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Scatec, a renewable energy solutions provider, has <a href="https://cms.mercomindia.com/scatec-secures-479-million-for-solar-and-storage-project-in-egypt/" target="_blank" rel="noopener">secured</a> $479.1 million of non-recourse project financing to develop the Obelisk hybrid solar and battery storage project located in Egypt. The funding, which corresponds to approximately 80% of the total estimated capital expenditure of $590 million, was provided by the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and British International Investment (BII). The project, which has a total capacity of 1.1 GW Solar and 100/200 MWh battery energy storage, will be constructed in two phases.
CleanChoice Energy, a U.S.-based renewable energy company, <a href="https://cms.mercomindia.com/cleanchoice-energy-acquires-54-2-mw-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of two solar projects totaling 54.2 MW in New York State from CS Energy, a solar project developer. Both solar projects will have a capacity of 27.1 MW each, with the Dolan project located in Washington County and the Hawthorn project in Rensselaer County. The construction of the projects is expected to begin in the fall of 2025, with a planned interconnection date in the fourth quarter of 2026.
Earthrise Energy, a renewable energy independent power producer, <a href="https://cms.mercomindia.com/earthrise-secures-630-million-financing-for-260-mw-solar-project/" target="_blank" rel="noopener">announced</a> the closing of $630 million in tax equity and debt financing for its 260 MWac Gibson City solar project within Illinois’s MISO power market. The project is expected to reach commercial operation in 2026. The debt financing includes a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility.
Lightsource bp, a solar project developer, <a href="https://cms.mercomindia.com/lightsource-bp-secures-200-million-financing-for-115-mw-fishery-solar-projects/" target="_blank" rel="noopener">secured</a> around TWD 6 billion (~$200 million) in financing for its 115 MWp fishery solar project in Budai and Yizhu Township, Chiayi County, Taiwan. The project’s construction is expected to begin in June 2025. The Budai project is expected to produce 180,000 MWh of renewable energy annually once operational.
Soltage, an independent power producer and developer of utility-scale solar and energy storage projects across the U.S., <a href="https://cms.mercomindia.com/soltage-secures-260m-financing-solar-storage-projects/" target="_blank" rel="noopener">announced</a> the closing of a $260 million construction and term debt financing facility to support the near-term deployment of solar and storage projects from the company’s more than 2 GW development pipeline across the U.S.
Ingka Investments, the investment arm of Ingka Group, <a href="https://cms.mercomindia.com/ingka-investments-acquires-76-3-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 76.3 MW solar project portfolio in the Netherlands from the SUSI Renewable Energy Fund II, an investment vehicle managed by SUSI Partners, a Swiss-based infrastructure investment manager.  The portfolio comprises three operating solar projects: 54.36 MW Scaldia, 11.72 MW Achtkarspelen, and 10.20 MW De Kie.
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-enlight-secures-hybrid-renewable-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Scatec Secures $479 Million for Solar and Storage Project in Egypt

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-scatec-solar-storage-project-egypt/" target="_blank" rel="noopener">Mercom Capital Group</a>
Scatec, a renewable energy solutions provider, has <a href="https://mercomcapital.com/scatec-secures-479-million-for-solar-and-storage-project-in-egypt/" target="_blank" rel="noopener">secured</a> $479.1 million of non-recourse project financing to develop the Obelisk hybrid solar and battery storage project located in Egypt. The funding, which corresponds to approximately 80% of the total estimated capital expenditure of $590 million, was provided by the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and British International Investment (BII). The project, which has a total capacity of 1.1 GW Solar and 100/200 MWh battery energy storage, will be constructed in two phases.
CleanChoice Energy, a U.S.-based renewable energy company, <a href="https://mercomcapital.com/cleanchoice-energy-acquires-54-2-mw-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of two solar projects totaling 54.2 MW in New York State from CS Energy, a solar project developer. Both solar projects will have a capacity of 27.1 MW each, with the Dolan project located in Washington County and the Hawthorn project in Rensselaer County. The construction of the projects is expected to begin in the fall of 2025, with a planned interconnection date in the fourth quarter of 2026.
