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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 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.

Cero Generation and Enso Energy Achieve Financial Close on 49.5 MW BESS Project

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					</table>DIF Capital Partners (<a href="https://www.dif.eu/" target="_blank" rel="noopener">DIF</a>), an independent infrastructure investment fund manager, and <a href="https://www.ibvogt.com/" target="_blank" rel="noopener">ib vogt</a>, a utility-scale PV solar developer, has acquired 100% interest in a greenfield portfolio of ready-to-build co-located solar and battery projects from Enso Green Holding Limited (EGHL).
Developed by EGHL &#8212; a joint venture between <a href="https://www.cerogeneration.com/" target="_blank" rel="noopener">Cero Generation</a> and <a href="https://ensoenergy.co.uk/" target="_blank" rel="noopener">Enso Energy</a> &#8212; the UK-based portfolio consists of seven sites. It is the largest co-location project of solar and (battery) storage in the UK.
The facility has a total capacity of 720 MW, of which 380 MW is earmarked for solar and 340 MW for battery storage.
DIF’s current investment has been made through its DIF Infrastructure VII fund, which will acquire a 90% interest in the portfolio.
In October 2021, DIF Infrastructure VI fund had <a href="https://www.dif.eu/news/dif-capital-partners-to-become-majority-shareholder-in-global-solar-pv-platform-ib-vogt/" target="_blank" rel="noopener">reached</a> an agreement to acquire a 51% stake in ib vogt, from its current 100% shareholder (DVV).
For the current project, solar engineering, procurement, construction, and operations and maintenance services will be provided by ib vogt.
The acquisition of each project will be completed once each site reaches the ready-to-build stage.
The first two projects have already been acquired and have started construction. All projects are expected to be acquired by mid-2023 and operational between 2024 and 2026.
All individual sites are expected to benefit from Contract for Difference arrangement or power purchase agreements with corporate or utility offtakers.
Gijs Voskuyl, partner and Head of Infrastructure at DIF Capital Partners, said, “This transaction represents DIF’s first direct investment into the asset class of utility-scale energy storage, which is an essential component of future electricity markets.”
Marta Martínez Queimadelos, CEO of Cero Generation, said, “This portfolio will significantly contribute to the UK’s efforts to achieve net zero by 2050, with the co-location of solar and battery storage playing a key role in the de-carbonization of the grid. We will continue to develop and deliver the UK solar and battery projects in the joint venture’s existing pipeline, which extends to 5 GW, and a further 5 GW of early-stage opportunities.”
DIF and ib vogt are in the process of raising a non-recourse debt financing facility to fund the construction of the portfolio.
Ib vogt was among the four bidders who <a href="https://mercomindia.com/sprng-ib-vogt-hinduja-blupine-win-guvnls-500-solar-auction/" target="_blank" rel="noopener">won</a> Gujarat Urja Vikas Nigam’s recent auction to supply power from 500 MW of grid-connected solar power projects (Tranche XVIII) with a greenshoe option of an additional 500 MW.

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