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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.dominion-global.com/en/" target="_blank" rel="noopener">DOMINION</a>, an electric utility company, announced 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.
The company signed the deal with funds managed by Pioneer Funds and JMMB Funds and advised by GP Capital Partners SRL.
DOMINION sold 80% of its stake in the solar projects, retaining the remaining 20% stake for the next three years, as per the transaction.
The projects have long-term power purchase agreements already in place. The sale is part of the company&#8217;s strategic plan to position itself as a turnkey project enabler for independent power producers. Additionally, this deal supports the company&#8217;s portfolio simplification and asset optimization strategy.
In January, EQUITA Capital SGR, a multi-asset management platform and part of the Italian investment bank EQUITA Group, <a href="https://mercomcapital.com/equita-capital-acquires-75-stake-in-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> that EQUITA Green Impact Fund (EGIF) launched its deployment phase with a binding offer to acquire a 75% stake in a 74 MW solar project portfolio from DOMINION, an end-to-end project development company.
Additionally, the company sold the 37.83 MW Valdecarretas solar photovoltaic project in Spain to Renewables Japan Corporation, a Japan-based power generation company, in 2023. The Valdecarretas photovoltaic project is located in Zamora (Spain) and has been operational.
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>, approximately 19.9 GW of solar projects were acquired in the first half of 2025, compared to 18.5 GW in the first half of 2024.
Last week, 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.

DOMINION Sells 321 MW Solar Projects in Dominican Republic

<a href="https://sgr.equita.eu/en/index.html" target="_blank" rel="noopener">EQUITA Capital SGR</a>, a multi-asset management platform and part of the Italian investment bank EQUITA Group, announced that EQUITA Green Impact Fund (EGIF) launched its deployment phase with a binding offer to acquire a 75% stake in a 74 MW solar project portfolio from <a href="https://www.dominion-global.com/en/" target="_blank" rel="noopener">DOMINION</a>, an end-to-end project development company.
The portfolio includes four projects, two in Sicily and two in Basilicata, Italy, in the ready-to-build stage.
The EGIF is classified as Article 9 under the European Sustainable Finance Disclosure Regulation, which ensures strict oversight of environmental, social, and governance policies throughout all development and construction phases.
This transaction follows EGIF’s second closing last December, bringing the fund size to €140 million (~$145.5 million). EGIF is targeting €200 million (~$207.8 million) in assets under management by the fourth quarter of 2025.
DOMINION will be responsible for the construction and development of the solar projects.
Balthazar Cazac, Managing Partner at EGIF, commented, “We are thrilled to launch EGIF’s deployment phase with this strategic acquisition. This partnership underscores our commitment to investing in high-quality renewable energy projects that contribute to Italy’s decarbonization goals. We are excited about the potential of these projects to deliver clean energy and generate attractive returns for our investors. We are confident that this is just the beginning of a long and fruitful collaboration with DOMINION, leveraging their extensive portfolio of upcoming projects in Italy.”
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>, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
Last year in December, DRI, a renewable energy company based in Amsterdam and a subsidiary of the DTEK Group, <a href="https://mercomcapital.com/dri-acquires-166-mw-solar-project-portfolio-in-italy/" target="_blank" rel="noopener">announced</a> the signing and completion of a purchase agreement to develop a 166 MWp solar portfolio in Sardinia, Italy. The portfolio, named Project Nox, comprises four solar projects acquired from Enerland, a solar engineering, procurement, and construction firm.

