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Clearway, a solar, wind, and energy storage project developer, has <a href="https://cms.mercomindia.com/clearway-secures-energy-storage-solar-project/" target="_blank" rel="noopener">closed</a> $421 million in financing for the 147 MW/ 588 MWh Rosamond Central Battery Energy Storage Project, which is being paired with the operating 192 MW Rosamond Central solar farm in Kern County, California. The construction on Rosamond Central BESS began in April 2023, and the facility is expected to reach commercial operation in 2024.
The European Investment Bank has <a href="https://www.mercomindia.com/eib-greenlights-million-renewable-energy-initiatives" target="_blank" rel="noopener">approved</a> a €575 million (~$636.7 million) loan to support global energy company Repsol‘s renewable energy projects in Spain. The approved loan’s first tranche of €400 million (~$442.9 million) aligns with Repsol’s goal of achieving zero net emissions by 2050. The projects are expected to bolster the REPowerEU objective of reducing the European Union’s dependency on fossil fuel imports and increasing energy security. The funds will support the rollout of wind and solar photovoltaic plants, resulting in a total capacity of 1.1 GW.
Mytilineos, a Greek industrial conglomerate, has <a href="https://cms.mercomindia.com/mytilineos-sells-solar-projects-romania/" target="_blank" rel="noopener">signed</a> a binding agreement to sell 211 MW of solar projects in Romania to Helleniq Energy, an oil and gas company, through its subsidiary, Helleniq Renewables. The binding agreement signed includes the construction and transfer of four solar parks in Southern Romania that are already in an advanced stage of development, of which 13 MW are expected to enter commercial operation in 2023, 108 MW in 2024, and 90 MW by Q3 2025.
Corre Energy, a developer and operator of underground energy storage solutions, has <a href="https://cms.mercomindia.com/corre-energy-acquires-energy-storage-project-texas/" target="_blank" rel="noopener">signed</a> an agreement through its North American subsidiary, Corre Energy US Development Company, to acquire a 280 MW/ 4.2 GWh energy storage project from Contour Energy, an energy storage project developer. Following the completion of due diligence, the buyout transaction is expected to close before the end of this year.
Modus Asset Management, a Lithuania-based renewables investor through Modus Poland Solar Fund I, has <a href="https://cms.mercomindia.com/modus-asset-management-secures-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> €58 million (~$63.97 million) in debt financing from a group of lenders consisting of BNP Paribas Bank Polska and PKO Bank Polski. The investment facility will finance the acquisition of a 93 MW operational solar PV portfolio throughout Poland. The portfolio’s revenues will be safeguarded through a combination of corporate power purchase agreements and contracts for different auction tariffs.
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-jupiter-secures-storage-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Clearway Secures $421 Million for Energy Storage and Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-clearway-secures-energy-storage-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Clearway, a solar, wind, and energy storage project developer, has <a href="https://mercomcapital.com/clearway-secures-energy-storage-solar-project/" target="_blank" rel="noopener">closed</a> $421 million in financing for the 147 MW/ 588 MWh Rosamond Central Battery Energy Storage Project, which is being paired with the operating 192 MW Rosamond Central solar farm in Kern County, California. The construction on Rosamond Central BESS began in April 2023, and the facility is expected to reach commercial operation in 2024.
The European Investment Bank has <a href="https://www.mercomindia.com/eib-greenlights-million-renewable-energy-initiatives" target="_blank" rel="noopener">approved</a> a €575 million (~$636.7 million) loan to support global energy company Repsol‘s renewable energy projects in Spain. The approved loan’s first tranche of €400 million (~$442.9 million) aligns with Repsol’s goal of achieving zero net emissions by 2050. The projects are expected to bolster the REPowerEU objective of reducing the European Union’s dependency on fossil fuel imports and increasing energy security. The funds will support the rollout of wind and solar photovoltaic plants, resulting in a total capacity of 1.1 GW.
Mytilineos, a Greek industrial conglomerate, has <a href="https://mercomcapital.com/mytilineos-sells-solar-projects-romania/" target="_blank" rel="noopener">signed</a> a binding agreement to sell 211 MW of solar projects in Romania to Helleniq Energy, an oil and gas company, through its subsidiary, Helleniq Renewables. The binding agreement signed includes the construction and transfer of four solar parks in Southern Romania that are already in an advanced stage of development, of which 13 MW are expected to enter commercial operation in 2023, 108 MW in 2024, and 90 MW by Q3 2025.
Corre Energy, a developer and operator of underground energy storage solutions, has <a href="https://mercomcapital.com/corre-energy-acquires-energy-storage-project-texas/" target="_blank" rel="noopener">signed</a> an agreement through its North American subsidiary, Corre Energy US Development Company, to acquire a 280 MW/ 4.2 GWh energy storage project from Contour Energy, an energy storage project developer. Following the completion of due diligence, the buyout transaction is expected to close before the end of this year.
Modus Asset Management, a Lithuania-based renewables investor through Modus Poland Solar Fund I, has <a href="https://mercomcapital.com/modus-asset-management-secures-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> €58 million (~$63.97 million) in debt financing from a group of lenders consisting of BNP Paribas Bank Polska and PKO Bank Polski. The investment facility will finance the acquisition of a 93 MW operational solar PV portfolio throughout Poland. The portfolio’s revenues will be safeguarded through a combination of corporate power purchase agreements and contracts for different auction tariffs.
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://www.mercomindia.com/project-finance-brief-jupiter-storage-projects" target="_blank" rel="noopener">brief</a>.

