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Pivot Energy, a renewable energy provider and independent power producer that develops, finances, builds, owns, and manages solar and energy storage projects, <a href="https://cms.mercomindia.com/pivot-energy-secures-financing-solar-portfolio/" target="_blank" rel="noopener">secured</a> a $200 million tax credit purchase commitment to support its 40 community solar project portfolio totaling 144 MW located across eight states. The first community solar projects in this portfolio are expected to begin commercial operation in the third quarter of 2025.
DESRI, an owner and operator of renewable energy projects in North America, in partnership with Ranger Power, a utility-scale clean power development company, <a href="https://cms.mercomindia.com/desri-and-ranger-power-secure-financing-for-290-mw-solar-projects/" target="_blank" rel="noopener">announced</a> the financial closure for the construction and development of the 150 MW Heartwood solar project in Hillsdale County and the 140 MW White Tail solar project in Washtenaw County, Michigan. A consortium of lenders comprising Fifth Third Bank, Zions Bancorporation, Bank of America, Commerzbank, and Sumitomo Mitsui Trust Bank, New York Branch, provided the financing for the construction of the projects.
India-based renewable energy services company BluPine Energy, an Actis-backed renewable energy platform, has <a href="https://www.mercomindia.com/bluepine-closes-%E2%82%B93-76-billion-funding-for-100-mw-solar-project-in-gujarat" target="_blank" rel="noopener">achieved</a> financial closure of a debt funding of ₹3.76 billion (~$44 million) from Standard Chartered Bank for its 100 MW under-construction solar power project in Tharad, Banaskantha district, Gujarat. The project is expected to be completed by the first half of 2026.
Innova, a developer of utility-scale renewable energy projects, <a href="https://cms.mercomindia.com/innova-sells-tolldish-hall-solar-project-uk/" target="_blank" rel="noopener">announced</a> the sale of the 25 MW Tolldish Hall solar project to ISG Renewables, a joint venture platform between Innova and Schroders Greencoat. The solar project is located near Coventry, UK, and secured planning consent in August 2023. The project is expected to be operational in the first quarter of 2026.
SolarBank Corporation, an independent renewable and developer, owner, and operator of distributed and community solar projects, and CIM Group, a real estate and infrastructure owner and developer, have <a href="https://cms.mercomindia.com/solarbank-secures-100-million-financing-for-97-mw-of-solar-projects/" target="_blank" rel="noopener">entered</a> into a mandate letter providing for up to $100 million in project financing for a portfolio of solar projects totaling 97 MW located across the U.S. The transaction will be structured as a preferred equity investment in a newly formed entity, New HoldCo, which will be a joint venture between CIM and Abundant Solar Power, a wholly owned subsidiary of SolarBank.
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-doral-renewables-funding-bend-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Pivot Energy Secures $200 Million for Community Solar Portfolio

