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BayWa r.e., a renewable energy project developer, <a href="https://cms.mercomindia.com/baywa-r-e-sells-517-mw-solar-projects/" target="_blank" rel="noopener">announced</a> the sale of three solar projects totaling 517 MWdc to a privately held renewable independent power producer. The company finalized the transaction in October. The projects, located in the PJM Interconnection and the Midcontinent Independent System Operator regions, are expected to reach commercial operation by the end of 2025.
AMPYR Solar Europe, a solar project developer, <a href="https://cms.mercomindia.com/ampyr-solar-europe-secures-253-million-financing-for-solar-projects/" target="_blank" rel="noopener">announced</a> the closing of an up to £200 million (~$253.33 million) project finance facility with NORD/LB, a German-based commercial bank, to develop and construct a 400 MW solar projects in the U.K. Clifford Chance served as a legal advisor to AMPYR Solar Europe, while White &amp; Case represented NORD/LB on the transaction.
Jinko Power Technology has announced the financial <a href="https://www.mercomindia.com/jinko-secures-financial-solar-project-in-saudi-arabia" target="_blank" rel="noopener">close</a> of its 400 MW Tabarjal solar project in Saudi Arabia, paving the way for construction to begin. The project’s financing is supported by long-term, non-recourse funding from Riyadh Bank and the Arab Petroleum Investments Corporation.
National Renewable Solutions, a renewable energy project developer, <a href="https://cms.mercomindia.com/national-renewable-solutions-secures-145-million-in-project-financing/" target="_blank" rel="noopener">secured</a> $145 million in project financing for the 140 MW solar and 50 MW storage Shallow Basket Project in Rio Arriba County, New Mexico. Deutsche Bank provided the construction financing for the project.
Eramet Grande Côte, a mining company and subsidiary of Eramet Group, and JUWI Renewable Energies, a renewable energy project developer and wholly owned subsidiary of MVV Energie, <a href="https://cms.mercomindia.com/eramet-grande-cote-juwi-secures-financing-for-solar-and-storage-project/" target="_blank" rel="noopener">reached</a> financial closure for an off-grid solar-plus-battery-storage project in Senegal. The project includes 20 MW of solar and 11 MWh of battery storage capacity.
BNZ, a solar project developer and an independent power producer (IPP), <a href="https://cms.mercomindia.com/bnz-acquires-127-7-mw-solar-projects-in-italy/" target="_blank" rel="noopener">announced</a> the acquisition of two greenfield solar projects totaling 127.7 MW from GreenGo, a renewable energy project developer. The two projects, with 90.5 MW and 37.2 MW capacity, are located in the municipalities of Francofonte (Siracusa) and Lercara Friddi (Palermo) in Sicily, Italy.
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-s4-energy-bess-portfolio-germany/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: BayWa r.e. Sells 517 MW Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-baywa-r-e-sells-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
BayWa r.e., a renewable energy project developer, <a href="https://mercomcapital.com/baywa-r-e-sells-517-mw-solar-projects/" target="_blank" rel="noopener">announced</a> the sale of three solar projects totaling 517 MWdc to a privately held renewable independent power producer. The company finalized the transaction in October. The projects, located in the PJM Interconnection and the Midcontinent Independent System Operator regions, are expected to reach commercial operation by the end of 2025.
AMPYR Solar Europe, a solar project developer, <a href="https://mercomcapital.com/ampyr-solar-europe-secures-253-million-financing-for-solar-projects/" target="_blank" rel="noopener">announced</a> the closing of an up to £200 million (~$253.33 million) project finance facility with NORD/LB, a German-based commercial bank, to develop and construct a 400 MW solar projects in the U.K. Clifford Chance served as a legal advisor to AMPYR Solar Europe, while White &amp; Case represented NORD/LB on the transaction.
Jinko Power Technology has announced the financial <a href="https://www.mercomindia.com/jinko-secures-financial-solar-project-in-saudi-arabia" target="_blank" rel="noopener">close</a> of its 400 MW Tabarjal solar project in Saudi Arabia, paving the way for construction to begin. The project’s financing is supported by long-term, non-recourse funding from Riyadh Bank and the Arab Petroleum Investments Corporation.
National Renewable Solutions, a renewable energy project developer, <a href="https://mercomcapital.com/national-renewable-solutions-secures-145-million-in-project-financing/" target="_blank" rel="noopener">secured</a> $145 million in project financing for the 140 MW solar and 50 MW storage Shallow Basket Project in Rio Arriba County, New Mexico. Deutsche Bank provided the construction financing for the project.
