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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-enviromena-secures-1-1-billion-for-solar-expansion/" target="_blank" rel="noopener">Mercom Capital Group</a>
U.K.-based Enviromena, an independent power producer, <a href="https://mercomcapital.com/enviromena-secures-1-1-billion-to-fund-solar-portfolio-expansion-in-uk/" target="_blank" rel="noopener">signed</a> an £825 million (~$1.1 billion) senior portfolio financing package to support the expansion of its solar portfolio across the U.K. The transaction is underwritten by a syndicate of lenders, including BBVA, Intesa Sanpaolo (IMI CIB), Lloyds, NatWest, and Société Générale. The financing facility includes an initial committed tranche of £525 million (~$708 million), and the remaining £300 million (~$405 million) is structured as an uncommitted accordion feature.
Renewable energy company Evren <a href="https://mercomindia.com/evren-secures-600-million-for-fdre-project-in-andhra-pradesh-and-rajasthan" target="_blank" rel="noopener">secured</a> approximately $600 million from lenders, including SMBC, Standard Chartered Bank, MUFG, DBS Bank, Crédit Agricole CIB, and BNP Paribas, to develop a 1 GW hybrid firm and dispatchable renewable energy (FDRE) project in Andhra Pradesh and Rajasthan, India. The project will integrate solar and wind power generation with a battery energy storage system.
ILOS Projects, a pan-European independent power producer backed by BNP Paribas Asset Management, <a href="https://mercomcapital.com/independent-power-producer-ilos-upsizes-credit-facility-529-million/" target="_blank" rel="noopener">upsized</a> its structured credit facility to €450 million (~$529 million) with EIG, an institutional investor in the global energy and infrastructure sectors, and La Caisse, a global investment group. The upsizing follows the initial €250 million (~$294 million) tranche provided by EIG. The expanded facility will support the development and operation of over 2 GW of solar and battery energy storage capacity across Europe by 2028.
U.S.-based independent power producer Lydian Energy <a href="https://mercomcapital.com/lydian-energy-acquires-1-5-gw-solar-and-storage-portfolio/" target="_blank" rel="noopener">acquired</a> the 1.5 GW Atlas North portfolio, comprising solar-plus-battery energy storage systems in North America, from Hanwha Renewables, a developer of utility-scale solar and energy storage projects. The financial terms of the acquisition were not disclosed. The Atlas North portfolio includes more than 1,000 MW of solar generation capacity with 450 MW/1,800 MWh of battery storage across four late-stage projects.
CleanCapital, a U.S.-based independent power producer focused on distributed renewable energy, <a href="https://mercomcapital.com/cleancapital-sells-120-mw-solar-project-in-ohio/" target="_blank" rel="noopener">sold</a> a 120 MW solar project in Harrison County, Ohio, to Energix Renewables, an independent power producer that develops, constructs, owns, and operates renewable energy projects. The financial terms of the transaction were not disclosed.
EIE Renewables, a wholly owned subsidiary of Enviro Infra Engineers, <a href="https://www.mercomindia.com/eie-renewables-to-acquire-150-mwh-battery-storage-project-in-bihar" target="_blank" rel="noopener">entered</a> into an agreement to acquire PRA Bihar Bess, a special purpose vehicle of Barbrik Projects set up to implement a 37.5 MW/150 MWh battery energy storage project in Bihar. The company has signed a share purchase and options agreement to acquire a 49% equity stake in the target company. The remaining 51% stake is expected to be acquired within 60 days of the project’s commercial operation date.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://mercomindia.com/project-finance-brief-elgin-secures-672-million" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Enviromena Secures $1.1 Billion for Solar Expansion

