Sinopac and E.Sun Commercial Bank, and five international banks, Australia and New Zealand Banking Group Ltd, BNP Paribas, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and The Hongkong and Shanghai Banking Corporation Limited.
Renewable energy producer Sunly <a href="https://sunly.ee/sunly-and-eiffel-investment-group-announce-an-e11m-bridge-facility/" target="_blank" rel="noopener">secured</a> an €11 million (~$12.01 million) bridge facility from Eiffel Investment Group managed vehicles under the Eiffel Energy Transition program to support the expansion of its PV portfolio in Poland, following the acquisition of Alseva group, a solar developer and EPC contractors in Poland. The proceeds from the loan will enable Sunly to finance the acquisition of ready-to-build PV projects and the payment of deposits for PV projects to secure their grid connection and contracts-for-differences granted through Polish auctions. The facility will be used by tranches when sets of PV projects reach the ready-to-build stage and when the payment of deposits is required for securing projects under development. This financing will also enable Sunly to speed up its development in Poland, both with the existing pipeline and by creating additional development.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-canadian-solar-solar-plus-storage-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Alternus Energy to Acquire 228 MW of Solar Projects in Spain

<a href="https://alternusenergy.com/" target="_blank" rel="noopener">Alternus Energy</a>, a renewable energy independent power producer, has agreed to acquire up to 228 MW of solar projects in Spain.
Alternus has executed a binding purchase agreement to acquire the projects at ready-to-build (RTB) status. The projects are in mid-stage development and are anticipated to reach the RTB stage during Q2 and Q3 of 2023, subject to permitting and suitable grid connection conditions.
The developer will be responsible for all activities and costs to achieve these milestones prior to closing. The projects are estimated to achieve a Commercial Operation Date (COD) in 2024.
Given the strong positive and predictable cash flows from these projects over the long term, Alternus expects to fully fund the acquisition and installation costs from debt facilities provided at the project level. Alternus’ EPC subsidiary, Unisun Energy BV, will install the projects, and O&amp;M subsidiary, Uper Energy BV, will provide operations &amp; maintenance services.
These projects add to the 35MW Totana solar park acquired by Alternus last year, bringing the company’s Spanish pipeline to 263 MW.
The Totana project is expected to reach RTB in Q4 2023.
“This acquisition again demonstrates our successful local partnership business model that underpins our growth. Spain has one of the most mature solar markets in Europe, with a high level of merchant and PPA projects offering several routes to market for this portfolio and future projects. We look forward to progressing our pipeline of 263MW in Spain to the energization and contributing to the ambitious Spanish solar targets,” commented Vincent Browne, CEO at Alternus Energy.
According to Mercom’s recently published Q1 2022 solar funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2022-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale solar project acquisition activity remained strong, with over 23 GW of solar projects acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Year-over-year, 15 GW were acquired in Q1 2021. Large-scale solar project acquisitions in Q1 2022 were the second highest recorded to date.

Alternus Energy to Acquire 228 MW of Spanish Solar Projects

From: <a href="https://mercomcapital.com/project-finance-brief-alternus-energy-solar-projects-spain/" target="_blank" rel="noopener">Mercom Capital Group</a>
International renewable independent power producer (IPP) Alternus Energy <a href="https://alternusenergy.com/alternus-energy-acquires-228mw-spain/" target="_blank" rel="noopener">agreed</a> to a definitive agreement to acquire up to 228 MW solar projects in Spain. Alternus has executed a binding purchase agreement to acquire the projects at ready-to-build (RTB) status. The projects are in mid-stage development and are anticipated to reach RTB status by Q2 and Q3 of 2023, subject to permitting and suitable grid connection conditions. The developer will be responsible for all activities and costs to achieve these milestones prior to closing. The projects are estimated to achieve a commercial operation date (COD) in 2024.
BlackRock Real Assets, a unit of the asset manager BlackRock, <a href="https://legaldesire.com/linklaters-advises-on-blackrock-real-assets-refinancing-of-solar-assets-in-taiwan/" target="_blank" rel="noopener">obtained</a> TWD 9.4 billion (~$327.5 million) in debt to refinance a 186 MW portfolio of solar assets in Taiwan. Linklaters advised on the transaction. The portfolio of aggregate 42 projects is owned by BlackRock Real Assets’ Global Renewable Power Fund II and held by many operating companies. It includes ground-mounted, floating, and rooftop solar assets across Taiwan, which BlackRock Real Assets and Taiwan-based New Green Power have taken through from construction to operations. The 18-year green loan facility adopts the Green Loan Framework, aligning with the Green Loan Principles (2011). The lenders comprised two Taiwanese banks, Bank Sinopac and E.Sun Commercial Bank, and five international banks, Australia and New Zealand Banking Group Ltd, BNP Paribas, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and The Hongkong and Shanghai Banking Corporation Limited.
Renewable energy producer Sunly <a href="https://sunly.ee/sunly-and-eiffel-investment-group-announce-an-e11m-bridge-facility/" target="_blank" rel="noopener">secured</a> an €11 million (~$12.01 million) bridge facility from Eiffel Investment Group managed vehicles under the Eiffel Energy Transition program to support the expansion of its PV portfolio in Poland, following the acquisition of Alseva group, a solar developer and EPC contractors in Poland. The proceeds from the loan will enable Sunly to finance the acquisition of ready-to-build PV projects and the payment of deposits for PV projects to secure their grid connection and contracts-for-differences granted through Polish auctions. The facility will be used by tranches when sets of PV projects reach the ready-to-build stage and when the payment of deposits is required for securing projects under development. This financing will also enable Sunly to speed up its development in Poland, both with the existing pipeline and by creating additional development.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s project finance <a href="https://mercomindia.com/project-finance-brief-canadian-solar-solar-plus-storage-project/" target="_blank" rel="noopener">brief</a>.

