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Maxsolar, a German-based solar and storage project developer, <a href="https://cms.mercomindia.com/maxsolar-secures-financing-facility-solar-storage-projects/" target="_blank" rel="noopener">secured</a> €410 million (~$460 million) financing facility to install 2 GW of solar and co-located storage projects in the next five years. Infranity led the investment round with participation from I Squared Capital and Rivage Investment. The financing facility comprises an initially committed tranche of €165 million (~$185.27 million) and a second tranche that will expand the size of the facility with an additional €245 million (~$275 million).
Hive Energy, a solar project developer, has signed an <a href="https://cms.mercomindia.com/hive-energy-sells-ready-build-solar-projects-italy/" target="_blank" rel="noopener">agreement</a> with GreenIT, the joint venture between Plenitude and CDP Equity, to sell four solar projects in Italy with a total capacity of 200 MW. The financial terms of the transaction were not disclosed. The new projects will be developed in Apulia, Sicily, and Lazio using agrivoltaic technology, which involves installing raised structures to achieve synergy between agriculture and renewable energy production.
Italy-headquartered Enel, along with its Chilean subsidiary, has entered into an <a href="https://www.mercomindia.com/enel-to-sell-416-chile-to-sonnedix-for-550-million" target="_blank" rel="noopener">agreement</a> to sell a 416 MW portfolio of solar photovoltaic power projects in Chile to Sonnedix, a renewable energy producer, for $550 million. These portfolios of projects owned by Arcadia Generacion Solar include Diego de Almagro (36 MW), Carrera Pinto (97 MW), Pampa Solar Norte (79 MW), and Domeyko (204 MW).
Scatec, a renewable energy solutions provider, <a href="https://cms.mercomindia.com/scatec-sells-stake-mozambique-solar-project/" target="_blank" rel="noopener">signed</a> an agreement with Globeleq, an independent power producer, to sell its 52.5% equity share in the 40 MW Mocuba solar power project in Mozambique for $8.5 million. The Mocuba solar power plant is located in the Zambézia Province of Mozambique and was commissioned in August 2019. The project has an annual production of approximately 75 GWh and holds a 25-year PPA with the state-owned utility, EDM.
Heelstone Renewable Energy, an independent power producer, and solar project developer, announced the successful <a href="https://cms.mercomindia.com/heelstone-renewable-energy-funding-solar-project-georgia/" target="_blank" rel="noopener">closure</a> of a tax equity investment for four solar projects totaling 320 MW in Georgia. The financial terms of the transaction were not disclosed. Advantage Capital acted as the tax equity syndicator for Heelstone’s four Georgia utility-scale solar projects currently under construction: Bird Dog Solar, Blackwater Solar, Hobnail Solar, and Wolfskin Solar, totaling approximately 320 MW.
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-grenergy-raises-148-million/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: MaxSolar Secures $460 Million for 2 GW Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-maxsolar-secures-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Maxsolar, a German-based solar and storage project developer, <a href="https://mercomcapital.com/maxsolar-secures-financing-facility-solar-storage-projects/" target="_blank" rel="noopener">secured</a> €410 million (~$460 million) financing facility to install 2 GW of solar and co-located storage projects in the next five years. Infranity led the investment round with participation from I Squared Capital and Rivage Investment. The financing facility comprises an initially committed tranche of €165 million (~$185.27 million) and a second tranche that will expand the size of the facility with an additional €245 million (~$275 million).
Hive Energy, a solar project developer, has signed an <a href="https://mercomcapital.com/hive-energy-sells-ready-build-solar-projects-italy/" target="_blank" rel="noopener">agreement</a> with GreenIT, the joint venture between Plenitude and CDP Equity, to sell four solar projects in Italy with a total capacity of 200 MW. The financial terms of the transaction were not disclosed. The new projects will be developed in Apulia, Sicily, and Lazio using agrivoltaic technology, which involves installing raised structures to achieve synergy between agriculture and renewable energy production.
Italy-headquartered Enel, along with its Chilean subsidiary, has entered into an <a href="https://www.mercomindia.com/enel-to-sell-416-chile-to-sonnedix-for-550-million" target="_blank" rel="noopener">agreement</a> to sell a 416 MW portfolio of solar photovoltaic power projects in Chile to Sonnedix, a renewable energy producer, for $550 million. These portfolios of projects owned by Arcadia Generacion Solar include Diego de Almagro (36 MW), Carrera Pinto (97 MW), Pampa Solar Norte (79 MW), and Domeyko (204 MW).
Scatec, a renewable energy solutions provider, <a href="https://mercomcapital.com/scatec-sells-stake-mozambique-solar-project/" target="_blank" rel="noopener">signed</a> an agreement with Globeleq, an independent power producer, to sell its 52.5% equity share in the 40 MW Mocuba solar power project in Mozambique for $8.5 million. The Mocuba solar power plant is located in the Zambézia Province of Mozambique and was commissioned in August 2019. The project has an annual production of approximately 75 GWh and holds a 25-year PPA with the state-owned utility, EDM.
Heelstone Renewable Energy, an independent power producer, and solar project developer, announced the successful <a href="https://mercomcapital.com/heelstone-renewable-energy-funding-solar-project-georgia/" target="_blank" rel="noopener">closure</a> of a tax equity investment for four solar projects totaling 320 MW in Georgia. The financial terms of the transaction were not disclosed. Advantage Capital acted as the tax equity syndicator for Heelstone’s four Georgia utility-scale solar projects currently under construction: Bird Dog Solar, Blackwater Solar, Hobnail Solar, and Wolfskin Solar, totaling approximately 320 MW.
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://www.mercomindia.com/project-finance-brief-grenergy-raises-for-solar-projects" target="_blank" rel="noopener">brief</a>.