Earthrise Energy, a renewable energy independent power producer, <a href="https://mercomcapital.com/earthrise-secures-630-million-financing-for-260-mw-solar-project/" target="_blank" rel="noopener">announced</a> the closing of $630 million in tax equity and debt financing for its 260 MWac Gibson City solar project within Illinois’s MISO power market. The project is expected to reach commercial operation in 2026. The debt financing includes a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility.
Lightsource bp, a solar project developer, <a href="https://mercomcapital.com/lightsource-bp-secures-200-million-financing-for-115-mw-fishery-solar-projects/" target="_blank" rel="noopener">secured</a> around TWD 6 billion (~$200 million) in financing for its 115 MWp fishery solar project in Budai and Yizhu Township, Chiayi County, Taiwan. The project’s construction is expected to begin in June 2025. The Budai project is expected to produce 180,000 MWh of renewable energy annually once operational.
Soltage, an independent power producer and developer of utility-scale solar and energy storage projects across the U.S., <a href="https://mercomcapital.com/soltage-secures-260m-financing-solar-storage-projects/" target="_blank" rel="noopener">announced</a> the closing of a $260 million construction and term debt financing facility to support the near-term deployment of solar and storage projects from the company’s more than 2 GW development pipeline across the U.S.
Ingka Investments, the investment arm of Ingka Group, <a href="https://mercomcapital.com/ingka-investments-acquires-76-3-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 76.3 MW solar project portfolio in the Netherlands from the SUSI Renewable Energy Fund II, an investment vehicle managed by SUSI Partners, a Swiss-based infrastructure investment manager.  The portfolio comprises three operating solar projects: 54.36 MW Scaldia, 11.72 MW Achtkarspelen, and 10.20 MW De Kie.
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-enlight-secures-hybrid-renewable-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.ingka.com/" target="_blank" rel="noopener">Ingka Investments</a>, the investment arm of Ingka Group, announced the acquisition of a 76.3 MW solar project portfolio in the Netherlands from the SUSI Renewable Energy Fund II, an investment vehicle managed by <a href="https://www.susi-partners.com/en/" target="_blank" rel="noopener">SUSI Partners</a>, a Swiss-based infrastructure investment manager.
The portfolio comprises three operating solar projects: 54.36 MW Scaldia, 11.72 MW Achtkarspelen, and 10.20 MW De Kie.
SUSI acquired the projects in 2019 upon reaching commercial operations and has now sold them to Ingka Investments after 6 years of asset management. SUSI has now successfully exited 80% of the SUSI Renewable Energy Fund II&#8217;s assets.
The three solar projects are expected to generate approximately 67 GWh of energy per year.
According to the company, the projects have been operating successfully and profitably for over five years.
Frederik de Jong, Head of Renewable Energy at Ingka Investments, &#8220;We are thrilled to add these high-quality solar farms to our portfolio and are happy to add the Netherlands to the growing number of countries where we operate renewable energy assets. Ingka Group is deeply committed to renewable energy as a cornerstone of our sustainability strategy. By 2030, we aim to invest EUR 7.5 billion (~$8.56 billion) in renewable energy in production assets like wind and solar farms and supporting technologies such as battery storage and e-fuels
The acquisition supports Ingka Group&#8217;s broader sustainability goals, including reducing carbon emissions and promoting green energy solutions.
According to Mercom&#8217;s Q1 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, about 13.6 GW of solar projects were acquired in Q1 2025 compared to 10.8 GW in Q1 2024.
Last month, Arena Renewables, a community and distributed solar and storage project developer, <a href="https://mercomcapital.com/arena-renewables-sells-40-mw-illinois-solar-portfolio/" target="_blank" rel="noopener">announced</a> the sale of the 40 MW Illinois solar project portfolio to Summit Ridge Energy, a commercial solar project developer.

