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Solar Landscape, a U.S.-based commercial rooftop solar developer, <a href="https://cms.mercomindia.com/solar-landscape-secures-175m-financing-rooftop-solar-projects/" target="_blank" rel="noopener">announced</a> a $175 million long-term partnership with PGIM Private Capital, a private capital arm of PGIM, to finance its growing portfolio of projects that feed electricity directly into the distributed grid, initially across Maryland and Illinois. The partnership, in the form of an institutional shelf debt facility, will finance the construction and operation of 74 solar landscape projects on commercial rooftops in the two states.
Eku Energy, an energy storage project developer, <a href="https://cms.mercomindia.com/eku-energy-secures-financing-99-mw-198-mwh-battery-storage-project/" target="_blank" rel="noopener">secured</a> more than £45 million (~$59 million) debt financing to construct a 99 MW/198 MWh battery energy storage project at Ocker Hill, between the towns of Dudley and Wednesbury in the West Midlands in England. NatWest Bank and Sumitomo Mitsui Banking Corporation provided the project’s financing. Construction is expected to begin next month and will be completed in late 2026.
Ignitis Renewables, a green energy company, <a href="https://cms.mercomindia.com/ignitis-renewables-secures-239-mw-solar-projects/" target="_blank" rel="noopener">secured</a> a €77.5 million (~$87.24 million) loan from Swedbank Lithuania and Swedbank Latvia for developing and constructing solar projects of 239 MW capacity in Stelpe and Vārme in Latvia. The banks granted funds in equal amounts. The solar projects are currently under development and are expected to reach commercial operation within this year.
Aypa Power, a Blackstone portfolio company and developer of utility-scale energy storage and hybrid renewable energy projects, <a href="https://cms.mercomindia.com/aypa-power-secures-535-million-for-320-mw-solar-and-storage-project/" target="_blank" rel="noopener">announced</a> closing $535 million in debt financing to support the development of the 320 MW Vidal solar-plus-storage project in San Bernardino County, California. The hybrid project, scheduled to come online in 2026, has a long-term power purchase agreement with the San Diego Community Power.
Thrive Renewables, a renewable energy investment company, <a href="https://cms.mercomindia.com/thrive-renewables-acquires-14-mw-solar-project/" target="_blank" rel="noopener">announced</a> the acquisition of the 14 MW Dunmow solar project in Essex, U.K., from PS Renewables, a renewable energy project developer. The project’s construction is completed, and commercial operation is expected to begin in May. With new project development rights secured, the company’s total capacity is expected to increase from 91.5 MW to 170.1 MW by 2027.
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-pivot-energy-community-solar-portfolio/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Solar Landscape Secures $175 Million Financing for Rooftop Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-solar-landscape-financing-rooftop-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Solar Landscape, a U.S.-based commercial rooftop solar developer, <a href="https://mercomcapital.com/solar-landscape-secures-175m-financing-rooftop-solar-projects/" target="_blank" rel="noopener">announced</a> a $175 million long-term partnership with PGIM Private Capital, a private capital arm of PGIM, to finance its growing portfolio of projects that feed electricity directly into the distributed grid, initially across Maryland and Illinois. The partnership, in the form of an institutional shelf debt facility, will finance the construction and operation of 74 solar landscape projects on commercial rooftops in the two states.
Eku Energy, an energy storage project developer, <a href="https://mercomcapital.com/eku-energy-secures-financing-99-mw-198-mwh-battery-storage-project/" target="_blank" rel="noopener">secured</a> more than £45 million (~$59 million) debt financing to construct a 99 MW/198 MWh battery energy storage project at Ocker Hill, between the towns of Dudley and Wednesbury in the West Midlands in England. NatWest Bank and Sumitomo Mitsui Banking Corporation provided the project’s financing. Construction is expected to begin next month and will be completed in late 2026.
Ignitis Renewables, a green energy company, <a href="https://mercomcapital.com/ignitis-renewables-secures-239-mw-solar-projects/" target="_blank" rel="noopener">secured</a> a €77.5 million (~$87.24 million) loan from Swedbank Lithuania and Swedbank Latvia for developing and constructing solar projects of 239 MW capacity in Stelpe and Vārme in Latvia. The banks granted funds in equal amounts. The solar projects are currently under development and are expected to reach commercial operation within this year.
Aypa Power, a Blackstone portfolio company and developer of utility-scale energy storage and hybrid renewable energy projects, <a href="https://mercomcapital.com/aypa-power-secures-535-million-for-320-mw-solar-and-storage-project/" target="_blank" rel="noopener">announced</a> closing $535 million in debt financing to support the development of the 320 MW Vidal solar-plus-storage project in San Bernardino County, California. The hybrid project, scheduled to come online in 2026, has a long-term power purchase agreement with the San Diego Community Power.
Thrive Renewables, a renewable energy investment company, <a href="https://mercomcapital.com/thrive-renewables-acquires-14-mw-solar-project/" target="_blank" rel="noopener">announced</a> the acquisition of the 14 MW Dunmow solar project in Essex, U.K., from PS Renewables, a renewable energy project developer. The project’s construction is completed, and commercial operation is expected to begin in May. With new project development rights secured, the company’s total capacity is expected to increase from 91.5 MW to 170.1 MW by 2027.
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-pivot-energy-community-solar-portfolio/" target="_blank" rel="noopener">brief</a>.

<a href="https://ignitisgrupe.lt/" target="_blank" rel="noopener">Ignitis Renewables</a>, a green energy company, secured a €77.5 million (~$87.24 million) loan from Swedbank Lithuania and Swedbank Latvia for the development and construction of 239 MW solar projects in Latvia.
The solar projects named Stelpe and Vārme are currently under development and are expected to reach commercial operation by this year. The total investment in the projects, including their construction and acquisition costs, is estimated to be around €178 million (~$200 million).
The 94 MW Vārme solar project is located in the Kuldīga municipality and is currently under construction. The 145 MW Stelpe solar project is in Bauska municipality, Bārbele parish, and comprises two separate stages. Both projects are expected to generate enough to power around 96,000 households in Latvia.
“We are at the forefront of the green transition in the region and strive to have a future where electricity is generated from renewable energy sources only. The Stelpe and Vārme solar farms will become significant milestones in the implementation of our green generation capacity development strategy. After the start of commercial operations, the solar farms will significantly increase the local generation of green energy in the region. We are grateful to Swedbank for supporting the implementation of our renewable energy projects, which makes a significant contribution to their success,” notes Jonas Rimavičius, CFO at Ignitis Group.
According to Mercom’s Q1 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.
Earlier in May, DESRI, an owner and operator of renewable energy projects in North America, in partnership with Ranger Power, a utility-scale clean power development company, <a href="https://cms.mercomindia.com/desri-and-ranger-power-secure-financing-for-290-mw-solar-projects/" target="_blank" rel="noopener">announced</a> the financial closure for the construction and development of the 150 MWac Heartwood solar project in Hillsdale County and the 140 MWac White Tail solar project in Washtenaw County, Michigan.

Ignitis Renewables Secures $87 Million for 239 MW Solar Projects

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