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Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, <a href="https://cms.mercomindia.com/recurrent-energy-secures-260m-financing-94-mw-solar-project/" target="_blank" rel="noopener">closed</a> $260 million in project financing and tax equity for the 94 MW Blue Moon Solar project located in Harrison County, Kentucky. U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance, is providing both tax equity and construction financing for the project. The project is currently under construction and is expected to reach commercial operation in 2026.
OCI Energy, a developer of utility-scale solar and battery storage projects, <a href="https://cms.mercomindia.com/oci-energy-sells-120-mw-solar-project-to-sabanci-renewables/" target="_blank" rel="noopener">announced</a> the sale of the 120 MWac Pepper solar project to Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings. The project is located in McLennan County, Texas. Sabanci Renewables will finance, construct, own, and operate the project, which is expected to commence operation in the third quarter of 2027.
Cero Generation, a solar and energy storage project developer and independent portfolio company of Macquarie’s Green Investment Group, along with its development partner Enso Energy, <a href="https://cms.mercomindia.com/cero-generation-secures-269-million-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the financial closing of £200 million (~$269.21 million) for a portfolio of solar and battery storage projects in the UK. The financing was provided by a consortium of lenders, including ING, NordLB, Rabobank, and Santander UK.
The State Oil Fund of the Republic of Azerbaijan has <a href="https://cms.mercomindia.com/azerbaijan-wealth-fund-to-acquire-49-stake-in-402-mw-solar-portfolio-in-italy/" target="_blank" rel="noopener">entered</a> into an agreement to acquire a 49% equity interest in a 402 MW solar project portfolio in Italy, with Enfinity Global, a renewable energy company. The portfolio comprises 14 solar projects, both operational and under construction, located in the Lazio and Emilia-Romagna regions of Italy.  Once operational, the projects are expected to generate approximately 685 GWh of clean energy per year.
DOMINION, an electric utility company, <a href="https://cms.mercomindia.com/dominion-sells-321-mw-solar-projects-in-dominican-republic/" target="_blank" rel="noopener">announced</a> the sale of six solar projects totaling 321 MW located in the Dominican Republic for a value exceeding $375 million. The transaction is expected to generate a cash flow of $102 million, with $82 million anticipated to be received in 2025.
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-ib-vogt-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Recurrent Energy Secures $260 Million for 94 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-secures-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, <a href="https://mercomcapital.com/recurrent-energy-secures-260m-financing-94-mw-solar-project/" target="_blank" rel="noopener">closed</a> $260 million in project financing and tax equity for the 94 MW Blue Moon Solar project located in Harrison County, Kentucky. U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance, is providing both tax equity and construction financing for the project. The project is currently under construction and is expected to reach commercial operation in 2026.
OCI Energy, a developer of utility-scale solar and battery storage projects, <a href="https://mercomcapital.com/oci-energy-sells-120-mw-solar-project-to-sabanci-renewables/" target="_blank" rel="noopener">announced</a> the sale of the 120 MWac Pepper solar project to Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings. The project is located in McLennan County, Texas. Sabanci Renewables will finance, construct, own, and operate the project, which is expected to commence operation in the third quarter of 2027.
Cero Generation, a solar and energy storage project developer and independent portfolio company of Macquarie’s Green Investment Group, along with its development partner Enso Energy, <a href="https://mercomcapital.com/cero-generation-secures-269-million-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the financial closing of £200 million (~$269.21 million) for a portfolio of solar and battery storage projects in the UK. The financing was provided by a consortium of lenders, including ING, NordLB, Rabobank, and Santander UK.
The State Oil Fund of the Republic of Azerbaijan has <a href="https://mercomcapital.com/azerbaijan-wealth-fund-to-acquire-49-stake-in-402-mw-solar-portfolio-in-italy/" target="_blank" rel="noopener">entered</a> into an agreement to acquire a 49% equity interest in a 402 MW solar project portfolio in Italy, with Enfinity Global, a renewable energy company. The portfolio comprises 14 solar projects, both operational and under construction, located in the Lazio and Emilia-Romagna regions of Italy.  Once operational, the projects are expected to generate approximately 685 GWh of clean energy per year.
DOMINION, an electric utility company, <a href="https://mercomcapital.com/dominion-sells-321-mw-solar-projects-in-dominican-republic/" target="_blank" rel="noopener">announced</a> the sale of six solar projects totaling 321 MW located in the Dominican Republic for a value exceeding $375 million. The transaction is expected to generate a cash flow of $102 million, with $82 million anticipated to be received in 2025.
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-ib-vogt-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.cerogeneration.com/" target="_blank" rel="noopener">Cero Generation</a>, a solar and energy storage project developer and independent portfolio company of Macquarie&#8217;s Green Investment Group, along with its development partner Enso Energy, announced the financial closing of £200 million (~$269.21 million) for a portfolio of solar and battery storage projects in the U.K.
The financing was provided by a consortium of lenders, including ING, NordLB, Rabobank, and Santander UK. The financing package includes an accordion facility to accommodate future projects within the pipeline.
The portfolio comprises the 115 MW Bramley solar project with co-located storage systems and two other projects totaling 245 MW of solar and battery storage capacity. Construction of the Bramley project is expected to commence in autumn 2025.
LONGi is supplying solar modules, and Sungrow is delivering battery energy storage systems for the project.
Metlen is responsible for engineering, procurement, and construction services, with Omexom as the grid works contractor. EDF will provide optimization for the battery and route-to-market services for the solar photovoltaics.
Dentons acted as the legal counsel for the consortium of lenders, while CMS advised Cero on the transaction.
Bill Rees, Managing Director at Enso Energy, said, &#8220;The U.K. urgently needs flexible, clean energy infrastructure, and this portfolio, totaling 360 MW of co-located solar and storage, represents a major step forward. It&#8217;s exciting for us at Enso Energy to see these sites that we developed reach this important milestone. It shows what&#8217;s possible when you combine deep development expertise with a shared commitment to sustainability, community benefit, and technical ambition.&#8221;
Last August, the company announced the financial closure of five solar projects totaling 244.7 MW in Spain. The five utility-scale projects have signed a 10-year power purchase agreement with an international technology company.
According to Mercom&#8217;s recently released 1H and Q2 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/1h-and-q2-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.