Ingka Investments Acquires 76.3 MW Solar Project Portfolio

Ingka Investments, the investment arm of Ingka Group, <a href="https://cms.mercomindia.com/ingka-investments-acquires-solar-project-in-romania/" target="_blank" rel="noopener">acquired</a> 300 MW of ready-to-build solar PV projects in Romania. The total investment in the solar PV project will amount to over €200 million (~$211.74 million). The project is located in Dâmbovița County, northwest of Bucharest, and has a total installed capacity of 300 MW that, once operational towards the end of 2025, will produce enough renewable energy for the equivalent of roughly 95,000 European households.
Gore Street Energy Storage Fund, a UK-based energy storage fund, <a href="https://cms.mercomindia.com/gore-street-energy-secures-financing-for-energy-storage-project/" target="_blank" rel="noopener">secured</a> financing for a 200 MW energy storage project in Imperial County, California. The First Citizens Bank, through its energy finance business, served as the lead agent. The company’s subsidiary, Big Rock ESS Assets, owns the 200 MW/ 400 MWh California battery storage project, which will benefit from contracted revenue through the Resource Adequacy program. The financing will support the remaining development of the project and provide Gore Street Energy Storage with additional liquidity for its growing portfolio.
Atlas Renewable Energy, a solar and wind project developer, <a href="https://cms.mercomindia.com/atlas-renewable-energy-brazilian-solar-project-portfolio-engie/" target="_blank" rel="noopener">reached</a> an agreement to sell 546 MW portfolio of operating solar assets with Engie Brasil Energia Complementares Participações, a part of the Engie Group in Brazil. The operating portfolio includes solar power assets, namely, Juazeiro, Sao Pedro, Sol do Futuro, Sertao Solar, and Lar do Sol, and located across the states of Bahia, Ceara and Minas Gerais.
Enfinity Global, a renewable energy company, has <a href="https://cms.mercomindia.com/enfinity-global-sells-minority-stake-in-solar-project/" target="_blank" rel="noopener">agreed</a> to sell a minority stake in its 400 MW operating solar projects portfolio in the U.S. to Kyushu Electric, a Japan-based utility company. Upon completion of the deal, Kyushu Electric will hold a 40% equity interest in the portfolio. Enfinity Global will retain a 60% equity interest and will be the long-term asset manager of the portfolio.
SUNfarming, a solar project developer and installer, <a href="https://cms.mercomindia.com/sunfarming-secures-mezzanine-debt-solar-projects/" target="_blank" rel="noopener">secured</a> mezzanine debt financing in a double-digit million amount for 185 MW of solar projects. The subordinated debt was provided by a managed account, which is administered by Prime Capital. The funds were raised in the form of bearer bonds at the level of group companies. Capcora acted as the exclusive financial advisor to SUNfarming in the transaction.
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-plus-power-secures-billion/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Ingka Investments Acquires 300 MW of Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-ingka-investments-acquires-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Ingka Investments, the investment arm of Ingka Group, <a href="https://mercomcapital.com/ingka-investments-acquires-solar-project-in-romania/" target="_blank" rel="noopener">acquired</a> 300 MW of ready-to-build solar PV projects in Romania. The total investment in the solar PV project will amount to over €200 million (~$211.74 million). The project is located in Dâmbovița County, northwest of Bucharest, and has a total installed capacity of 300 MW that, once operational towards the end of 2025, will produce enough renewable energy for the equivalent of roughly 95,000 European households.
Gore Street Energy Storage Fund, a UK-based energy storage fund, <a href="https://mercomcapital.com/gore-street-energy-secures-financing-for-energy-storage-project/" target="_blank" rel="noopener">secured</a> financing for a 200 MW energy storage project in Imperial County, California. The First Citizens Bank, through its energy finance business, served as the lead agent. The company’s subsidiary, Big Rock ESS Assets, owns the 200 MW/ 400 MWh California battery storage project, which will benefit from contracted revenue through the Resource Adequacy program. The financing will support the remaining development of the project and provide Gore Street Energy Storage with additional liquidity for its growing portfolio.