Eramet Grande Côte, a mining company and subsidiary of Eramet Group, and JUWI Renewable Energies, a renewable energy project developer and wholly owned subsidiary of MVV Energie, <a href="https://mercomcapital.com/eramet-grande-cote-juwi-secures-financing-for-solar-and-storage-project/" target="_blank" rel="noopener">reached</a> financial closure for an off-grid solar-plus-battery-storage project in Senegal. The project includes 20 MW of solar and 11 MWh of battery storage capacity.
BNZ, a solar project developer and an independent power producer (IPP), <a href="https://mercomcapital.com/bnz-acquires-127-7-mw-solar-projects-in-italy/" target="_blank" rel="noopener">announced</a> the acquisition of two greenfield solar projects totaling 127.7 MW from GreenGo, a renewable energy project developer. The two projects, with 90.5 MW and 37.2 MW capacity, are located in the municipalities of Francofonte (Siracusa) and Lercara Friddi (Palermo) in Sicily, Italy.
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-s4-energy-bess-portfolio-germany/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.bnz.energy/" target="_blank" rel="noopener">BNZ</a>, a solar project developer and an independent power producer (IPP), announced the acquisition of two greenfield solar projects totaling 127.7 MW from GreenGo, a renewable energy project developer. The two projects, with 90.5 MW and 37.2 MW capacity, are located in the municipalities of Francofonte (Siracusa) and Lercara Friddi (Palermo) in Sicily, Italy.
The Lercara solar project will begin operation in the first half of 2026, while the Francofonte solar project will reach commercial operation at the end of 2026.
BNZ Head of Development Gabriele Sommantico added, “These new projects in Sicily provide a further boost to our development in Italy. We expect to have the Lazio plants in operation by the third quarter of 2025. All other projects in our pipeline will likely have reached ready-to-build status by next year. We are also keen to explore new opportunities to strengthen our presence in Italy, with a specific interest in storage technology as well.”
The company also <a href="https://cms.mercomindia.com/solar-project-developer-bnz-secures-over-744-million-in-funding/" target="_blank" rel="noopener">announced</a> that it had completed its first Total IPP Financing (TIPPF) for over €680 million (~$744 million) in several countries in October this year. BNZ plans to deploy a portfolio of over 1.7 GW of renewable energy in southern Europe.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, 166 project acquisitions totaling 28.3 GW were transacted in 9M 2024 compared to the same number of project acquisitions totaling 31.6 GW in 9M 2023.
In September, BayWa r.e., a developer of renewable energy projects, announced the <a href="https://cms.mercomindia.com/baywa-r-e-sells-solar-projects-totaling-222-mw-to-octopus-energy-generation/" target="_blank" rel="noopener">sale</a> of four solar projects totaling 222 MW across the U.K. to Octopus Energy Generation, a renewable energy investment firm.

BNZ Acquires 127.7 MW Solar Projects in Italy

Green Gravity, a gravity-based energy storage solutions developer, <a href="https://cms.mercomindia.com/green-gravity-raises-6-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> AU$9 million (~$6 million) in a Series A funding to complete product development for its gravitational energy storage technology. The funding was led by HMC Capital, BlueScopeX, Pacific Channel, Sumisho Coal Australia Holdings, and other key institutional investors.
BNZ, a solar project developer and an independent power produce, <a href="https://cms.mercomindia.com/solar-project-developer-bnz-secures-over-744-million-in-funding/" target="_blank" rel="noopener">announced</a> that it has completed its first Total IPP Financing for over €680 million (~$744 million) in several countries. The funding includes a senior debt facility and ancillary credit facilities of €420 million (~$459 million), secured by Clean Energy Fund III of Nuveen’s portfolio from a group of financial institutions formed by the European Investment Bank, ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter with Palmer acting as an agent.
NW, an energy storage project developer and energy transition group, has <a href="https://cms.mercomindia.com/energy-storage-developer-nw-secures-466-million-in-debt-financing/" target="_blank" rel="noopener">secured</a> € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank. The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.
Roofsol Energy, a Maharashtra-based rooftop solar EPC services provider, has <a href="https://www.mercomindia.com/roofsol-energy-raises-%E2%82%B9255-million-through-equity-funding" target="_blank" rel="noopener">raised</a> ₹255 million (~$3.03 million) in its inaugural round of equity funding. The funds were raised through private placements from high net-worth individuals led by fund manager Equity4life IH Analytics. Roofsol Energy plans to utilize the funds to accelerate the development of OPEX business for developing solar assets in subsidiary companies.
Multi-business conglomerate Adani Enterprises has <a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener">completed</a> a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million). A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP. Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes.
Karnataka-based solar project developer Ravindra Energy has <a href="https://www.mercomindia.com/ravindra-energy-raises-%E2%82%B91-79-billion-through-sale-of-24-3-million-shares" target="_blank" rel="noopener">raised</a> ₹1.79 billion (~$21.29 million) by selling 24.3 million equity shares. The Securities and Exchange Board of India approved the allotment of 24.3 equity million shares at a face value of ₹10 (~$0.11) per equity share and a premium of ₹64 (~$0.76) per equity share on a preferential basis.