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-pivot-energy-community-solar-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a>
Pivot Energy, a renewable energy provider and independent power producer that develops, finances, builds, owns, and manages solar and energy storage projects, <a href="https://mercomcapital.com/pivot-energy-secures-financing-solar-portfolio/" target="_blank" rel="noopener">secured</a> a $200 million tax credit purchase commitment to support its 40 community solar project portfolio totaling 144 MW located across eight states. The first community solar projects in this portfolio are expected to begin commercial operation in the third quarter of 2025.
DESRI, an owner and operator of renewable energy projects in North America, in partnership with Ranger Power, a utility-scale clean power development company, <a href="https://mercomcapital.com/desri-and-ranger-power-secure-financing-for-290-mw-solar-projects/" target="_blank" rel="noopener">announced</a> the financial closure for the construction and development of the 150 MW Heartwood solar project in Hillsdale County and the 140 MW White Tail solar project in Washtenaw County, Michigan. A consortium of lenders comprising Fifth Third Bank, Zions Bancorporation, Bank of America, Commerzbank, and Sumitomo Mitsui Trust Bank, New York Branch, provided the financing for the construction of the projects.
India-based renewable energy services company BluPine Energy, an Actis-backed renewable energy platform, has <a href="https://www.mercomindia.com/bluepine-closes-%E2%82%B93-76-billion-funding-for-100-mw-solar-project-in-gujarat" target="_blank" rel="noopener">achieved</a> financial closure of a debt funding of ₹3.76 billion (~$44 million) from Standard Chartered Bank for its 100 MW under-construction solar power project in Tharad, Banaskantha district, Gujarat. The project is expected to be completed by the first half of 2026.
Innova, a developer of utility-scale renewable energy projects, <a href="https://mercomcapital.com/innova-sells-tolldish-hall-solar-project-uk/" target="_blank" rel="noopener">announced</a> the sale of the 25 MW Tolldish Hall solar project to ISG Renewables, a joint venture platform between Innova and Schroders Greencoat. The solar project is located near Coventry, UK, and secured planning consent in August 2023. The project is expected to be operational in the first quarter of 2026.
SolarBank Corporation, an independent renewable and developer, owner, and operator of distributed and community solar projects, and CIM Group, a real estate and infrastructure owner and developer, have <a href="https://mercomcapital.com/solarbank-secures-100-million-financing-for-97-mw-of-solar-projects/" target="_blank" rel="noopener">entered</a> into a mandate letter providing for up to $100 million in project financing for a portfolio of solar projects totaling 97 MW located across the U.S. The transaction will be structured as a preferred equity investment in a newly formed entity, New HoldCo, which will be a joint venture between CIM and Abundant Solar Power, a wholly owned subsidiary of SolarBank.
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-doral-renewables-funding-bend-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://desri.com/" target="_blank" rel="noopener">DESRI</a>, an owner and operator of renewable energy projects in North America, in partnership with <a href="https://rangerpower.com/" target="_blank" rel="noopener">Ranger Power</a>, a utility-scale clean power development company, announced the financial closure for the construction and development of the 150 MWac Heartwood solar project in Hillsdale County and the 140 MWac White Tail solar project in Washtenaw County, Michigan.
A consortium of lenders comprising Fifth Third Bank, Zions Bancorporation, Bank of America, Commerzbank, and Sumitomo Mitsui Trust Bank, New York Branch, provided the financing for the construction of the projects.
Primoris Services Corporation&#8217;s Renewable Energy business serves as the engineering, procurement, and construction contractor for these projects.
In addition, Consumers Energy has signed a power purchase agreement for the Heartwood project, which is scheduled to reach commercial operation in 2026. Meanwhile, the White Tail project has power purchase agreements with the Lansing Board of Water and Light and Michigan Public Power Agency. The commercial operation of the White Tail project is expected to begin before the end of 2025.
&#8220;These projects, which will provide in excess of $62 million in property tax payments throughout their lives, will generate low-cost, reliable, and domestic energy, supporting farming and economic development throughout the region. As neighbors, we will continue to look for ways to support the communities our projects call home. We have and will continue to invest in local causes like our contributions to the Hillsdale Community Foundation and partnership to secure an additional $732,950 for Augusta and York Townships through Michigan&#8217;s Renewable Ready Communities Fund,&#8221; said Paul Harris, Co-Founder &amp; President of Ranger Power.
In February, DESRI, in partnership with Ranger Power, announced the financial <a href="https://mercomcapital.com/desri-and-ranger-power-secure-financing-for-250-mw-solar-project/" target="_blank" rel="noopener">close</a> for the 250 MWac Show Me State Solar project in Callaway County, Missouri.
According to Mercom&#8217;s Q1 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.
Earlier this week, Cypress Creek Renewables, a developer of solar and energy storage projects, <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 Ostrea solar project in Yakima County, Washington.

