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ib vogt, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/ib-vogt-secures-80-million-financing-for-99-mw-solar-project/" target="_blank" rel="noopener">secured</a> PHP4.49 billion (~$80 million) in green project financing from HSBC for the development of the 99 MWp Tantangan solar project, located in South Cotabato, Philippines. Construction on the project commenced in the first quarter of 2025, with commercial operation scheduled for the second quarter of 2026. This project is reportedly the company’s second solar project in Mindanao.
AMPYR Australia, a part of AMPYR Energy, a renewable energy group, announced the financial <a href="https://cms.mercomindia.com/ampyr-secures-financing-for-300-mw-wellington-stage-1-battery-storage-project/" target="_blank" rel="noopener">closure</a> of the 300 MW/600 MWh Wellington Stage 1 battery energy storage project located in New South Wales. Commonwealth Bank of Australia, Bank of China, Hongkong and Shanghai Banking Corporation, Rabobank, Société Générale, and United Overseas Bank provided more than AU$340 million (~$221 million) in financing for the project.
Green Genius, a renewable energy company, <a href="https://cms.mercomindia.com/green-genius-secures-43-million-financing-for-78-mw-solar-project/" target="_blank" rel="noopener">signed</a> a €36.66 million (~$42.94 million) financing agreement with RGREEN INVEST, a France-based independent investment management company. The financing will be used for the construction of the 78 MW Šeduva solar project in Lithuania. Once completed, the project is scheduled for connection to Litgrid&#8217;s transmission network for the spring of 2027. The financing is provided through INFRABRIDGE IV, one of RGREEN INVEST&#8217;s debt funds, specializing in offering flexible, long-term financing solutions for large-scale renewable energy projects across Europe.
Lydian Energy, an independent power producer specializing in the development of solar and energy storage projects, <a href="https://cms.mercomindia.com/lydian-energy-secures-financing-battery-projects/" target="_blank" rel="noopener">announced</a> the financial closure of $233 million in project financing to support the development of three battery energy storage projects in Texas. ING and KeyBank backed the financing. ING served as the lender for the Pintail and Crane projects, representing a combined investment of approximately $139 million. KeyBank provided a $94 million financing package for the 150 MW/300 MWh Headcamp project in Pecos County.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">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-contourglobal-energy-storage-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: ib vogt Secures $80 Million for 99 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-ib-vogt-secures-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
ib vogt, a solar and energy storage project developer, <a href="https://mercomcapital.com/ib-vogt-secures-80-million-financing-for-99-mw-solar-project/" target="_blank" rel="noopener">secured</a> PHP4.49 billion (~$80 million) in green project financing from HSBC for the development of the 99 MWp Tantangan solar project, located in South Cotabato, Philippines. Construction on the project commenced in the first quarter of 2025, with commercial operation scheduled for the second quarter of 2026. This project is reportedly the company’s second solar project in Mindanao.
AMPYR Australia, a part of AMPYR Energy, a renewable energy group, announced the financial <a href="https://mercomcapital.com/ampyr-secures-financing-for-300-mw-wellington-stage-1-battery-storage-project/" target="_blank" rel="noopener">closure</a> of the 300 MW/600 MWh Wellington Stage 1 battery energy storage project located in New South Wales. Commonwealth Bank of Australia, Bank of China, Hongkong and Shanghai Banking Corporation, Rabobank, Société Générale, and United Overseas Bank provided more than AU$340 million (~$221 million) in financing for the project.
Green Genius, a renewable energy company, <a href="https://mercomcapital.com/green-genius-secures-43-million-financing-for-78-mw-solar-project/" target="_blank" rel="noopener">signed</a> a €36.66 million (~$42.94 million) financing agreement with RGREEN INVEST, a France-based independent investment management company. The financing will be used for the construction of the 78 MW Šeduva solar project in Lithuania. Once completed, the project is scheduled for connection to Litgrid’s transmission network for the spring of 2027. The financing is provided through INFRABRIDGE IV, one of RGREEN INVEST’s debt funds, specializing in offering flexible, long-term financing solutions for large-scale renewable energy projects across Europe.
Lydian Energy, an independent power producer specializing in the development of solar and energy storage projects, <a href="https://mercomcapital.com/lydian-energy-secures-financing-battery-projects/" target="_blank" rel="noopener">announced</a> the financial closure of $233 million in project financing to support the development of three battery energy storage projects in Texas. ING and KeyBank backed the financing. ING served as the lender for the Pintail and Crane projects, representing a combined investment of approximately $139 million. KeyBank provided a $94 million financing package for the 150 MW/300 MWh Headcamp project in Pecos County.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">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://mercomcapital.com/project-finance-brief-contourglobal-energy-storage-projects/" target="_blank" rel="noopener">brief</a>.