<a href="https://corre.energy/" target="_blank" rel="noopener">Corre Energy</a>, a developer and operator of underground energy storage solutions, signed an agreement through its North American subsidiary, Corre Energy US Development Company, to acquire a 280 MW/ 4.2 GWh energy storage project from Contour Energy, an energy storage project developer. Following the completion of due diligence, the buyout transaction is expected to close before the end of this year.
The project is located in the West Texas region of ERCOT, and the utility-scale storage project will be capable of continuously discharging 280 MW of electrical power for up to 15 hours, equating to 4.2 GWh of fully dispatchable electric energy storage capacity. The project is targeted to achieve the financial investment decision stage in 2025 ahead of full commercial operation.
Chief Executive Officer of Corre Energy, Keith McGrane, said: &#8220;We&#8217;re extremely pleased to see our North American operation get off to such a strong start. We&#8217;re especially excited that our North American subsidiary&#8217;s flagship project is in Texas, considered by many analysts to be the most economically attractive market for utility-scale energy storage in North America.&#8221;
The project will be based on compressed air energy storage technology, which utilizes renewable energy to compress air into underground salt caverns when the electricity demand is low and wholesale electricity prices are cheap. Electricity is then released to the grid when wholesale electricity demand and prices are higher.
&#8220;We&#8217;ve reached a pivotal moment in the earth&#8217;s climate crisis. Now is the time to deliver impact and invest in long-duration energy storage. CAES is a proven storage technology that can time shift electricity on a bulk basis for very long periods at a fraction of the cost of other commercial energy storage technologies,&#8221; McGrane added.
According to Mercom&#8217;s 1H and Q2 2023 Energy Storage and Smart Grid <a href="https://cms.mercomindia.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a>, there were seven Energy Storage Project M&amp;A transactions in Q2 2023.
Sustainable infrastructure investor Greenbacker Capital Management (GCM) <a href="https://cms.mercomindia.com/greenbacker-acquires-bess-project-california/" target="_blank" rel="noopener">recently</a> acquired a 30-MW/120-MWh battery energy storage system (BESS) project in Imperial County, California, from solar and storage developer SunCode.

Corre Energy Acquires 280 MW/4.2 GWh Energy Storage Project in Texas

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