DESRI and Ranger Power Secure Financing for 290 MW Solar Projects

DESRI, a renewable energy project developer, in partnership with Ranger Power, a utility-scale clean power development company, <a href="https://cms.mercomindia.com/desri-and-ranger-power-secure-financing-for-250-mw-solar-project/" target="_blank" rel="noopener">announced</a> the financial close for the 250 MWac Show Me State Solar project in Callaway County, Missouri. The company did not disclose the financial details of the transaction and announced the start of the project’s construction. The project is expected to reach commercial operations in 2026 and has a power purchase agreement with an affiliate of Meta.
The L&amp;G NTR Clean Power (Europe) Fund, a joint partnership between L&amp;G’s asset management division, a global investor, and NTR, an Ireland-based renewable energy investor, <a href="https://cms.mercomindia.com/lg-ntr-clean-power-fund-acquires-211-mw-solar-and-battery-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of Project Monvallet, a ready-to-build solar and battery energy storage portfolio, with a combined capacity of 211 MW. The project has been acquired from Strategic Power Projects, an Irish project developer.
Aura Power, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/aura-power-secures-41-million-financing-for-a-solar-project-in-uk/" target="_blank" rel="noopener">secured</a> £33.1 million (~$41.1 million) project financing to develop and construct the 40 MW Burtree Lane solar project in Darlington, U.K. This is the second project in Aura Power’s 400 MWp+ solar portfolio to reach financial close with Rabobank, the first being a $39 million debt facility for the 49.9 MW Kemble solar project in October 2024.
Lightsource bp, a solar project developer, announced the <a href="https://cms.mercomindia.com/lightsource-bp-acquires-15-mw-solar-project-in-japan/" target="_blank" rel="noopener">acquisition</a> of a 15 MWp solar project in Hokkaido, Japan, from an undisclosed seller. The company did not disclose the financial details of the transaction. This acquisition marks Lightsource bp’s entry into Japan’s renewable energy market as well as further expansion in the Asia-Pacific region.
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-invenergy-secures-solar-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: DESRI, Ranger Power Secure Financing for 250 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-desri-ranger-power-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
DESRI, a renewable energy project developer, in partnership with Ranger Power, a utility-scale clean power development company, <a href="https://mercomcapital.com/desri-and-ranger-power-secure-financing-for-250-mw-solar-project/" target="_blank" rel="noopener">announced</a> the financial close for the 250 MWac Show Me State Solar project in Callaway County, Missouri. The company did not disclose the financial details of the transaction and announced the start of the project’s construction. The project is expected to reach commercial operations in 2026 and has a power purchase agreement with an affiliate of Meta.
The L&amp;G NTR Clean Power (Europe) Fund, a joint partnership between L&amp;G’s asset management division, a global investor, and NTR, an Ireland-based renewable energy investor, <a href="https://mercomcapital.com/lg-ntr-clean-power-fund-acquires-211-mw-solar-and-battery-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of Project Monvallet, a ready-to-build solar and battery energy storage portfolio, with a combined capacity of 211 MW. The project has been acquired from Strategic Power Projects, an Irish project developer.
Aura Power, a solar and energy storage project developer, <a href="https://mercomcapital.com/aura-power-secures-41-million-financing-for-a-solar-project-in-uk/" target="_blank" rel="noopener">secured</a> £33.1 million (~$41.1 million) project financing to develop and construct the 40 MW Burtree Lane solar project in Darlington, U.K. This is the second project in Aura Power’s 400 MWp+ solar portfolio to reach financial close with Rabobank, the first being a $39 million debt facility for the 49.9 MW Kemble solar project in October 2024.
Lightsource bp, a solar project developer, announced the <a href="https://mercomcapital.com/lightsource-bp-acquires-15-mw-solar-project-in-japan/" target="_blank" rel="noopener">acquisition</a> of a 15 MWp solar project in Hokkaido, Japan, from an undisclosed seller. The company did not disclose the financial details of the transaction. This acquisition marks Lightsource bp’s entry into Japan’s renewable energy market as well as further expansion in the Asia-Pacific region.
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-invenergy-secures-solar-projects/" target="_blank" rel="noopener">brief</a>.