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					</table>U.K.-based <a href="https://enviromena.com/" target="_blank" rel="noopener">Enviromena</a>, an independent power producer, has signed an £825 million (~$1.1 billion) senior portfolio financing package to support the expansion of its solar portfolio across the U.K.
The transaction is underwritten by a syndicate of lenders, including BBVA, Intesa Sanpaolo (IMI CIB), Lloyds, NatWest, and Société Générale.
The facility includes an initial committed tranche of £525 million (~$708 million), which will provide immediate capital to fund the development and construction of a 1 GW pipeline of solar projects. The remaining £300 million (~$405 million) is structured as an uncommitted accordion feature, allowing the facility to scale alongside the portfolio as projects progress from late-stage development through construction and into operation.
Chris Marsh, CEO at Enviromena, said, “This is a landmark transaction for our business and demonstrates strong momentum in our growth strategy. With this support, we are accelerating the transition from development to delivery, building a gigawatt-scale solar platform to supply homes, businesses, and support the UK’s energy transition.”
Perella Weinberg acted as exclusive financial advisor to Enviromena. Travers Smith served as borrower counsel, while Eversheds Sutherland acted as lender counsel.
Earlier this year, the company <a href="https://enviromena.com/financial-close-completed-on-rock-farm-solar-project-in-shropshire/" target="_blank" rel="noopener">reached</a> financial close on its Rock Farm solar project in Shropshire, securing construction financing from Close Brothers’ Energy team and enabling construction to proceed on the fully consented 40 MW project. Once operational, Rock Farm is expected to produce enough clean electricity each year to power more than 16,000 homes across the U.K.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>.
In 2023, Enviromena <a href="https://mercomcapital.com/enviromena-secures-342-million-debt-facility/" target="_blank" rel="noopener">secured</a> £270 million (~$342 million) in funding to expand its solar portfolio. The company has agreed to a £200 million (~$253 million) debt and construction facility with Close Brothers, a UK-based merchant banking group, which also follows a £65 million (~$82 million) equity raise.

Enviromena Secures $1.1 Billion to Fund Solar Portfolio Expansion

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-enviromena-acquires-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Enviromena, a U.K.-based independent power producer, <a href="https://mercomcapital.com/enviromena-acquires-49-9-mw-longpasture-solar-project/" target="_blank" rel="noopener">announced</a> the acquisition of the 49.9 MW Longpasture solar project from Bluefield Solar, a London-listed income fund, and Lightrock Power, a solar project developer. The fully consented solar project, located near Darlington, County Durham, is expected to reach completion in late 2027. The project has an option for a co-located 39.7 MW battery energy storage system.
Qair, an independent renewable energy producer, <a href="https://mercomcapital.com/qair-secures-5-7-million-financing-for-floating-solar-project/" target="_blank" rel="noopener">secured</a> $5.7 million senior debt financing from the Facility for Energy Inclusion, managed by Cygnum Capital, an investment bank and asset management firm. The facility will support the development, building, operations, and maintenance of the 5.8 MWp Seysun Lagoon floating solar project located in the Providence Lagoon on Mahé Island in Seychelles.
New Delhi-based waste and wastewater management solutions company Enviro Infra Engineers (EIEL) has completed the <a href="https://www.mercomindia.com/enviro-infra-engineers-acquires-vento-power-infras-40-mw-solar-project" target="_blank" rel="noopener">acquisition</a> of Vento Power, a company developing a 40 MW solar power project in the Bolangir district of Odisha. The total cash consideration for the transaction was ₹1.15 billion (~$13.37 million). The acquisition was carried out through EIE Renewables, a wholly owned subsidiary of EIEL, which has entered into definitive agreements with PTC India.
Bluefield Solar (BSIF), the London-listed U.K. income fund focused primarily on acquiring and managing solar energy assets, <a href="https://mercomcapital.com/bluefield-solar-sells-250-mw-solar-and-storage-portfolio/" target="_blank" rel="noopener">announced</a> the sale of a portfolio of solar and storage projects totaling 250 MW to Lyceum Solar, a joint venture with 25% ownership by BSIF and 75% ownership by GLIL Infrastructure. The 75% stake acquired by GLIL in the Phase 3 portfolio amounts to £38 million (~$51 million), of which £28 million (~$38 million) is to be paid upfront following the closing of the transaction.
Foresight, an investment manager, announced that its Australian Renewables Income Fund (ARIF) <a href="https://mercomcapital.com/foresights-australian-renewables-income-fund-secures-453-million/" target="_blank" rel="noopener">closed</a> A$700 million (~$453 million) portfolio debt refinancing to strengthen its capital structure and support future growth. The refinancing consolidates debt across ARIF’s portfolio of ten operating renewable energy projects.
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-green-genius-solar-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Enviromena Acquires 49.9 MW Longpasture Solar Project