Atlas Renewable Energy, a solar and wind project developer, <a href="https://mercomcapital.com/atlas-renewable-energy-brazilian-solar-project-portfolio-engie/" target="_blank" rel="noopener">reached</a> an agreement to sell 546 MW portfolio of operating solar assets with Engie Brasil Energia Complementares Participações, a part of the Engie Group in Brazil. The operating portfolio includes solar power assets, namely, Juazeiro, Sao Pedro, Sol do Futuro, Sertao Solar, and Lar do Sol, and located across the states of Bahia, Ceara and Minas Gerais.
Enfinity Global, a renewable energy company, has <a href="https://mercomcapital.com/enfinity-global-sells-minority-stake-in-solar-project/" target="_blank" rel="noopener">agreed</a> to sell a minority stake in its 400 MW operating solar projects portfolio in the U.S. to Kyushu Electric, a Japan-based utility company. Upon completion of the deal, Kyushu Electric will hold a 40% equity interest in the portfolio. Enfinity Global will retain a 60% equity interest and will be the long-term asset manager of the portfolio.
SUNfarming, a solar project developer and installer, <a href="https://mercomcapital.com/sunfarming-secures-mezzanine-debt-solar-projects/" target="_blank" rel="noopener">secured</a> mezzanine debt financing in a double-digit million amount for 185 MW of solar projects. The subordinated debt was provided by a managed account, which is administered by Prime Capital. The funds were raised in the form of bearer bonds at the level of group companies. Capcora acted as the exclusive financial advisor to SUNfarming in the transaction.
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-plus-power-secures-billion/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.ingka.com/" target="_blank" rel="noopener">Ingka Investments</a>, the investment arm of Ingka Group, acquired 300 MW of ready-to-build solar PV projects in Romania. The total investment in the solar PV project will amount to over €200 million (~$211.74 million).
The solar PV project is located in Dâmbovița County, northwest of Bucharest, and has a total installed capacity of 300 MW that, once operational towards the end of 2025, will produce enough renewable energy for the equivalent of roughly 95,000 European households.
Ingka Group has committed to owning 594 wind turbines, 29 solar parks in 19 countries, and over a million solar panels on the roofs of IKEA stores and warehouses. Ingka Investments has invested and committed more than €4 billion (~$4.23 billion) into renewable energy projects in wind and solar power.
“We are proud to be announcing this important initiative in Romania, where we have a long-term presence and commitment. The development of this solar park project in Dâmbovița County is another step towards renewable energy production in the region and a chance for Ingka Investments to contribute to the country’s energy mix and renewable energy consumption goals for 2030. With our own solar park, we want to make renewable energy available throughout the IKEA value chain and beyond in the areas in which we operate,” says Peter van der Poel, Managing Director, Ingka Investments.
The development of the latest solar PV park in Romania is part of the IKEA commitment to becoming climate-positive by 2030 by reducing more greenhouse gas emissions than the IKEA value chain emits, while also simultaneously growing the IKEA business.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in the first nine months (9M) of 2023, there were a total of 166 project acquisitions for 31.6 GW compared to 207 projects acquired for 52.1 GW in 9M 2022.
OX2, a Sweden-based renewable energy company that develops, funds, and manages large-scale projects, <a href="https://cms.mercomindia.com/ox2-sells-23-mw-agripv-project-in-france/" target="_blank" rel="noopener">signed</a> an agreement recently to sell 23 M.W. of AgriPV project located in the Loiret region, France, to CVE, a France-based independent renewable energy power producer.

Ingka Investments Acquires 300 MW of Solar Project in Romania

<a href="https://www.ingka.com/" target="_blank" rel="noopener">Ingka Investments</a>, an investment arm of Ingka Group, acquired nine solar PV projects totaling 440 MW in Germany and Spain from solar PV developer Enerparc.
The expected generation capacity of the solar PV projects is around 300 MW in Germany across four solar development projects and 140 MW in Spain across five solar development projects.