<a href="https://desri.com/" target="_blank" rel="noopener">DESRI</a>, a renewable energy project developer, in partnership with <a href="https://rangerpower.com/" target="_blank" rel="noopener">Ranger Power</a>, a utility-scale clean power development company, announced the financial close for the 250 MWac Show Me State Solar project in Callaway County, Missouri.
The company did not disclose the financial details of the transaction and announced the start of the project’s construction. The project is expected to reach commercial operations in 2026 and has a power purchase agreement with an affiliate of Meta.
The financing was provided by a consortium of lenders, including Canadian Imperial Bank of Commerce, Nord/LB, Royal Bank of Canada, and Bank of America. Canadian Imperial Bank of Commerce was the lead arranger for the financing round.
According to DESRI, the Show Me State Solar project is the company’s third project in Missouri to start construction.
“Ranger Power is proud to play a role in bringing this significant level of investment to Callaway County,” said Adam Cohen, Co-Founder and Chief Executive Officer of Ranger Power. “A nearly $500 million venture, this forward-thinking partnership advancing Meta’s role as a technology leader will benefit the local community and citizens of the Show Me State for decades to come with locally harvested and cost-effective power.”
“We are excited to see the Show Me State solar project in Missouri soon kicking off construction,” said Urvi Parekh, Head of Global Energy at Meta. “This project is an important part of our broader work to continue matching our electricity with 100% renewable energy – including our data center infrastructure in Kansas City.”
According to Mercom’s Annual and Q4 2024 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
Last month, Greenbacker, an independent power producer and energy transition-focused investment manager, <a href="https://mercomcapital.com/greenbacker-secures-950-million-financing-for-solar-project-in-new-york/" target="_blank" rel="noopener">secured</a> $950 million in aggregate financing for the 674 MWdc/500 MWac Cider solar project in Genesee County, New York.

DESRI and Ranger Power Secure Financing for 250 MW Solar Project

<a href="https://www.meyerburger.com/en/solar-products-for-private-use" target="_blank" rel="noopener">Meyer Burger</a>, a manufacturer of solar cells and modules, secured a bridge loan facility of up to $39.48 million to be drawn in multiple tranches upon the satisfaction of certain milestones. The maturity date of the facility is January 17, 2025. The initial tranche of $19.7 million is expected to be drawn immediately.
The lenders under the financing consist of certain funds managed by, among others, Highbridge Capital Management, LMR Partners, System 2 Capital, Walleye Capital, and Whitebox Advisors, all existing bondholders in the company.
In November, the company received a letter from its customer, D. E. Shaw Renewable Investments (DESRI), saying that it terminated the master agreement with Meyer Burger with immediate effect.  The deal, signed in 2022, was to supply a minimum of 3.75 GW of solar modules for DESRI&#8217;s large-scale projects, with delivery scheduled between 2024 and 2029. Additionally, DESRI held a first right of refusal to increase the contract quantity to 5 GW.
Meyer Burger, supported by the ad hoc group of bondholders, has engaged in constructive discussions with DESRI regarding the terms of a new agreement.
The cash received under the facility, if received in full, creates a cash runway intended to fund the business while the company negotiates a definitive agreement with DESRI, certain existing bondholders, and other relevant parties, with the aim of achieving a sustainable financing and capital structure for Meyer Burger.
&#8220;With this first but major financing step, we start re-powering the company to finalize the ramp-up of our production lines to full capacity of 1.4 GW per annum, supporting a stable and fully funded business case,&#8221; said Franz Richter, Executive Chairman of Meyer Burger.
According to Mercom&#8217;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>, announced solar debt financing activity in 9M 2024 totaled $16.7 billion in 68 deals, 4% higher year-over-year than 9M 2023, when $16 billion was raised in 54 deals.
In August, Trina Solar, a solar module manufacturer, <a href="https://cms.mercomindia.com/trina-solar-secures-235-million-loan-solar-pv-manufacturing-plant/" target="_blank" rel="noopener">secured</a> a $235 million non-recourse senior secured term green loan facility from Standard Chartered to support the development, construction, and operation of a 1.35 million square foot solar photovoltaic manufacturing plant in Wilmer, Texas.