Azure Power Global has <a href="https://www.mercomindia.com/azure-prepays-350-million-debt-after-refinancing-deal-with-rec" target="_blank" rel="noopener">announced</a> the completion of its ₹24 billion (~$285.54 million) refinancing transaction, structured as a term loan underwritten by REC Limited. Following this transaction, the company has prepaid its green bonds, issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-ma-roundup-form-energy-raises-405-million-series-f-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Green Gravity Raises $6 Million in Series A Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-green-gravity-raises-6-million-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Green Gravity, a gravity-based energy storage solutions developer, <a href="https://mercomcapital.com/green-gravity-raises-6-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> AU$9 million (~$6 million) in a Series A funding to complete product development for its gravitational energy storage technology. The funding was led by HMC Capital, BlueScopeX, Pacific Channel, Sumisho Coal Australia Holdings, and other key institutional investors.
BNZ, a solar project developer and an independent power produce, <a href="https://mercomcapital.com/solar-project-developer-bnz-secures-over-744-million-in-funding/" target="_blank" rel="noopener">announced</a> that it has completed its first Total IPP Financing for over €680 million (~$744 million) in several countries. The funding includes a senior debt facility and ancillary credit facilities of €420 million (~$459 million), secured by Clean Energy Fund III of Nuveen’s portfolio from a group of financial institutions formed by the European Investment Bank, ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter with Palmer acting as an agent.
NW, an energy storage project developer and energy transition group, has <a href="https://mercomcapital.com/energy-storage-developer-nw-secures-466-million-in-debt-financing/" target="_blank" rel="noopener">secured</a> € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank. The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.
Roofsol Energy, a Maharashtra-based rooftop solar EPC services provider, has <a href="https://www.mercomindia.com/roofsol-energy-raises-%E2%82%B9255-million-through-equity-funding" target="_blank" rel="noopener">raised</a> ₹255 million (~$3.03 million) in its inaugural round of equity funding. The funds were raised through private placements from high net-worth individuals led by fund manager Equity4life IH Analytics. Roofsol Energy plans to utilize the funds to accelerate the development of OPEX business for developing solar assets in subsidiary companies.
Multi-business conglomerate Adani Enterprises has <a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener">completed</a> a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million). A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP. Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes.
Karnataka-based solar project developer Ravindra Energy has <a href="https://www.mercomindia.com/ravindra-energy-raises-%E2%82%B91-79-billion-through-sale-of-24-3-million-shares" target="_blank" rel="noopener">raised</a> ₹1.79 billion (~$21.29 million) by selling 24.3 million equity shares. The Securities and Exchange Board of India approved the allotment of 24.3 equity million shares at a face value of ₹10 (~$0.11) per equity share and a premium of ₹64 (~$0.76) per equity share on a preferential basis.
Azure Power Global has <a href="https://www.mercomindia.com/azure-prepays-350-million-debt-after-refinancing-deal-with-rec" target="_blank" rel="noopener">announced</a> the completion of its ₹24 billion (~$285.54 million) refinancing transaction, structured as a term loan underwritten by REC Limited. Following this transaction, the company has prepaid its green bonds, issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s funding <a href="https://mercomcapital.com/funding-ma-roundup-form-energy-raises-405-million-series-f-funding/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.bnz.energy/" target="_blank" rel="noopener">BNZ</a>,  a solar project developer and an independent power producer (IPP), announced that it had completed its first Total IPP Financing (TIPPF) for over €680 million (~$744 million) in several countries.
The funding includes a senior debt facility and ancillary credit facilities of €420 million (~$459 million), secured by Clean Energy Fund III of Nuveen’s portfolio from a group of financial institutions formed by the European Investment Bank (EIB), ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter with Palmer acting as an agent.
The remaining funding of up to €260 million (~$285 million) is secured from the Holdco financing facility, managed by Ares Management’s Infrastructure Debt and US Direct Lending strategies, with Alter Domus acting as agent.
The funding will enable the company to develop its strategic growth plan in Southern Europe further in the coming years and develop solar PV projects. Last month, BNZ, along with the EIB, also <a href="https://cms.mercomindia.com/bnz-secures-185-million-green-loan-for-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the signing of a €166 million (~$184.68 million) green loan to support the development of 17 new solar projects with a combined capacity of more than 700 MW in Spain, Italy, and Portugal.
