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Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings, <a href="https://cms.mercomindia.com/sabanci-renewables-secures-137-million-financing-for-oriana-solar-project/" target="_blank" rel="noopener">announced</a> the closing of $137 million in tax equity financing for its 232 MW Oriana Solar Project, located approximately 120 miles southeast of San Antonio in Victoria County, Texas. Advantage Capital, an investment firm, provided funding for the utility-scale solar project currently under construction. The project is expected to begin commercial operations in Spring 2025.
ContourGlobal, an independent power producer and a KKR company, <a href="https://cms.mercomindia.com/contourglobal-acquires-151-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 151 MW solar project portfolio in South Carolina from Sun Tribe Development, a solar and energy storage project developer. The portfolio comprises two solar projects in the late stages of development, and long-term power purchase agreements have been signed. The projects are scheduled to reach commercial operations in 2029.
Qcells, a utility-scale solar and energy storage project developer and solar EPC provider, announced the <a href="https://cms.mercomindia.com/qcells-sells-142-mw-appaloosa-solar-project/" target="_blank" rel="noopener">sale</a> of the 142 MW Appaloosa solar project in Garfield County, Washington, to Puget Sound Energy, an energy utility company. The project will be co-located with the Lower Snake River Wind facility. The project is expected to begin construction in 2025 and commercial operation in December 2026.
Highfield Solar, a solar project developer, secured project financing to <a href="https://cms.mercomindia.com/highfield-solar-secures-financing-solar-projects/" target="_blank" rel="noopener">support</a> the construction and operation of two solar projects in Ireland having a total capacity of 132 MW. Coöperatieve Rabobank U.A., a Netherlands-based financial services company, provided the funding. The portfolio comprises the 70 MW Clonin North and 62 MW North Arklow solar project. The Clonin North project will be located near the village of Rhode, County Offaly, while the North Arklow project will be located near the town of Arklow in County Wicklow.
The International Finance Corporation is partnering with Axis Bank to <a href="https://www.mercomindia.com/ifc-and-axis-bank-to-provide-500-million-loan-for-green-projects" target="_blank" rel="noopener">provide</a> a $500 million loan to help develop a blue finance market and scale up financing of green projects in India. The funding will also aid in expanding Axis Bank’s climate finance portfolio. Besides tackling climate change issues, the loan will be utilized to develop offshore renewable energy.
Clearway Energy Group, a developer and operator of clean energy projects, <a href="https://cms.mercomindia.com/clearway-closes-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the financial closure of the 300 MW Pine Forest solar and 200 MW Pine Forest standalone storage projects in Hopkins County, Texas, which are now under construction.
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-ze-energy-financing-solar-storage/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Sabanci Renewables Secures Financing for Oriana Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-sabanci-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings, <a href="https://mercomcapital.com/sabanci-renewables-secures-137-million-financing-for-oriana-solar-project/" target="_blank" rel="noopener">announced</a> the closing of $137 million in tax equity financing for its 232 MW Oriana Solar Project, located approximately 120 miles southeast of San Antonio in Victoria County, Texas. Advantage Capital, an investment firm, provided funding for the utility-scale solar project currently under construction. The project is expected to begin commercial operations in Spring 2025.
ContourGlobal, an independent power producer and a KKR company, <a href="https://mercomcapital.com/contourglobal-acquires-151-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 151 MW solar project portfolio in South Carolina from Sun Tribe Development, a solar and energy storage project developer. The portfolio comprises two solar projects in the late stages of development, and long-term power purchase agreements have been signed. The projects are scheduled to reach commercial operations in 2029.
Qcells, a utility-scale solar and energy storage project developer and solar EPC provider, announced the <a href="https://mercomcapital.com/qcells-sells-142-mw-appaloosa-solar-project/" target="_blank" rel="noopener">sale</a> of the 142 MW Appaloosa solar project in Garfield County, Washington, to Puget Sound Energy, an energy utility company. The project will be co-located with the Lower Snake River Wind facility. The project is expected to begin construction in 2025 and commercial operation in December 2026.
Highfield Solar, a solar project developer, secured project financing to <a href="https://mercomcapital.com/highfield-solar-secures-financing-solar-projects/" target="_blank" rel="noopener">support</a> the construction and operation of two solar projects in Ireland having a total capacity of 132 MW. Coöperatieve Rabobank U.A., a Netherlands-based financial services company, provided the funding. The portfolio comprises the 70 MW Clonin North and 62 MW North Arklow solar project. The Clonin North project will be located near the village of Rhode, County Offaly, while the North Arklow project will be located near the town of Arklow in County Wicklow.
The International Finance Corporation is partnering with Axis Bank to <a href="https://www.mercomindia.com/ifc-and-axis-bank-to-provide-500-million-loan-for-green-projects" target="_blank" rel="noopener">provide</a> a $500 million loan to help develop a blue finance market and scale up financing of green projects in India. The funding will also aid in expanding Axis Bank’s climate finance portfolio. Besides tackling climate change issues, the loan will be utilized to develop offshore renewable energy.
Clearway Energy Group, a developer and operator of clean energy projects, <a href="https://mercomcapital.com/clearway-closes-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the financial closure of the 300 MW Pine Forest solar and 200 MW Pine Forest standalone storage projects in Hopkins County, Texas, which are now under construction.
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-ze-energy-financing-solar-storage/" target="_blank" rel="noopener">brief</a>.

