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NTPC Raises $750 Million via External Commercial Borrowing


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-doral-renewables-funding-bend-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Doral Renewables, a utility-scale renewable energy project developer, </strong><a href="https://mercomcapital.com/doral-renewables-secures-funding-for-the-great-bend-solar-project/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> tax equity funding for its Great Bend solar project</strong>. Fifth Third Bank committed to investing up to $30 million of tax equity into the project. Located in Meigs County, Ohio, the 48 MWac project features a ground-mounted, single-axis PV system and is expected to be operational by Q4 2025. Doral Renewables and Fifth Third are also set to receive proceeds from a tax credit transfer transaction that will be finalized later this year.</p>
<p><strong>Stonepeak, an alternative investment firm focused on infrastructure and real assets, has </strong><a href="https://mercomcapital.com/stonepeak-to-acquire-46-3-stake-in-777-mw-solar-and-storage-project-portfolio/" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to acquire a 46.3% stake in Repsol’s 777 MW operating solar and storage portfolio</strong> in New Mexico and Texas for $340 million. Repsol is a Spanish energy and petrochemical company. The portfolio comprises the Fyre solar project and the Jicarilla solar and storage project. The transaction is expected to close during the third quarter of 2025, subject to customary regulatory approvals.</p>
<p><strong>Cypress C</strong><strong>reek Renewables, a solar and energy storage project developer, <a href="https://mercomcapital.com/cypress-creek-secures-150-million-financing-for-ostrea-solar-project/" target="_blank" rel="noopener">closed</a> $150 million in financing to support the development and construction of the 104 MW</strong> Ostrea solar project in Yakima County, Washington. The company also announced the beginning of construction of the project. The project is expected to reach commercial operation by mid-2026.</p>
<p><strong>Indian Oil Corporation’s board of directors has </strong><a href="https://www.mercomindia.com/indian-oil-invest-subsidiary-renewables-portfolio" target="_blank" rel="noopener"><strong>approved</strong></a><strong> an additional equity investment of ₹10.86 billion (~$129.44 million) in its wholly owned subsidiary</strong>, Terra Clean, to develop 4.3 GW renewable energy capacity. This decision adds to the previously approved 1 GW capacity. Terra Clean was incorporated on March 15, 2023. In April 2024, it received an initial equity investment of ₹13.03 billion (~$155.28 million) to develop its first 1 GW renewable energy capacity.</p>
<p><strong>Voltalia, a renewable energy power producer, </strong><a href="https://mercomcapital.com/voltalia-secures-over-26-million-financing-for-34-mw-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> £20 million (~$26.6 million) in debt financing for the 34 MW Eastgate solar project </strong>from Triodos Bank UK. The funding will support the construction and development of the project. The financial package comprises a senior debt loan of up to £18.9 million (~$25.11 million) and a Debt Service Reserve Facility (DSRF) of £1.1 million (~$1.46 million), which will provide crucial support during the project’s construction phase.</p>
<p>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.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-zelestra-secures-solar-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Doral Renewables Closes Funding for the Great Bend Solar Project


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-cypress-creek-energy-storage-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Cypress Creek Renewables, a renewable energy project developer and independent power producer, </strong><a href="https://mercomcapital.com/cypress-creek-secures-133-million-financing-for-energy-storage-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> approximately $133 million in funding</strong> to support the development of the 200 MW Destiny Energy Storage project in Texas. Destiny is a standalone battery energy storage project that is currently under construction and located in Harris County. The project is expected to be completed in early 2026.</p>
<p><strong>Arevon Energy, a solar and energy storage project developer, </strong><a href="https://mercomcapital.com/arevon-secures-509-million-financing-for-430-mw-solar-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> closing $509 million in financing for the 430 MWdc Kelso 1 &amp; 2 solar projects in Scott County, Missouri</strong>. The financing package comprises a $245 million bridge loan, a $172 million construction loan, and $92 million of credit support. The company will develop, build, and operate the two-phase Kelso solar projects, Arevon’s first utility-scale renewable energy projects in Missouri.</p>
<p><strong>NorthStar Clean Energy, a renewable energy project developer and wholly owned subsidiary of CMS Energy, <a href="https://mercomcapital.com/northstar-clean-energy-secures-334-million-financing-for-two-solar-projects/" target="_blank" rel="noopener">secured</a> up to $334 million in construction-to-term financing</strong> for developing two solar projects in Michigan. The projects include a 200 MW solar project in Branch County and a 50 MW solar project in Genesee County. Once operational, the projects are expected to produce renewable-based electricity to power nearly 36,000 households annually.</p>
<p><strong>Adapture Renewables, a utility-scale solar and energy storage project developer, </strong><a href="https://mercomcapital.com/adapture-renewables-acquires-110-mw-solar-and-storage-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a 110 MW solar and 110 MW battery energy storage project</strong> from Samsung C&amp;T Renewables, the renewable development and investment platform of Samsung C&amp;T America. The project, known as Haynach Solar, is in Colorado and is expected to reach commercial operations by 2029. The company did not disclose the financial details of the acquisition.</p>
<p>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.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-smt-energy-funding-bess-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Cypress Creek Secures $133 Million for Energy Storage Project

<p><a href="https://ccrenew.com/" target="_blank" rel="noopener">Cypress Creek Renewables</a>, a developer and owner of solar generating assets has secured $200 million in equity investment. A group led by <a href="https://www.temasek.com.sg/en/index.html" target="_blank" rel="noopener">Temasek</a>, a global investment company headquartered in Singapore, has agreed to purchase preferred equity interests in Cypress Creek Renewables.</p>
<p>The $200 million investment represents the purchase by the group of preferred stock and warrants to purchase up to an aggregate 10 percent stake of the common stock. Proceeds will support the company’s continued growth through creation, investment, maturation and monetization of its development portfolio.</p>
<p>Cypress Creek Renewables will continue to operate under its existing management and add two independent directors to its board.</p>
<p>“Temasek has shown itself to be a patient, forward-looking partner focused on generating sustainable long-term returns – and it is this shared vision that makes expansion of our relationship quite natural,” said Cypress Creek Renewables CEO Matt McGovern.</p>
<p>“The confidence Temasek has shown in our business model and development portfolio is a firm endorsement of our strategy, which we look forward to refining and executing on in tandem in the years to come,” added McGovern.</p>
<p>“Our strategy focuses on creating markets, originating projects and allocating capital to the most attractive risk-adjusted opportunities, with success being driven by our ability to navigate development, structural and financial complexities as well as assessing and pricing risk,” commented Brad Bauer, Cypress Creek Renewables Chief Capital Markets Officer.</p>
<p>According to Mercom’s <em><a href="http://mercomcapital.com/total-corporate-funding-in-solar-sector-rises-yoy-with-$5.3-billion-in-1h-2018-reports-mercom-capital-group" target="_blank" rel="noopener">Solar Funding and M&amp;A Report</a></em>, global VC funding (venture capital, private equity, and corporate venture capital) for the solar sector in 1H 2018 was 36 percent lower with $458 million compared to the $716 million raised in the first half of 2017.</p>


Cypress Creek Renewables Secures $200 Million Equity Investment

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