Cero Generation Secures $269 Million Financing for Solar and Storage Projects

<a href="https://www.cerogeneration.com/" target="_blank" rel="noopener">Cero Generation</a>, a solar and energy storage project developer and independent portfolio company of Macquarie’s Green Investment Group, announced a financial closure on five solar projects totaling 244.7 MW in Spain.
A consortium of third-party lenders, including Banco Sabadell, Rabobank, and ING, provided the construction financing. Elmya and Metlen are the EPC contractors for the projects, while LONGi is the module supplier.
The five utility-scale projects have signed a 10-year power purchase agreement with an international technology company. Construction on the projects will commence soon.
Once operational, the solar projects are expected to produce over 480 GWh of clean energy annually to power about 150,000 households.
Marta Martinez Queimadelos, CEO of Cero Generation, said, “We are delighted to reach financial close on this portfolio, which was achieved through close collaboration with all of the key stakeholders, including our lending partners, Sabadell, Rabobank, and ING and our supply chain partners, Elmya, Metlen, and LONGi. We look forward to constructing these plants, creating job opportunities for local people, delivering community benefits, and ultimately, putting more renewable energy into the Spanish transmission network.”
Cero has a 26 GW portfolio in Europe with over 600 MW of projects in operation or under construction.
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 project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Last week, Origis Energy, the provider of a vertically integrated renewable energy platform and a solar project developer, announced the <a href="https://cms.mercomindia.com/origis-energy-secures-71-million-tax-equity-financing/" target="_blank" rel="noopener">close</a> of $71 million in tax equity financing for the development of the 75 MW Rice Creek Solar project in Florida. The Rice Creek Solar project is located in Putnam County, Florida, and it is contracted with the Florida Municipal Power Agency (FMPA) for 12 of its participating member municipal utilities.