European independent power producer <a href="https://alternusenergy.com/" target="_blank" rel="noopener">Alternus Energy Group</a> said it had acquired a 64.6 MW Polish solar project from <a href="https://www.baywa-re.com/en/">BayWa r.e.</a>, a renewable energy projects developer. Both parties had signed a sales agreement last month.
With this acquisition, the solar park &#8211; located in Witnica, Poland, becomes Alternus&#8217; largest operational solar farm. The project is Poland&#8217;s first subsidy-free utility-scale solar installation with a corporate power purchase (PPA) agreement. A 10-year virtual PPA is secured with Gorazdze Cement S.A., a subsidiary of Heidelberg Cement Group.
Joseph Duey, Chief Financial Officer of Alternus Energy, said that the company&#8217;s cumulative capacity increased to 130 MW across 24 solar parks in five European countries with this acquisition.
BayWa r.e. will continue to supply operations and maintenance services at the solar park, the company said in a press statement.
Commenting on the acquisition, Vincent Browne, Chairman and Chief Executive Officer of Alternus Energy, said, &#8220;We are delighted to mark our official entry into the Polish market with the acquisition of the Witnica solar park, the first subsidy-free, PPA-backed utility-scale solar installation in Poland. We have plans for further expansion within the country over the next 12 months.&#8221;
Benedikt Ortmann, Global Director of Solar Projects at BayWa r.e., said the project&#8217;s sale to Alternus Energy is in line with our goal of developing and selling additional solar capacity in future years and highlights the attractiveness of renewable energy assets to investors.
In June 2021, Alternus Energy Group <a href="https://mercomindia.com/funding-and-ma-roundup-raygen-storage/" target="_blank" rel="noopener">acquired</a> a 60% share in Unisun Energy, a Netherlands-based renewable energy project developer and engineering, procurement, and construction service provider.
In May 2021, Alternus Energy <a href="https://mercomindia.com/project-finance-brief-lightsource-bp-4/" target="_blank" rel="noopener">acquired</a> a 20 MW solar park LJG Green Source Energy Beta SRL in Romania from Risen Energy for €22 million (~$26.4 million). The solar park has been in operation since 2013 and produces approximately 25.5 GWh of power annually.
Mercom had earlier <a href="https://mercomindia.com/bayware-acquires-enable-energy/" target="_blank" rel="noopener">reported</a> that BayWa r.e. acquired Enable Energy, a U.S.-based commercial and industrial solar and energy storage solutions provider. The company says it currently has 3 GW of renewable energy online while managing 8.3 GW of assets around the world.
According to Mercom&#8217;s <a href="https://mercomcapital.com/product/1h-q2-2021-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2021 Solar Funding and M&amp;A Report</a>, in 1H 2021, 135 projects were acquired, totaling 39.3 GW compared to 91 project acquisitions for 14.7 GW in 1H 2020.

Alternus Energy Acquires a 64.6 MW Solar Project in Poland from BayWa r.e.

<a href="https://alternusenergy.com/" target="_blank" rel="noopener">Alternus Energy Group</a>, an Ireland-based independent power producer, acquired 64.6 MWp Witnica solar project in Poland from German renewables energy company <a href="https://www.baywa-re.com/en/" target="_blank" rel="noopener">BayWa r.e.</a>
The financial terms were not disclosed. The solar project operates under a ten-year power purchase agreement (PPA) with Gorazdze Cement SA, the Polish subsidiary of German building materials company HeidelbergCement.
BayWa r.e. said it boasts a solar project pipeline of 600 MWp across Poland. The company has set to develop 1.1 GW in the country over the next five years.
Commenting on the new partnership, Dr. Benedikt Ortmann, Global Director of Solar Projects at BayWa r.e. said: &#8220;The sale to Alternus Energy aligns well with our goal of developing and selling additional solar capacity in Poland in future years and further highlights the attractiveness of renewable energy assets to investors. We look forward to future engagement with the Alternus team as both companies work to support the transition to renewables across Europe.&#8221;
Following the sale, BayWa r.e. will provide operations and maintenance services for Alternus Energy.
&#8220;With this acquisition, Alternus increases its power generation capacity by 100% and now operates a diverse portfolio of 24 solar PV parks across five European countries with a combined capacity of 130 MWp,&#8221; added CFO of Alternus, Joseph Duey.
Alternus owns and operates a diverse portfolio of utility-scale solar PV parks on long-term government contracts or power purchase agreements with investment-grade off-takers. Started in 2016 with two solar parks with 6 MW capacity, the company currently operates a portfolio consists of 24 parks across Poland, Romania, Italy, the Netherlands, and Germany, totaling 130 MWp.
Project acquisition activity was at a record high in Q2 2021, with over 24 GW of solar projects acquired compared to 14.6 GW in Q1 2021, according to the recently released <a href="https://cms.mercomindia.com/product/1h-q2-2021-solar-funding-ma-report/" target="_blank" rel="noopener">Mercom&#8217;s Solar Funding and M&amp;A Report</a>. Recently, <a href="https://www.sowitec.com/de/" target="_blank" rel="noopener">SOWITEC Group</a>, a developer of renewable energy projects in the wind and solar sector, has <a href="https://cms.mercomindia.com/sowitec-sells-a-400-mw-solar-pv-project-in-brazil/" target="_blank" rel="noopener">sold</a> a 400 MW solar PV project in Brazil to an unnamed international energy supply group.

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