Meyer Burger Secures Up to $39 Million in Financing

<a href="https://avantus.com/" target="_blank" rel="noopener">Avantus</a>, a solar and storage project developer, announced the sale of the Catclaw solar and storage project to D. E. Shaw Renewable Investments (DESRI). The project features 225 MWac solar and 250 MW/1,000 MWh storage capacity in Buckeye, Arizona, in Maricopa County, and is expected to become commercially operational in 2026. Arizona Public Service has signed a long-term power purchase agreement for the project.
Avantus was responsible for the initial greenfield development, including interconnection, site acquisition, permitting, and procuring select equipment, including batteries. Foley &amp; Lardner acted as legal counsel for Avantus for the transaction.
This transaction marks Avantus&#8217;s fourth project sold to DESRI. The financial details of the transaction were not disclosed.
&#8220;DESRI is pleased to continue our partnership with Avantus, a top U.S. developer of utility-scale solar and solar-plus-storage projects,&#8221; said Robert Schoenherr, Chief Strategy Officer of DESRI. &#8220;Projects like Catclaw underscore our commitment to supporting new clean energy investment nationwide. We are proud to add Catclaw to our current portfolio of Arizona projects and to count APS as a new customer.&#8221;
According to Mercom&#8217;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.
Last month, Redeux Energy, a utility-scale solar and storage project developer, announced the <a href="https://cms.mercomindia.com/redeux-energy-sells-200-mw-solar-plus-storage-project/" target="_blank" rel="noopener">sale</a> of a hybrid solar and energy storage project to Scout Clean Energy, a renewable energy project developer. The project includes a 200 MWdc solar and 40 MW/160 MWh, four-hour battery energy storage project. Marathon Capital advised Redeux Energy on the sale. The financial details of the transaction are not disclosed.

Avantus Sells 225 MW Catclaw Solar and Storage Project

<a href="https://www.macquarie.com/uk/en/about.html" target="_blank" rel="noopener">Macquarie Asset Management</a> (MAM), a global asset manager, has agreed to acquire a minority stake worth $1.725 billion in renewables developer <a href="https://desri.com/" target="_blank" rel="noopener">D. E. Shaw Renewable Investments</a> (DESRI) via several MAM-managed funds. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm.
The MAM-managed funds include Macquarie Global Infrastructure Fund (MGIF), Macquarie Green Energy and Climate Opportunities Fund (MGECO), and Macquarie Energy Transition Infrastructure Fund International (METI).
DESRI operates at all stages of a project’s life cycle, including development, construction, and operations across the U.S. MAM’s acquisition, according to the company, is expected to enable DESRI to continue its growth and strengthen its position in the energy transition market.
Currently, DESRI has about 6 GW of gross capacity for projects in operation or under construction, 4 GW of contracted pre-construction projects, and a development pipeline of over 25 GW. The DESRI platform will complement MAM’s existing 12 GW operational project capacity.
“We are excited to invest in DESRI, an energy transition platform of scale with a proven, highly-regarded management team and a large base of operating assets, which we expect will grow over the medium term through the successful completion of late-stage projects,” said Christopher Frost, Senior Managing Director, Macquarie Asset Management – Real Assets.
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>, in the first half of 2024, there were 40 solar M&amp;A transactions, compared to 48 in the first half of 2023. The largest deal was made by asset management firm Brookfield Asset Management, along with institutional partners including Brookfield Renewable and Singapore’s Temasek Holdings.
Infrastructure investment firm NOVA Infrastructure recently <a href="https://cms.mercomindia.com/nova-acquires-community-solar-developer-uge-international/" target="_blank" rel="noopener">acquired</a> UGE International, a community solar and battery storage company. In May 2024, NOVA agreed to acquire approximately 70% of UGE’s shares. Blank Rome and Bennett Jones advised NOVA, while Mintz and CP advised UGE in this transaction.

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