Cero Secures Financing for 244.7 MW Solar Portfolio in Spain

Solar energy firm SOLEK has <a href="https://cms.mercomindia.com/solek-closes-financing-solar-projects-chile/" target="_blank" rel="noopener">closed</a> a $379 million financing package, including a private placement of 20-year bonds in the United States for its projects in Chile. The privately owned Czech firm raised $178 million through the private placement and $75 million in mezzanine financing, plus other forms of loans. The company owns a 284 MW portfolio of solar projects in Chile.
BayWa r.e., a renewable service provider, energy developer and distributor, <a href="https://cms.mercomindia.com/baywa-r-e-secures-financing-solar-project-spain/" target="_blank" rel="noopener">secured</a> €32.5 million (~$34.67 million) financing for a 54 MW solar project in Spain. The Alhendín solar project is currently under construction and is scheduled for completion at the end of June this year. Once connected to the grid by the end of 2023, it is expected to generate 96.8 GWh of renewable energy each year, equivalent to the electricity consumption of approximately 24,700 Spanish households.
MYTILINEOS Energy &amp; Metals, a global industrial and energy company, <a href="https://cms.mercomindia.com/mytilineos-acquisition-1-2-gw-solar-projects/" target="_blank" rel="noopener">announced</a> its entry into the Canadian market through the acquisition of a 1,235 MW (1.4 GWdc) Alberta solar portfolio from Westbridge Renewable Energy. The transaction, valued at CAD$1.7 billion (~$1.2 billion), involves the purchase of five solar projects by MYTILINEOS’ subsidiary, M Renewables. The projects – Georgetown Solar (230 MW), Sunnynook Solar (280 MW), Dolcy Solar (200 MW), Eastervale Solar (300 MW), and Red Willow Solar (225 MW), are projected to generate 2.1 TWh per year of renewable energy.
Heelstone Renewable Energy, an independent power producer and solar project developer, <a href="https://cms.mercomindia.com/heelstone-renewable-energy-secures-project-financing/" target="_blank" rel="noopener">secured</a> $357 million in financing for constructing three portfolios composed of five utility-scale solar projects totaling 345 MW in the US. All five projects – Lyons Solar, Blackwater Solar, Bird Dog Solar, Hobnail Solar, and Wolfskin Solar – are under construction and expected to be operational in late 2023 or early 2024.
Cero Generation, a solar and storage project developer, and its UK development partner Enso Energy, <a href="https://cms.mercomindia.com/cero-generation-enso-energy-achieve-financial-close-bess-project/" target="_blank" rel="noopener">announced</a> financial closure on the 49.5 MW/ 99 MWh battery energy storage project. The battery will be co-located with the Larks Green solar PV project in South Gloucestershire – a 49.9 MW solar farm developed jointly by Cero and Enso, which came online in May. The financing was provided by Rabobank, who also financed the Larks Green solar project.
Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, <a href="https://cms.mercomindia.com/canadian-solar-sells-solar-project-japan/" target="_blank" rel="noopener">completed</a> the sale of 100 MW of Azuma Kofuji solar project located in Fukushima, Japan, to Japanese investors arranged by Mizuho Securities Co., Ltd (“Mizuho Fund”). Canadian Solar expects to recognize the revenue from the transaction in the second quarter of 2023.
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>.

Project Finance Brief: SOLEK Closes $379 Million Financing for Solar Projects in Chile