BNZ CEO Luis Selva said: “The new stage marked by the closing of our financing, which amounts to 680 million euros, demonstrates the strength of our business and the ambitious nature of our plans and opens up new opportunities for us to explore technological and geographic diversity, and to expand both our operations and our team, with the aim of becoming one of the largest IPPs in the market. We want to continue building a cleaner and more sustainable future, and the support of such important financial institutions demonstrates a shared long-term vision to achieve a better world.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">Report</a>, debt financing activity in 1H 2024 reached $12.2 billion in 50 deals, a 53% increase compared to 1H 2023, when $8 billion was raised in 33 deals.

Solar Project Developer BNZ Secures Over $744 Million in Funding

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-ib-vogt-solar-project-spain-2/" target="_blank" rel="noopener">Mercom Capital Group</a>
ib vogt, a solar and energy storage project developer, <a href="https://mercomcapital.com/ib-vogt-sells-110-mw-solar-project-in-spain/" target="_blank" rel="noopener">announced</a> the sale of its 110 MW Pato solar project in Spain to NextPower V ESG, an OECD Fund of NextEnergy Capital. Construction of the solar project began in March 2024. The solar project is expected to be commercially operational in the first quarter of 2025 and has a signed power purchase agreement with an industrial innovator.
Alight, an independent solar power producer, announced the financial <a href="https://mercomcapital.com/alight-secures-123-million-debt-financing-for-solar-projects-in-sweden/" target="_blank" rel="noopener">closure</a> of €110 million (~$122.56 million) senior debt portfolio financing with the Dutch lender Rabobank. The funding will be used to build, own, and operate small to medium solar projects (up to 50 MW) with a combined capacity of about 220 MW in Sweden.
The European Investment Bank (EIB) and BNZ, a solar project developer owned by Nuveen Infrastructure, <a href="https://mercomcapital.com/bnz-secures-185-million-green-loan-for-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the signing of a €166 million (~$184.68 million) green loan to support the development of 17 new solar projects with a combined capacity of more than 700 MW located across Spain, Italy, and Portugal.
Sonnedix, an independent solar power producer, announced the <a href="https://mercomcapital.com/sonnedix-acquires-80-mw-solar-project-in-italy/" target="_blank" rel="noopener">acquisition</a> of an 80 MW solar project in Sicily, Italy, from Blunova, a renewable energy project developer and the sub-holding of Carlo Maresca Group. Following the acquisition, the company will acquire ten operating plants totaling 250 MW from Blunova in Southern Italy.
Arevon Energy, a solar and energy storage project developer, <a href="https://mercomcapital.com/arevon-secures-351-million-financing-for-251-mw-solar-project/" target="_blank" rel="noopener">announced</a> the closing of $351 million financing to build the 251 MWdc Gibson Solar Project, located in Gibson County, Indiana. Construction on the Gibson solar project began last month. The funding consisted of a construction loan from CoBank, Societe Generale, and PNC Bank, along with a letter of credit facility provided by CoBank.
Zelestra (formerly Solarpack), a renewable energy project developer, has <a href="https://www.mercomindia.com/zelestra-closes-146-million-financing-for-453-mw-solar-project-in-rajasthan" target="_blank" rel="noopener">closed</a> a financing package of €132 million (~$146 million) for a 453 MW solar PV project in Gorbea, Rajasthan. The project will supply power to the Solar Energy Corporation of India for 25 years. The financing was signed with HSBC, Credit Agricole, MUFG, and Bank of America.
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-atlas-secures-financing-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: ib vogt Sells 110 MW Solar Project in Spain

The European Investment Bank (<a href="https://www.eib.org/en/" target="_blank" rel="noopener">EIB</a>) and <a href="https://www.bnz.energy/" target="_blank" rel="noopener">BNZ</a>, a solar project developer owned by Nuveen Infrastructure, announced the signing of a €166 million (~$184.68 million) green loan to support the development of 17 new solar projects with a combined capacity of more than 700 MW located across Spain, Italy, and Portugal.
The funding is the first tranche of a €500 million (~$556.27 million) loan approved by the EIB to support BNZ’s roll-out of 1.7 GW of solar projects in Southern Europe by the end of 2026.
The project is supported by InvestEU, the EU flagship program to mobilize over €372 million (~$413.86 million) of public and private funds to support the EU’s clean energy goals in the period 2021-2027.
“This new investment is a clear example of how the EIB is fostering the energy transition, contributing to a more sustainable energy model, and leveraging the great potential of southern European countries for renewable energy,” said EIB Director of Equity, Growth Capital and Project Finance Alessandro Izzo. “The project will boost energy supply security and contribute to the strategic autonomy of Europe by reducing dependency from fossil fuel imports.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
This week, Arevon Energy, a solar and energy storage project developer, announced the <a href="https://cms.mercomindia.com/arevon-secures-351-million-financing-for-251-mw-solar-project/" target="_blank" rel="noopener">close</a> of $351 million in financing to build the 251 MWdc Gibson Solar Project, in Gibson County, Indiana.

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