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					</table><a href="https://www.pennarindia.com/" target="_blank" rel="noopener">Pennar Industries</a> won an order from <a href="https://www.ntpc.co.in/en/power-generation/renewable-energy" target="_blank" rel="noopener">NTPC Renewable Energy</a> for its proposed 500 MW solar power project at Bhadla in Rajasthan. Pennar Industries had emerged as the lowest bidder in the competitive bidding against the tender invited by NTPC REL. The project scope includes design, engineering, supply, construction, erection, testing and commissioning, and a three-year operation and maintenance contract. The completion time of the project is 12.5 months.
As part of its diversification program for clean coal energy, Coal India <a href="https://www.pib.gov.in/Pressreleaseshare.aspx?PRID=1867479" target="_blank" rel="noopener">signed</a> a memorandum of understanding with Rajasthan Rajya Vidyut Utpadan Nigam for developing a solar power project of 1,190 MW in Jaipur. The proposed project will come up in Rajasthan’s upcoming solar park cleared under the Ministry of New and Renewable Energy’s Ultra Mega Renewable Energy Power Parks. It would boost CIL’s pursuit of solar power generation as part of its diversification program for clean coal energy.
Union Power Minister R.K. Singh highlighted the achievements made in recent years in the power sector at a conference of power and renewable energy ministers of states and union territories in Udaipur, Rajasthan. Electricity demand grew by about 11% in the last five months, but the government managed to meet the demand, even during the global energy crisis. India is the only major economy whose actions align with limiting global temperature rise to sub-2 degrees. India’s per capita emissions are only a third of the world’s average, while developed countries were at three to five times the world’s average.
Steel Authority of India (<a href="https://www.sail.co.in/en" target="_blank" rel="noopener">SAIL</a>) invited bids for the supply, installation, and commissioning of 1.7 MW of rooftop solar systems at various administrative buildings of the <a href="https://sail.co.in/en/plants/about-iisco-steel-plant" target="_blank" rel="noopener">IISCO steel plant</a> at Burnpur in the Bardhman district of West Bengal. The last date to submit the bids is October 21, 2022. The bids will be opened on the same day.
Jakson Green, a new energy transition platform backed by India-based infrastructure and renewables major <a href="https://www.linkedin.com/company/jaksons-limited/" target="_blank" rel="noopener">Jakson Group</a>, signed a memorandum of understanding with South Africa-based Power Africa Solutions to form a joint venture named Jakson Green Africa. The agreement is per the BRICS mission of promoting development and cooperation among member countries.
Cummins will soon start <a href="https://www.cummins.com/news/releases/2022/10/13/cummins-drives-gigawatt-electrolyzer-manufacturing-plant-forward-spain" target="_blank" rel="noopener">building</a> its new gigawatt electrolyzer manufacturing plant in Guadalajara, Castilla-La Mancha, Spain. Last year, Cummins had announced that it had selected Spain as the site for a new proton exchange membrane electrolyzer program. Earlier this year, the company purchased more than 530,000 square feet of land in the industrial area of Guadalajara, Castilla-Al Mancha, where it is now planning to start the construction. The construction of the new PEM electrolyzer plant is expected to be complete by the end of 2023.
AMPYR Australia and Shell Energy Australia <a href="https://www.ampyrenergy.com/2022/10/13/ampyr-and-shell-energy-to-jointly-develop-own-and-operate-a-500-mw-1000-mwh-battery-energy-storage-system-in-wellington-new-south-wales/" target="_blank" rel="noopener">signed</a> a joint development agreement for a proposed battery energy storage system strategically located in Wellington (the Wellington BESS), Central West New South Wales (NSW). The target capacity of the Wellington BESS is 500 MW/1,000 MWh, making it one of the largest battery storage projects in NSW. The Wellington BESS will connect to the TransGrid Wellington substation adjacent to the Central West Orana Renewable Energy Zone.  It will complement nearby existing renewable energy generation assets and the proposed additional generation to be delivered as part of the Central West Orana REZ.

Daily News Wrap-Up: Pennar Wins NTPC’s EPC Tender for a 500 MW Solar Project

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