<a href="https://highfieldsolar.com/" target="_blank" rel="noopener">Highfield Solar</a>, a solar project developer, secured project financing to support the construction and operation of two solar projects in Ireland with a total capacity of 132 MW. Coöperatieve Rabobank U.A., a Netherlands-based financial services company, provided the funding.
The portfolio comprises the 70 MW Clonin North and 62 MW North Arklow solar project. The Clonin North project will be located near the village of Rhode County Offaly, while the North Arklow project will be located near the town of Arklow in County Wicklow.
Matheson advised Coöperatieve Rabobank, and Krug &amp; Schram acted as technical advisors. Howden Group provided further advice. Mason Hayes and Curran, Augustus Cullen Law, and Crotty Group served as legal counsel to Highfield.
The work on the grid connection infrastructure and the construction of the solar project is expected to begin in October 2024. Highfield Energy provided development expertise for the projects, including strategy development, site identification, landowner liaison, and management of the consenting and grid connection process. The company will also provide construction management and asset management services.
In February, Highfield Solar also <a href="https://cms.mercomindia.com/highfield-solar-secures-70-million-in-financing-for-ireland-solar-project/" target="_blank" rel="noopener">secured</a> a €65 million (~$70.45 million) debt facility to construct and operate the 93 MW Gaskinstown solar PV project in Ireland. The project was financed by the Coöperatieve Rabobank U.A., which also funded the Rathnaskilloge 106 MW project developed by Highfield Solar in December 2023.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.

Highfield Solar Secures Financing for 132 MW Solar Projects in Ireland

<a href="https://highfieldsolar.com/" target="_blank" rel="noopener">Highfield Solar</a>, a solar project developer, secured a €65 million (~$70.45 million) debt facility to construct and operate the 93 MW Gaskinstown solar PV project in Ireland. The project is financed by the Coöperatieve Rabobank U.A., which also funded the Rathnaskilloge 106 MW project developed by Highfield Solar in December 2023.
Coöperatieve Rabobank U.A. received support from Matheson LLP for the transaction process, and Krug &amp; Schram provided technical advice to the financer. Furthermore, Mason Hayes &amp; Curran LLP and Augustus Cullen Law provided support to Highfield.
Highfield Solar, which was established in 2014, is a joint venture between renewable energy developers Highfield Energy, Aura Power, and ib vogt. As one of the partners in the joint venture, ib vogt will provide engineering, procurement and construction, and initial O&amp;M services. It has already supported Highfield Solar with development funding and technical engineering.
The Gaskinstown solar project will be built on an area of 81 hectares near the Duleek village in Meath County. Additionally, high-capacity bifacial modules on fixed-tilt support structures will be utilized for the project, taking into account land usage and efficiency. Work on the grid connection infrastructure is underway, and the construction of the project is expected to be completed in September 2024.
“As a company founded in Ireland, we are hugely proud of our role in continuing to attract such significant investment into the country for renewable electricity generation projects. It is also very important to us that the establishment of the associated community benefit funds will make significant contributions to the locality over the next decade and beyond”, says Peter Kavanagh, Managing Director of Highfield Energy. “Through the ecological and economic benefits as well as the benefits through the RESS scheme, these projects will make a long-lasting positive impact for the communities and people in the region”, says Anton Milner, CEO of ib vogt.
According to Mercom’s Q4 and Annual Global Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed. 
<a href="https://cms.mercomindia.com/ib-vogt-secures-376m-in-financing-spanish-solar-project-portfolio/" target="_blank" rel="noopener">ib vogt</a>, a renewable energy project developer, achieved financial closure for a 418 MW solar PV portfolio in Spain. The PV portfolio consists of three projects clustered around Segovia, in the autonomous community of Castile and León, Spain.

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