<a href="https://heelstoneenergy.com/" target="_blank" rel="noopener">Heelstone Renewable Energy</a>, an independent power producer and solar project developer, announced the successful closure of a tax equity investment for four solar projects totaling 320 MW in Georgia.
The financial terms of the transaction were not disclosed.
Advantage Capital acted as the tax equity syndicator for Heelstone’s four Georgia utility-scale solar projects currently under construction: Bird Dog Solar, Blackwater Solar, Hobnail Solar and Wolfskin Solar, totaling approximately 320 MW DC (the “Georgia Projects”). The tax equity financings were closed as part of two separate portfolios. The Georgia Projects are expected to be operational in late 2023/early 2024.
By partnering with Advantage Capital, Heelstone has secured a substantial investment to support the development and construction of four utility-scale solar projects in Georgia, fostering economic growth and environmental sustainability. The energy produced by the 4 projects is enough to power over 55,000 homes with clean energy annually.
&#8220;This tax equity investment marks a significant milestone for these Georgia Projects as we continue our unwavering commitment to transforming the energy landscape through solar power,&#8221; said Justin S. Gravatt, CEO of Heelstone. &#8220;We are proud to partner with Advantage Capital to leverage their expertise and capital resources to advance our shared vision of a cleaner and more sustainable future.&#8221;
&#8220;We are pleased to have partnered with Heelstone and invested in renewable energy projects that will not only generate clean power but also drive positive environmental and social change,&#8221; said Tom Bitting, Principal, Advantage Capital. &#8220;This recent transaction exemplifies our commitment to accelerating the transition to a greener, more equitable world. Together, we are shaping a brighter tomorrow for generations to come.&#8221;
According to Mercom&#8217;s recently released 1H and Q2 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, announced large-scale project funding in Q2 2023 came to $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023. Grenergy, a solar, wind, and storage independent power producer, <a href="https://cms.mercomindia.com/grenergy-secures-green-financing-solar-projects/" target="_blank" rel="noopener">secured</a> $148 million in green financing for the Gran Teno and Tamango solar projects located in Chile, with a combined capacity of 300 MW.

Heelstone Renewable Energy Secures Funding for 320 MW Solar Project in Georgia

<a href="https://heelstoneenergy.com/" target="_blank" rel="noopener">Heelstone Renewable Energy</a>, an independent power producer and solar project developer, secured $357 million in financing for constructing three portfolios composed of five utility-scale solar projects totaling 345 MW in the US.
All five projects – Lyons Solar, Blackwater Solar, Bird Dog Solar, Hobnail Solar, and Wolfskin Solar – are currently under construction and expected to be operational in late 2023 or early 2024. Four projects are located in Georgia and represent projects Heelstone has fully self-developed.
Fifth Third Bank, National Association (Fifth Third) and JPMorgan Chase Bank, National Association (“JPM”) served as co-lead arrangers on the approximately $357 million debt financing with City National Bank, Comerica Bank, First Horizon Bank, and United Community Bank, acting as co-documentation agents. The debt facility will support both the construction of the projects and operations.
“The Georgia projects are a culmination of years of hard work and strategic moves by Heelstone to finance a variable rate PPA in a regulated power market,” said Justin Gravatt, CEO of Heelstone. “Our background in finance enabled us to identify the opportunity and work closely with our capital partners to create a solution capable of securing tax equity and project debt. Heelstone has a long-standing relationship with Fifth Third and was proud to work with them and J.P. Morgan on these projects. Our team has put a lot of effort into these projects, and it’s gratifying to see that effort pay off through a successful financial close.”
According to Mercom’s Q1 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2023-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022. Peridot Solar Limited (PSL), a developer, owner, and operator of solar and storage projects and a subsidiary of FitzWalter Capital Limited, <a href="https://cms.mercomindia.com/psl-secures-financing-solar-projects-italy/" target="_blank" rel="noopener">recently</a> secured €120 million (~$129 million) bilateral financing from Infranity, an investment firm for the construction of 7 solar PV assets for a total capacity of 178 MW portfolio in Italy.

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