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-sonnedix-secures-loan-facility/" target="_blank" rel="noopener">Mercom Capital Group</a>
Sonnedix, an independent solar power producer, <a href="https://mercomcapital.com/sonnedix-secures-545-million-loan-facility/" target="_blank" rel="noopener">secured</a> a €500 million (~$545 million) loan facility to finance the construction of its renewable pipeline in Europe and the UK. The loan facility consists of a €450 million (~$490 million) capital expenditure facility and a €50 million (~$55 million) letter of credit facility. It will be used to finance renewable energy projects in Europe, particularly Spain, Italy, and the UK.
Enviromena, a clean energy solutions company, <a href="https://mercomcapital.com/enviromena-secures-342-million-debt-facility/" target="_blank" rel="noopener">secured</a> £270 million (~$342 million) in funding to expand its solar portfolio. The company has agreed to a £200 million (~$253 million) debt and construction facility with Close Brothers, a UK-based merchant banking group, to fund its target of building 500 MW of generating assets by 2025. The facility follows a £65 million (~$82 million) equity raise. Enviromena will utilize the funding to grow its self-developed ground-mount solar pipeline to more than 2GW by 2025.
The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy, <a href="https://www.mercomindia.com/sterling-wilson-qualified-institutions-placement" target="_blank" rel="noopener">completed</a> ₹15 billion (~$180.03 million) fundraising through Qualified Institutions placement. The company plans to utilize the funds to pare down debt and pursue the fast-growing EPC markets in India and abroad.
Fourth Power, a thermal energy storage startup, has <a href="https://mercomcapital.com/thermal-energy-storage-startup-fourth-power-raises/" target="_blank" rel="noopener">secured</a> $19 million in Series A funding led by DCVC, with participation from Breakthrough Energy Ventures and Black Venture Capital Consortium. The funding will support the construction of a 1 MWh electric prototype thermal energy storage facility outside Boston, with an expected completion date in 2026. Fourth Power’s system converts renewable energy to heat, or thermal energy, which can be stored until needed.
EV charging and battery startup Exponent Energy has <a href="https://www.mercomindia.com/exponent-secures-26-4-million-series-b-funding" target="_blank" rel="noopener">raised</a> $26.4 million in a series B funding round led by Eight Roads Ventures and a strategic investment from TDK Ventures, marking their debut investment in India’s EV sector. The company plans to utilize the fresh funding to expand its presence to five new cities by the fiscal year 2024. The startup aims to diversify its electric three-wheeler space offerings and enter the intercity e-bus segment in 2024.
Gurugram-based Electric Vehicle (EV) financing and asset management company Finayo has <a href="https://www.mercomindia.com/ev-financing-platform-finayo-expand-its-saas-offerings" target="_blank" rel="noopener">secured</a> funding of ₹160 million (~$1.9 million) from F Mec International Financial Services, Choice Finserv (CFPL) and other angel investors, and high net worth individuals. The funds will be utilized to invest in cutting-edge technologies, expand Finayo’s footprint across India, and accelerate the establishment of an inclusive EV financing network.
Volt Energy Group, a national minority-owned solar energy firm that develops, finances, and builds rooftop solar and solar carport projects, <a href="https://mercomcapital.com/volt-energy-group-raises-series-a-funding/" target="_blank" rel="noopener">raised</a> $6 million in a Series A funding round. The funding will be directed towards boosting their presence in the residential market of Florida, to surpass $100 million in revenue by 2025. Additionally, the group aims to extend its footprint into the Commercial and industrial sectors globally.
BatX Energies, an India-based sustainable and circular Lithium-ion (Li-ion) battery recycling company, has <a href="https://www.mercomindia.com/battery-recycling-batx-secures-5-million-fund-expansion" target="_blank" rel="noopener">raised</a> $5 million in pre-series A Funding. The funds will be utilized for market expansion and scaling of the company’s recycling operations all over India. Zephyr Peacock led the funding along with Lets Venture and existing investors JITO Angel Network and Family offices of Mankind Pharma, Excel Industries, BluSmart, etc.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-ma-roundup-solar-subscriptions-firm-sunsave/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Sonnedix Secures $545 Million Loan Facility

