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Enfinity Global, a renewable energy project developer, <a href="https://cms.mercomindia.com/enfinity-global-secures-financing-for-70-mw-solar-project/" target="_blank" rel="noopener">secured</a> $195 million in long-term project financing for a 70 MW solar project in Japan. Nomura Securities International, a financial institution, acted as the initial lead arranger/sole bookrunner, and Aozora Bank, a Japanese commercial bank, acted as the lead arranger/agent. The project is located in Aomori Prefecture in northern Japan. It was recently completed and is expected to produce more than 75 GWh of clean energy annually.
Globeleq, an independent solar power producer, <a href="https://cms.mercomindia.com/globeleq-acquires-stake-in-solar-project-in-egypt/" target="_blank" rel="noopener">announced</a> the acquisition of a 48.3% equity stake in the 25 MW Winnergy solar project in Egypt. The solar project was acquired from Enerray, Enerray Global Solar Opportunities, and Desert Technologies. The solar project is already operational and is located in Egypt’s flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq’s 66 MW ARC solar project.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://cms.mercomindia.com/matrix-renewables-secures-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> €179 million (~$191.54 million) in non-recourse project financing with Banco Sabadell to develop 239 MW solar projects in Spain. The portfolio comprises five solar projects in the Palencia province of Castilla León and Badajoz province of Extremadura, Spain. The construction phase of the solar projects commenced in December 2023, and the projects are expected to generate approximately 430 full-time jobs.
BW Solar, a solar and storage project developer, <a href="https://cms.mercomindia.com/bw-solar-sells-community-solar-project-portfolio-to-catalyze/" target="_blank" rel="noopener">announced</a> the sale of 12 community solar projects with a total capacity of 76.7 MW in New York to Catalyze, a clean energy transition company that finances, builds, owns, and operates solar and battery storage systems. The portfolio consists of projects in the range of 6~38.2 MW, currently under pre-construction, and another group of projects in the range of 6~38.5 MW, which are in the early stage of development and are all located in upstate New York.
Renewable energy company BluPine Energy has <a href="https://www.mercomindia.com/blupine-energy-secures-solar-project-in-gujarat" target="_blank" rel="noopener">secured</a> debt financing of ₹4.18 billion (~$50.1 million) from HDFC Bank for its 120 MW solar power project in Sadla, Gujarat. The company won the project in Gujarat Urja Vikas Nigam’s auction to supply solar power projects (Tranche XVIII) in January 2023. BluPine had won 50 MW in the initial auction for 500 MW solar projects at ₹2.52 (~$0.0302)/kWh and later received additional greenshoe capacity.
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-origis-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Enfinity Secures $195 Million for 70 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-enfinity-secures-195-million-for-70-mw-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Enfinity Global, a renewable energy project developer, <a href="https://mercomcapital.com/enfinity-global-secures-financing-for-70-mw-solar-project/" target="_blank" rel="noopener">secured</a> $195 million in long-term project financing for a 70 MW solar project in Japan. Nomura Securities International, a financial institution, acted as the initial lead arranger/sole bookrunner, and Aozora Bank, a Japanese commercial bank, acted as the lead arranger/agent. The project is located in Aomori Prefecture in northern Japan. It was recently completed and is expected to produce more than 75 GWh of clean energy annually.
Globeleq, an independent solar power producer, <a href="https://mercomcapital.com/globeleq-acquires-stake-in-solar-project-in-egypt/" target="_blank" rel="noopener">announced</a> the acquisition of a 48.3% equity stake in the 25 MW Winnergy solar project in Egypt. The solar project was acquired from Enerray, Enerray Global Solar Opportunities, and Desert Technologies. The solar project is already operational and is located in Egypt’s flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq’s 66 MW ARC solar project.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://mercomcapital.com/matrix-renewables-secures-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> €179 million (~$191.54 million) in non-recourse project financing with Banco Sabadell to develop 239 MW solar projects in Spain. The portfolio comprises five solar projects in the Palencia province of Castilla León and Badajoz province of Extremadura, Spain. The construction phase of the solar projects commenced in December 2023, and the projects are expected to generate approximately 430 full-time jobs.
BW Solar, a solar and storage project developer, <a href="https://mercomcapital.com/bw-solar-sells-community-solar-project-portfolio-to-catalyze/" target="_blank" rel="noopener">announced</a> the sale of 12 community solar projects with a total capacity of 76.7 MW in New York to Catalyze, a clean energy transition company that finances, builds, owns, and operates solar and battery storage systems. The portfolio consists of projects in the range of 6~38.2 MW, currently under pre-construction, and another group of projects in the range of 6~38.5 MW, which are in the early stage of development and are all located in upstate New York.
Renewable energy company BluPine Energy has <a href="https://www.mercomindia.com/blupine-energy-secures-solar-project-in-gujarat" target="_blank" rel="noopener">secured</a> debt financing of ₹4.18 billion (~$50.1 million) from HDFC Bank for its 120 MW solar power project in Sadla, Gujarat. The company won the project in Gujarat Urja Vikas Nigam’s auction to supply solar power projects (Tranche XVIII) in January 2023. BluPine had won 50 MW in the initial auction for 500 MW solar projects at ₹2.52 (~$0.0302)/kWh and later received additional greenshoe capacity.
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&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-origis-secures-solar-project" target="_blank" rel="noopener">brief</a>.

