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Clearway, a solar, wind, and energy storage project developer, has <a href="https://cms.mercomindia.com/clearway-secures-energy-storage-solar-project/" target="_blank" rel="noopener">closed</a> $421 million in financing for the 147 MW/ 588 MWh Rosamond Central Battery Energy Storage Project, which is being paired with the operating 192 MW Rosamond Central solar farm in Kern County, California. The construction on Rosamond Central BESS began in April 2023, and the facility is expected to reach commercial operation in 2024.
The European Investment Bank has <a href="https://www.mercomindia.com/eib-greenlights-million-renewable-energy-initiatives" target="_blank" rel="noopener">approved</a> a €575 million (~$636.7 million) loan to support global energy company Repsol‘s renewable energy projects in Spain. The approved loan’s first tranche of €400 million (~$442.9 million) aligns with Repsol’s goal of achieving zero net emissions by 2050. The projects are expected to bolster the REPowerEU objective of reducing the European Union’s dependency on fossil fuel imports and increasing energy security. The funds will support the rollout of wind and solar photovoltaic plants, resulting in a total capacity of 1.1 GW.
Mytilineos, a Greek industrial conglomerate, has <a href="https://cms.mercomindia.com/mytilineos-sells-solar-projects-romania/" target="_blank" rel="noopener">signed</a> a binding agreement to sell 211 MW of solar projects in Romania to Helleniq Energy, an oil and gas company, through its subsidiary, Helleniq Renewables. The binding agreement signed includes the construction and transfer of four solar parks in Southern Romania that are already in an advanced stage of development, of which 13 MW are expected to enter commercial operation in 2023, 108 MW in 2024, and 90 MW by Q3 2025.
Corre Energy, a developer and operator of underground energy storage solutions, has <a href="https://cms.mercomindia.com/corre-energy-acquires-energy-storage-project-texas/" target="_blank" rel="noopener">signed</a> an agreement through its North American subsidiary, Corre Energy US Development Company, to acquire a 280 MW/ 4.2 GWh energy storage project from Contour Energy, an energy storage project developer. Following the completion of due diligence, the buyout transaction is expected to close before the end of this year.
Modus Asset Management, a Lithuania-based renewables investor through Modus Poland Solar Fund I, has <a href="https://cms.mercomindia.com/modus-asset-management-secures-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> €58 million (~$63.97 million) in debt financing from a group of lenders consisting of BNP Paribas Bank Polska and PKO Bank Polski. The investment facility will finance the acquisition of a 93 MW operational solar PV portfolio throughout Poland. The portfolio’s revenues will be safeguarded through a combination of corporate power purchase agreements and contracts for different auction tariffs.
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-jupiter-secures-storage-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Clearway Secures $421 Million for Energy Storage and Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-clearway-secures-energy-storage-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Clearway, a solar, wind, and energy storage project developer, has <a href="https://mercomcapital.com/clearway-secures-energy-storage-solar-project/" target="_blank" rel="noopener">closed</a> $421 million in financing for the 147 MW/ 588 MWh Rosamond Central Battery Energy Storage Project, which is being paired with the operating 192 MW Rosamond Central solar farm in Kern County, California. The construction on Rosamond Central BESS began in April 2023, and the facility is expected to reach commercial operation in 2024.
The European Investment Bank has <a href="https://www.mercomindia.com/eib-greenlights-million-renewable-energy-initiatives" target="_blank" rel="noopener">approved</a> a €575 million (~$636.7 million) loan to support global energy company Repsol‘s renewable energy projects in Spain. The approved loan’s first tranche of €400 million (~$442.9 million) aligns with Repsol’s goal of achieving zero net emissions by 2050. The projects are expected to bolster the REPowerEU objective of reducing the European Union’s dependency on fossil fuel imports and increasing energy security. The funds will support the rollout of wind and solar photovoltaic plants, resulting in a total capacity of 1.1 GW.
Mytilineos, a Greek industrial conglomerate, has <a href="https://mercomcapital.com/mytilineos-sells-solar-projects-romania/" target="_blank" rel="noopener">signed</a> a binding agreement to sell 211 MW of solar projects in Romania to Helleniq Energy, an oil and gas company, through its subsidiary, Helleniq Renewables. The binding agreement signed includes the construction and transfer of four solar parks in Southern Romania that are already in an advanced stage of development, of which 13 MW are expected to enter commercial operation in 2023, 108 MW in 2024, and 90 MW by Q3 2025.
Corre Energy, a developer and operator of underground energy storage solutions, has <a href="https://mercomcapital.com/corre-energy-acquires-energy-storage-project-texas/" target="_blank" rel="noopener">signed</a> an agreement through its North American subsidiary, Corre Energy US Development Company, to acquire a 280 MW/ 4.2 GWh energy storage project from Contour Energy, an energy storage project developer. Following the completion of due diligence, the buyout transaction is expected to close before the end of this year.
Modus Asset Management, a Lithuania-based renewables investor through Modus Poland Solar Fund I, has <a href="https://mercomcapital.com/modus-asset-management-secures-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> €58 million (~$63.97 million) in debt financing from a group of lenders consisting of BNP Paribas Bank Polska and PKO Bank Polski. The investment facility will finance the acquisition of a 93 MW operational solar PV portfolio throughout Poland. The portfolio’s revenues will be safeguarded through a combination of corporate power purchase agreements and contracts for different auction tariffs.
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-jupiter-storage-projects" target="_blank" rel="noopener">brief</a>.

<a href="https://modusam.com/" target="_blank" rel="noopener">Modus Asset Management</a>, a Lithuania-based renewables investor through Modus Poland Solar Fund I, secured €58 million (~$63.97 million) in debt financing from a group of lenders consisting of BNP Paribas Bank Polska and PKO Bank Polski.
The investment facility will finance the acquisition of a 93 MW operational solar PV portfolio throughout Poland. The portfolio’s revenues will be safeguarded through a combination of corporate power purchase agreements and contracts for different (CfD) auction tariffs.
Modus Poland Solar Fund I is a closed-end investment fund that invests in operating solar power plants in Poland. The electricity generated by these plants is sold through corporate PPAs and CfD. Currently, the Fund owns over 113 MW of solar PV assets in Poland.
“We are pleased to have such reliable and committed partners supporting us in our goal of accelerating the region’s transition to renewable energy. We have been active in the Polish renewable energy market since 2018 and the accomplishment of such size debt financing proves us that we are on the right path. Poland is one of our core markets, where we are seeking further acquisitions in solar PV and onshore wind”, – says Povilas Pečiulis, CEO of Modus Asset Management.
“PKO Bank Polski is the leader in financing the green transition in Poland. We are proud to support Modus Asset Management in the implementation of the RES projects, which is part of our policy of financing the development of renewable energy. As the largest Polish bank for business, we want to jointly counteract climate change and contribute to the transformation of the Polish energy system. This investment is another important step on the way to achieving the goal”, – says Marcin Majewski, Head of Corporate Customer Relations Division in PKO Bank Polski.
According to Mercom’s 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>, in 1H 2023, there were 116 project acquisitions for 25.5 GW of solar projects compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.
On July 25, Modus Asset Management, through its Clean Energy Infrastructure Fund (the “Fund”), and Evecon, a solar and wind project developer, <a href="https://cms.mercomindia.com/modus-asset-management-acquires-55-mw-of-solar-projects-in-latvia/" target="_blank" rel="noopener">entered</a> into a transaction to acquire a 100% stake in a 55 MW solar PV portfolio of ground-mounted solar photovoltaic projects in Latvia.

Modus Asset Management Secures $64 Million to Acquire 93 MW Solar Project Portfolio

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