The total investment in the solar PV development portfolio will amount to approximately €340 million (~$371 million). The expected production from the solar projects in Germany and Spain will generate the equivalent of electricity consumption in all IKEA stores and warehouses in the two countries.
The projects are in the early stages and are expected to become ready for construction at the end of 2022, progressing into 2023.
“With our solar and wind projects, we want to make renewable energy available throughout the IKEA value chain and beyond,” says Krister Mattsson, Managing Director, Ingka Investments.
As a part of a €6.5 billion (~$7.10 billion) initiative to support 100% renewable energy consumption across the value chain and beyond, Ingka Investments has invested and committed more than €2.7 billion (~$2.95 billion) into renewable energy projects in wind and solar power.
Currently, Ingka Group owns and manages 547 wind turbines in 14 countries, 10 solar projects, and 935,000 solar panels on the roofs of IKEA stores and warehouses. Together, this produces more than 4 TWh, equivalent to the annual electricity consumption of over 1 million European households.
The development of the solar PV projects in Germany and Spain are part of IKEA’s commitment to becoming climate positive by 2030 by reducing more greenhouse gases (GHG) emissions than the IEA value chain emits.
Over 68 GW of solar projects were acquired in 2021, compared to 39.5 GW in 2020, according to Mercom’s 2021 annual solar funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2021-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>.

Ingka Investments Acquires 440 MW of Solar Projects in Germany and Spain

<a href="https://www.ingka.com/" target="_blank" rel="noopener">Ingka Group</a>, which owns most of the IKEA retail stores across the globe, through its investment arm Ingka Investments, has acquired nine solar PV projects totaling 440 MW in Germany and Spain from the European solar project developer <a href="https://www.enerparc.de/" target="_blank" rel="noopener">Enerparc</a>.
The total investment in the solar PV development portfolio would amount to about €340 million (~$371 million).
Four out of the nine solar power projects will be developed in Germany with an expected capacity of around 300 MW. The remaining five will be in Spain, totaling 140 MW.
The energy generated from these solar projects will help power roughly 140,000 European households and all IKEA stores and warehouses in Germany and Spain.
The projects are in the early stages and are expected to be ready for construction at the end of 2022, progressing into 2023, with a construction timeline of six months.
As a part of a €6.5 billion (~$7.10 billion) initiative to support 100% renewable energy consumption across the value chain and beyond, Ingka Investments has invested and committed more than €2.7billion (~$2.95 billion) into renewable energy projects (wind and solar).
Krister Mattsson, Managing Director, Ingka Investments, commenting on the acquisition, said, “We are delighted to be announcing this important initiative to enable renewable electricity consumption in Germany and Spain, which is another step in accelerating our energy production in Europe and North America. With our solar and wind projects, we want to make renewable energy available throughout the IKEA value chain and beyond.”
The development of the solar power projects in Germany and Spain are part of IKEA’s commitment to becoming climate positive by 2030 by reducing more greenhouse gases (GHG) emissions than the IKEA value chain emits.
Currently, Ingka Group owns and manages 547 wind turbines in 14 countries, ten solar projects, and 935,000 solar panels on the roofs of IKEA stores and warehouses. Together, this produces more than 4 TWh, equivalent to the annual electricity consumption of over 1 million European households.
Ingka Group, in September 2020 had, <a href="https://mercomindia.com/investment-planned-enhance-ikea-sustainability/" target="_blank" rel="noopener">announced</a> its plans to invest €600 million (~$710 million) to help IKEA keep its commitment to become climate positive by 2030. The investment was planned toward innovative companies, solutions, and operations to facilitate the shift towards a net-zero carbon economy.
Over 68 GW of solar projects were acquired in 2021, compared to 39.5 GW in 2020, according to Mercom’s <a href="https://mercomcapital.com/product/annual-q4-2021-solar-funding-ma-report/" target="_blank" rel="noopener">Annual and Q4 2021 Solar Funding and M&amp;A Report</a>.

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