Enviromena Power Systems, a UAE-based clean energy company, has started the construction of 509 MW of solar photovoltaic (PV) projects in the Middle East and North Africa region.
“The region has seen tremendous growth in the solar industry as a predictable option against volatile commodity prices,” said Sami Khoreibi, chief executive of Enviromena in a press release. “As costs continue to decline coupled with advancements in technology, we expect an upcoming project pipeline of 900 MW for Enviromena in the region,” added Khoreibi.
In Egypt, Enviromena is constructing 256 MW of solar PV projects which will help provide power to nearly 370,000 homes while displacing 454,000 tons of carbon dioxide annually. The Benban area, located in the Aswan Governorate, will house a large solar complex totaling 32 power projects generating a combined 1,650 MW of electricity. Each project is expected to be online next year to help Egypt achieve its target of 20 percent renewable energy by 2020.
Mercom had <a href="https://mercomindia.com/ifc-led-consortium-invests-653-million-to-develop-13-solar-projects-in-egypt/" target="_blank" rel="noopener">previously reported</a> that a consortium of investors led by the International Finance Corporation (<a href="http://www.ifc.org/" target="_blank" rel="noopener">IFC</a>), a member of the World Bank Group, finalized a $653 million debt package to finance the construction of 13 solar power projects near the Egyptian city of Aswan that will be a part of the larger Benban Solar Park.
Enviromena has also broken ground on a 247 MW project in Al Muwaqqar, Jordan. The project is scheduled to be completed in 2020, which will bring electricity to 320,000 homes while displacing 408,000 tons of carbon dioxide annually.
In the UAE, the company has started work on four rooftop solar projects totaling 5 MW. The systems are all located in Dubai, including Al Barakah Dates Factory – which will be the world’s first date factory to run on solar power. In addition, the company is installing at 1.34 MW system at the Gulf Center for Soap and Chemical Industries.
Ayham Mkalalati, Director of Business Development at Enviromena, said, “Enviromena has already completed 104 MW of solar projects this year, and by year-end, we will have increased that total to more than 600 MW. To continue growing our portfolio while providing unparalleled service, we’ve also increased our staff by 30 percent since the start of the year.”
Earlier this year, the company inaugurated, along with its joint venture partner TSK of Spain, the 103 MW Quweira solar project – currently the largest solar power park in Jordan.

Enviromena Constructing 509 MW of Solar Projects in Middle East and Africa

<a href="http://aip-am.co.uk/" target="_blank" rel="noopener">Arjun Infrastructure Partners</a>, a British independent infrastructure investment advisory company, has acquired Enviromena Power Systems (<a href="http://enviromena.com" target="_blank" rel="noopener">Enviromena</a>), a clean energy project company in the Middle East and North Africa (MENA) region.
Enviromena is involved in developing, deploying, and operating clean energy solutions throughout the MENA region. With a project footprint spanning nine countries, the company has installed more than 17,000 solar systems and has the largest portfolio of solar rooftops in the region.
With this acquisition, Arjun Infrastructure Partners has acquired an operational solar portfolio of 175 MW and under-development solar portfolio of 500 MW.
“We are very excited to complete this transaction and become part of the incredible story of clean energy in the MENA. We are firm believers in the solar opportunity presented in the region, and see Enviromena as the ideal platform to facilitate our strategy to deploy capital into renewable assets,” said Surinder Toor, Founding Partner Arjun Infrastructure Partners.
“This transaction comes at perfect time for Enviromena. The opportunity to deploy solar assets throughout MENA is happening now, and the strategic support and access to capital that AIP brings to the table enables us to enhance our position as the market leader,” said Sami Khoreibi, Chief Executive Officer of Enviromena.
Eversheds-Sutherland, a legal advisory firm, was the adviser for this transaction. The value of the transaction has not been disclosed.
<a href="https://mercomindia.com/engie-off-grid-solar-market-fenix/" target="_blank" rel="noopener">Recently</a>, in the MENA region French multinational energy conglomerate Engie reached an agreement to acquire 100 percent of Fenix International, a next generation energy company that offers solar home systems (SHS) in Africa, to enter the African market.
Image credit: CC BY-<a href="http://creativecommons.org/licenses/by-sa/3.0/" target="_blank" rel="noopener">SA 3.0</a> Nick Youngson via Creative Commons

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