<a href="https://bw-group.com/" target="_blank" rel="noopener">BW Solar</a>, a solar and storage project developer, announced the sale of 12 community solar projects with a total capacity of 76.7 MW in New York to <a href="https://catalyze.com/" target="_blank" rel="noopener">Catalyze</a>, a clean energy transition company that finances, builds, owns, and operates solar and battery storage systems.
The portfolio consists of projects in the range of 6~38.2 MW, which are currently under pre-construction, and another group of projects in the range of 6~38.5 MW, which are in the early stage of development and are all located in upstate New York.
“We appreciate the BW Solar team’s collaboration in this transaction process, helping ensure we meet the increasing demand for renewable electricity in New York,” said Jared Haines, CEO of Catalyze. “We look forward to deploying our operational expertise to bring these projects online within the next two years, increasing the adoption of solar in the state and engaging local communities in the process.”
The group of notice-to-proceed-ready (NTP-ready) projects are targeted for commercial operation in 2024 and 2025.
“BW Solar is committed to the energy transition by originating and developing high-quality renewable energy projects, and this transaction is a testament to our execution expertise. We were pleased to work with Catalyze in a seamless transaction process for the acquisition and look forward to seeing the projects come to fruition,” said Tai Nguyen, CEO, of BW Solar.
According to Mercom’s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.
Globeleq, an independent solar power producer, <a href="https://cms.mercomindia.com/globeleq-acquires-stake-in-solar-project-in-egypt/" target="_blank" rel="noopener">recently</a> announced the acquisition of a 48.3% equity stake in the 25 MW Winnergy solar project in Egypt. The solar project was acquired from Enerray, Enerray Global Solar Opportunities, and Desert Technologies.

BW Solar Sells 76.7 MW Community Solar Project Portfolio to Catalyze

BW Solar Holding, a subsidiary of <a href="https://bw-group.com/newsroom/articles/2021/12/bw-solar-agrees-to-sell-1-3-gigawatt-portfolio-of-solar-and-energy-storage-development-sites-to-capital-power/">BW Solar</a>, and Capital Power signed a Membership Interest Purchase and Sale Agreement. Capital Power will acquire 100% of a portfolio of 20 solar and energy storage development portfolios in the United States.
Capital Power, a renewable energy power producer, owns approximately 6,600 MW of power generation capacity at 26 facilities across North America. Projects in advanced development include approximately 425 MW of renewable generation capacity in North Carolina.
The acquisition supports Capital Power with an attractive solar and storage platform for continued growth in the rapidly growing solar market in the United States.
The portfolio has a total generation capacity of approximately 1,298 MW, with sites ranging from 15 MW to 340 MW. The portfolio also offers the potential to co-locate over 1200 MWh of energy storage.
The majority of the projects are in the MISO, PJM, and SERC electricity markets, and all are in the interconnection queues of their respective regional transmission organization. The closing of the transaction is subject to customary conditions, and it is anticipated that sites will be construction-ready by 2024, with commercial operation dates between 2025 and 2026.
BW Solar focuses on developing solar power generation and energy storage projects, primarily in Canada and the United States. BW Solar’s development approach focuses on providing the lowest Levelized Cost of Energy (LCOE) and minimizing development risk.
According to Mercom’s <a href="https://cms.mercomindia.com/product/9m-q3-2021-solar-funding-ma-report/">9M and Q3 2021 Solar Funding and M&amp;A Report</a>, project acquisition activity was 129% up with 55.5 GW, being acquired compared to 24.3 GW in the same period of 2020. Project Developers were the most active solar project acquirers in Q3 2021, followed by Investment Firms in Q3 2021.
According to the report, there were 64 large-scale solar project acquisitions for a total of $2.1 billion in Q3 2021 compared to 54 transactions for $1.7 billion in Q2 2021. Year-over-year, there were 57 transactions for $1.9 billion recorded in Q3 2020.

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