EQUITA Capital Acquires 75% Stake in Solar Project Portfolio

Altus Power, an independent developer, owner, and operator of commercial-scale solar facilities, <a href="https://cms.mercomindia.com/altus-power-acquires-121-mw-of-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of Project Hyperion, which owns 121 MW of solar power projects in North and South Carolina. Altus acquired the projects using the funds advised by Basalt Infrastructure Partners and Soltage, an owner and developer of distributed solar and storage assets.
Emeren, a solar project developer, announced the <a href="https://cms.mercomindia.com/emeren-acquires-solar-portfolio-in-spain/" target="_blank" rel="noopener">acquisition</a> of an 86 MW utility-scale solar power project portfolio in Spain from Negratin Global Services, an industrial and service group company. The project portfolio comprises 13 utility-scale solar projects ranging from 6 MW to 14 MW. All the projects are in the ready-to-build stage and are expected to begin construction in late 2024.
European Energy, a solar project developer, announced the <a href="https://cms.mercomindia.com/european-energy-sells-over-100-mw-solar-wind-projects/" target="_blank" rel="noopener">sale</a> of three renewable energy projects in Germany and the UK, with a cumulative capacity of over 100 MW. The projects include Bubney Solar Farm in the UK, with a capacity of 40.4 MW, and the Bloosballich Wind Park in Germany, with a 12.6 MW capacity. The divestment also included an additional wind power project in Germany, which the company did not name and accounted for the remaining capacity.
Dominion, an electric utility company, <a href="https://cms.mercomindia.com/dominion-sells-38-mw-solar-project-spain/" target="_blank" rel="noopener">sold</a> the 37.83 MW Valdecarretas solar photovoltaic project in Spain to Renewables Japan Corporation, a Japan-headquarter power generation company. The Valdecarretas photovoltaic park is located in Zamora (Spain) and has been operating since its commissioning last July.
In a first-of-its-kind transaction undertaken by a public sector undertaking, SJVN, a joint venture between the Government of India and the state of Himachal Pradesh, <a href="https://www.mercomindia.com/sjvn-%e2%82%b9100-billion-fund-construction-renewable-projects" target="_blank" rel="noopener">secured</a> ₹100 billion (~$1.2 billion) of Construction Financing Facility to fund its upcoming renewable power projects. The financing was raised by Deutsche Bank, State Bank of India, Punjab National Bank, Bank of India and, Mitsubishi and United Financial of Japan Financial Group (MUFG) Bank.
GreenYellow, a decentralized solar photovoltaic production company, <a href="https://fr.greenyellow.com/en/news/greenyellow-acquires-three-asset-portfolios-demeter" target="_blank" rel="noopener">announced</a> the acquisition of three portfolios of operational solar assets from Demeter Investment Managers totaling 20 MW in France. The acquired assets include Eifficentre, a portfolio of energy efficiency projects in partnership with Eiffage, as well as the solar power plants Vanilla Solar and Lavanda Solar.
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-encavis-acquires-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Altus Power Acquires 121 MW Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-altus-power-acquires-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Altus Power, an independent developer, owner, and operator of commercial-scale solar facilities, <a href="https://mercomcapital.com/altus-power-acquires-121-mw-of-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of Project Hyperion, which owns 121 MW of solar power projects in North and South Carolina. Altus acquired the projects using the funds advised by Basalt Infrastructure Partners and Soltage, an owner and developer of distributed solar and storage assets.
Emeren, a solar project developer, announced the <a href="https://mercomcapital.com/emeren-acquires-solar-portfolio-in-spain/" target="_blank" rel="noopener">acquisition</a> of an 86 MW utility-scale solar power project portfolio in Spain from Negratin Global Services, an industrial and service group company. The project portfolio comprises 13 utility-scale solar projects ranging from 6 MW to 14 MW. All the projects are in the ready-to-build stage and are expected to begin construction in late 2024.
European Energy, a solar project developer, announced the <a href="https://mercomcapital.com/european-energy-sells-over-100-mw-solar-wind-projects/" target="_blank" rel="noopener">sale</a> of three renewable energy projects in Germany and the UK, with a cumulative capacity of over 100 MW. The projects include Bubney Solar Farm in the UK, with a capacity of 40.4 MW, and the Bloosballich Wind Park in Germany, with a 12.6 MW capacity. The divestment also included an additional wind power project in Germany, which the company did not name and accounted for the remaining capacity.
Dominion, an electric utility company, <a href="https://mercomcapital.com/dominion-sells-38-mw-solar-project-spain/" target="_blank" rel="noopener">sold</a> the 37.83 MW Valdecarretas solar photovoltaic project in Spain to Renewables Japan Corporation, a Japan-headquarter power generation company. The Valdecarretas photovoltaic park is located in Zamora (Spain) and has been operating since its commissioning last July.
In a first-of-its-kind transaction undertaken by a public sector undertaking, SJVN, a joint venture between the Government of India and the state of Himachal Pradesh, <a href="https://www.mercomindia.com/sjvn-%e2%82%b9100-billion-fund-construction-renewable-projects" target="_blank" rel="noopener">secured</a> ₹100 billion (~$1.2 billion) of Construction Financing Facility to fund its upcoming renewable power projects. The financing was raised by Deutsche Bank, State Bank of India, Punjab National Bank, Bank of India and, Mitsubishi and United Financial of Japan Financial Group (MUFG) Bank.
GreenYellow, a decentralized solar photovoltaic production company, <a href="https://fr.greenyellow.com/en/news/greenyellow-acquires-three-asset-portfolios-demeter" target="_blank" rel="noopener">announced</a> the acquisition of three portfolios of operational solar assets from Demeter Investment Managers totaling 20 MW in France. The acquired assets include Eifficentre, a portfolio of energy efficiency projects in partnership with Eiffage, as well as the solar power plants Vanilla Solar and Lavanda Solar.
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-encavis-acquires-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.dominion-global.com/" target="_blank" rel="noopener">Dominion</a>, an electric utility company, sold the 37.83 MW Valdecarretas solar photovoltaic project in Spain to Renewables Japan Corporation, a Japan-headquarter power generation company. The Valdecarretas photovoltaic park is located in Zamora (Spain) and has been operating since its commissioning last July.
The transaction, which was closed at approximately €980,000 (~$1.08 million) per MW, was valued at more than €37 million (~$41.1 million). The buyer, Renewables Japan, and its shareholder of reference, Tokyu Land Corporation, are focused on the renewable assets independent power producer (IPP) business with projects in Japan and Europe.
This deal is part of Dominion&#8217;s divestment strategy of its portfolio of renewable assets and its positioning as a provider of turnkey renewable projects to IPP clients, as the company detailed in the presentation of its strategic plan.
According to Mercom&#8217;s 9M and Q3 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in the first nine months (9M) of 2023, there were 166 project acquisitions for 31.6 GW compared to 207 projects for 52.1 GW in 9M 2022.
Adapture Renewables, a utility-scale solar and energy storage project developer, <a href="https://cms.mercomindia.com/adapture-renewables-acquires-solar-projects/" target="_blank" rel="noopener">recently</a> announced the acquisition of three solar power projects totaling 450 MWdc/ 333 MWac in MISO territory in Illinois and Arkansas from Tyr Energy Development (TED) Renewables. All three acquired projects are currently in the pre-notice-to-proceed stage, with anticipated commercial operation dates slated for 2025 and 2026. Once operational, the projects will add more than double Adapture Renewables&#8217; portfolio of operating assets to a total of ~800 MWdc.

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