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TotalEnergies, a diversified multinational energy company, <a href="https://cms.mercomindia.com/totalenergies-sells-50-of-2-gw-solar-and-storage-portfolio-in-texas/" target="_blank" rel="noopener">announced</a> the sale of 50% of a portfolio of 2 GW solar and battery energy storage projects in Texas to Apollo, a New York-based asset management firm. The transaction will provide the company $800 million in cash, with $550 million in equity and $250 million in shareholder loan refinancing. The portfolio consists of three solar projects with a total capacity of 1.7 GW and two battery storage projects with a total capacity of 300 MW.
Neoen, an independent renewable energy power producer, announced the <a href="https://cms.mercomindia.com/neoen-sells-renewable-energy-portfolio-to-hmc-capital-in-australia/" target="_blank" rel="noopener">sale</a> of its renewable energy portfolio consisting of operating projects and development pipelines in Victoria, Australia, to HMC Capital, an alternative asset manager. The transaction amounts to AUD950 million (~$611.62 million) in enterprise value.
Granite Source Power, a renewable energy project developer, and its partner, New Energy Capital, an alternative asset manager, <a href="https://cms.mercomindia.com/granite-source-power-finalizes-sale-of-1-25-gw-energy-storage-projects/" target="_blank" rel="noopener">announced</a> the sale of 1,250 MW of standalone battery energy storage projects across ERCOT, SPP, and ISONE. The financial details of the transaction remained undisclosed. The projects have scheduled commercial operation dates ranging from 2025 to 2027. Each project was sold individually through separate purchase and sale agreements with various buyers.
Matrix Renewables, a global renewable energy company, <a href="https://cms.mercomindia.com/matrix-renewables-secures-financing-for-210-mw-stillhouse-solar-project/" target="_blank" rel="noopener">secured</a> $376 million in financing for developing the 210 MWac Stillhouse solar project. Acadia Infrastructure provided preferred equity and separately facilitated Microsoft’s purchase of environmental attribute certificates. Additionally, MUFG, HSBC, ING, and BBVA provided $376 million in debt funding. The Stillhouse solar project, located in Bell County, Texas, includes a 15-year power purchase agreement with affiliates of Hyundai.
Mulilo, a South Africa-based renewable energy developer and independent power producer, <a href="https://cms.mercomindia.com/mulilo-secures-financing-for-75-mw-ukuqala-solar-project/" target="_blank" rel="noopener">secured</a> financial closure for the 75 MWac (105 MWdc) Ukuqala solar project near De Aar in the Northern Cape, South Africa. Nedbank, SBSA, and ABSA provided the debt financing. In addition, Peppertree Capital, ENS, ABL, Bowmans, and Arup were involved in the transaction as advisors in various capacities. Financial details of the deal remained undisclosed.
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-cee-group-solar-project-germany/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: TotalEnergies Sells 50% of 2 GW Solar-Storage Portfolio in Texas