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					</table>Solar energy firm SOLEK has <a href="https://mercomcapital.com/solek-closes-financing-solar-projects-chile/" target="_blank" rel="noopener">closed</a> a $379 million financing package, including a private placement of 20-year bonds in the United States for its projects in Chile. The privately owned Czech firm raised $178 million through the private placement and $75 million in mezzanine financing, plus other forms of loans. The company owns a 284 MW portfolio of solar projects in Chile.
BayWa r.e., a renewable service provider, energy developer and distributor, <a href="https://mercomcapital.com/baywa-r-e-secures-financing-solar-project-spain/" target="_blank" rel="noopener">secured</a> €32.5 million (~$34.67 million) financing for a 54 MW solar project in Spain. The Alhendín solar project is currently under construction and is scheduled for completion at the end of June this year. Once connected to the grid by the end of 2023, it is expected to generate 96.8 GWh of renewable energy each year, equivalent to the electricity consumption of approximately 24,700 Spanish households.
MYTILINEOS Energy &amp; Metals, a global industrial and energy company, <a href="https://mercomcapital.com/mytilineos-acquisition-1-2-gw-solar-projects/" target="_blank" rel="noopener">announced</a> its entry into the Canadian market through the acquisition of a 1,235 MW (1.4 GWdc) Alberta solar portfolio from Westbridge Renewable Energy. The transaction, valued at CAD$1.7 billion (~$1.2 billion), involves the purchase of five solar projects by MYTILINEOS’ subsidiary, M Renewables. The projects – Georgetown Solar (230 MW), Sunnynook Solar (280 MW), Dolcy Solar (200 MW), Eastervale Solar (300 MW), and Red Willow Solar (225 MW), are projected to generate 2.1 TWh per year of renewable energy.
Heelstone Renewable Energy, an independent power producer and solar project developer, <a href="https://mercomcapital.com/heelstone-renewable-energy-secures-project-financing/" target="_blank" rel="noopener">secured</a> $357 million in financing for constructing three portfolios composed of five utility-scale solar projects totaling 345 MW in the US. All five projects – Lyons Solar, Blackwater Solar, Bird Dog Solar, Hobnail Solar, and Wolfskin Solar – are under construction and expected to be operational in late 2023 or early 2024.
Cero Generation, a solar and storage project developer, and its UK development partner Enso Energy, <a href="https://mercomcapital.com/cero-generation-enso-energy-achieve-financial-close-bess-project/" target="_blank" rel="noopener">announced</a> financial closure on the 49.5 MW/ 99 MWh battery energy storage project. The battery will be co-located with the Larks Green solar PV project in South Gloucestershire – a 49.9 MW solar farm developed jointly by Cero and Enso, which came online in May. The financing was provided by Rabobank, who also financed the Larks Green solar project.
Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, <a href="https://mercomcapital.com/canadian-solar-sells-solar-project-japan/" target="_blank" rel="noopener">completed</a> the sale of 100 MW of Azuma Kofuji solar project located in Fukushima, Japan, to Japanese investors arranged by Mizuho Securities Co., Ltd (“Mizuho Fund”). Canadian Solar expects to recognize the revenue from the transaction in the second quarter of 2023.
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>.

<a href="https://www.cerogeneration.com/" target="_blank" rel="noopener">Cero Generation</a>, a solar and storage project developer, and its UK development partner Enso Energy announced financial closure on the 49.5 MW/ 99 MWh battery energy storage project.
The battery will be co-located with the Larks Green solar PV project in South Gloucestershire – a 49.9 MW solar farm developed jointly by Cero and Enso, which came online in May.
The financing was provided by Rabobank, who also financed the Larks Green solar project. The project has enabled the establishment of long-term partnerships with both Canadian Solar as the lead on the engineering, procurement and construction (EPC) for the battery and EDF as the battery performance optimizer.
Marta Martinez Queimadelos, CEO of Cero Generation, said: “We’re delighted to announce our first financial close for one of our battery energy storage projects. Co-location enables solar power to go further, maximizing the benefits renewables bring to the table and helping to accelerate the UK’s net zero transition. We’re particularly excited that this battery is co-located with our Larks Green solar farm, the first solar farm in the UK to connect directly to the transmission network, marking not only an industry first but also a national milestone. Working alongside Enso, Canadian Solar, EDF, and Rabobank has been a pleasure, and I’m grateful to everyone involved in reaching this stage. Collaboration is crucial to the changes and progress we must see across sectors to build a sustainable future.”
According to Mercom’s Q1 2023 Storage and Smart Grid Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a>, Energy Storage project funding was $2 billion in nine deals in Q1 2023, compared to $749 million raised in seven deals in Q4 2022. Ingrid Capacity, an energy storage project developer, <a href="https://cms.mercomindia.com/ingrid-capacity-secures-funding-bess-project/" target="_blank" rel="noopener">recently</a> secured SEK1 billion (~$96.7 million) financing for BW Energy Storage Systems (BW ESS), a battery storage subsidiary of BW Group. The funding will go towards the execution of a 400 MW pipeline of battery energy storage system (BESS) projects and support the company’s expansion in Europe, Australia, and the US markets.

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