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-totalenergies-sells-50-of-2-gw-solar-storage-portfolio-in-texas/" target="_blank" rel="noopener">Mercom Capital Group</a>
TotalEnergies, a diversified multinational energy company, <a href="https://mercomcapital.com/totalenergies-sells-50-of-2-gw-solar-and-storage-portfolio-in-texas/" target="_blank" rel="noopener">announced</a> the sale of 50% of a portfolio of 2 GW solar and battery energy storage projects in Texas to Apollo, a New York-based asset management firm. The transaction will provide the company $800 million in cash, with $550 million in equity and $250 million in shareholder loan refinancing. The portfolio consists of three solar projects with a total capacity of 1.7 GW and two battery storage projects with a total capacity of 300 MW.
Neoen, an independent renewable energy power producer, announced the <a href="https://mercomcapital.com/neoen-sells-renewable-energy-portfolio-to-hmc-capital-in-australia/" target="_blank" rel="noopener">sale</a> of its renewable energy portfolio consisting of operating projects and development pipelines in Victoria, Australia, to HMC Capital, an alternative asset manager. The transaction amounts to AUD950 million (~$611.62 million) in enterprise value.
Granite Source Power, a renewable energy project developer, and its partner, New Energy Capital, an alternative asset manager, <a href="https://mercomcapital.com/granite-source-power-finalizes-sale-of-1-25-gw-energy-storage-projects/" target="_blank" rel="noopener">announced</a> the sale of 1,250 MW of standalone battery energy storage projects across ERCOT, SPP, and ISONE. The financial details of the transaction remained undisclosed. The projects have scheduled commercial operation dates ranging from 2025 to 2027. Each project was sold individually through separate purchase and sale agreements with various buyers.
Matrix Renewables, a global renewable energy company, <a href="https://mercomcapital.com/matrix-renewables-secures-financing-for-210-mw-stillhouse-solar-project/" target="_blank" rel="noopener">secured</a> $376 million in financing for developing the 210 MWac Stillhouse solar project. Acadia Infrastructure provided preferred equity and separately facilitated Microsoft’s purchase of environmental attribute certificates. Additionally, MUFG, HSBC, ING, and BBVA provided $376 million in debt funding. The Stillhouse solar project, located in Bell County, Texas, includes a 15-year power purchase agreement with affiliates of Hyundai.
Mulilo, a South Africa-based renewable energy developer and independent power producer, <a href="https://mercomcapital.com/mulilo-secures-financing-for-75-mw-ukuqala-solar-project/" target="_blank" rel="noopener">secured</a> financial closure for the 75 MWac (105 MWdc) Ukuqala solar project near De Aar in the Northern Cape, South Africa. Nedbank, SBSA, and ABSA provided the debt financing. In addition, Peppertree Capital, ENS, ABL, Bowmans, and Arup were involved in the transaction as advisors in various capacities. Financial details of the deal remained undisclosed.
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&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-cee-group-solar-project-germany">brief</a>.

<a href="https://granitesourcepower.energy/" target="_blank" rel="noopener">Granite Source Power</a> (GSP), a renewable energy project developer, and its partner, New Energy Capital, an alternative asset manager, announced the sale of 1,250 MW of standalone battery energy storage projects across ERCOT, SPP, and ISONE. The financial details of the transaction remained undisclosed.
The projects have scheduled commercial operation dates ranging from 2025 to 2027. Each project was sold individually through separate purchase and sale agreements with various buyers.
GSP, formed in 2022, currently has a pipeline of nearly 5 GW of battery energy storage projects in the Electric Reliability Council of Texas (ERCOT), New York Independent System Operator (NYISO), Independent System Operator &#8211; New England (ISONE), PJM, and Southwest Power Pool.
GSP and New Energy Capital formed a partnership in 2023 to accelerate growth and execute the company&#8217;s overall development strategy.
Marc Rizzo, Co-Founder of Granite Source Power, stated, &#8220;We are thrilled to expand our partnerships and connect our projects with reliable buyers. In competitive landscapes, identifying appealing and unique opportunities has been crucial for enhancing the marketability of our projects. Our collaboration with NEC has been instrumental in this regard, enabling us to swiftly seize and implement value-adding opportunities that ultimately benefit the buyers of our projects.&#8221;
According to Mercom&#8217;s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">Report</a> for Energy Storage and Smart Grid, in 9M 2024, there were 22 energy storage project M&amp;A transactions (one disclosed) compared to 22 transactions (four disclosed) in 9M 2023.
In October, Low Carbon, a renewable energy project developer, <a href="https://cms.mercomindia.com/low-carbon-sells-6gw-battery-storage-projects-in-the-netherlands/" target="_blank" rel="noopener">sold</a> 6 GW of energy storage projects in the Netherlands. LC Energy, a joint venture between Low Carbon and QING, developed those storage assets.

Granite Source Power Finalizes Sale of 1.25 GW Energy Storage Projects

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