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					</table><a href="https://www.ocienergy.com/" target="_blank" rel="noopener">OCI Energy</a>, a utility-scale solar and battery storage project developer, and <a href="https://aravapower.com/" target="_blank" rel="noopener">Arava Power</a>, an Israeli utility-scale renewable energy company, have signed a Membership Interest Purchase Agreement (MIPA) for La Salle Solar, a 670 MW solar project in La Salle County, Texas.
Under the MIPA agreement, Arava Power will acquire a 50% ownership interest in the project. OCI Energy and Arava Power will jointly finance, construct, own, and operate La Salle Solar.
The project is expected to begin commercial operations in 2028. At full capacity, the project is expected to generate enough clean electricity to power approximately 100,000 households.
&#8220;La Salle Solar is a milestone not only because of its size, but because it reflects the consistency and expertise of our team,&#8221; said Sabah Bayatli, President of OCI Energy. &#8220;Executing a project of this scale is the result of deep market knowledge, strong partnerships, and a focused approach to development. Texas continues to be the foundation of our portfolio, and La Salle demonstrates our ability to deliver repeatable, high-quality projects that meet the evolving needs of the grid.&#8221;
La Salle Solar is the largest single-site solar project announced by the two companies to date, according to the announcement. It is also their third collaboration in the Texas renewable energy market. The companies did not disclose the financial terms of the transaction.
In March 2026, OCI Energy, Arava Power, and ING Capital jointly <a href="https://mercomcapital.com/oci-energy-and-arava-power-close-financing-for-347-mw-solar-project/" target="_blank" rel="noopener">announced</a> the successful closure of construction financing for the SunRoper Solar project, a 347 MWdc solar project in Wharton County, Texas, being developed through a joint venture between OCI Energy and Arava Power.
Previously, in 2025, OCI Energy also announced the <a href="https://mercomcapital.com/oci-energy-sells-120-mw-solar-project-to-sabanci-renewables/" target="_blank" rel="noopener">sale</a> of the 120 MWac Pepper solar project to Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings. The project is located in McLennan County, Texas.
According to Mercom&#8217;s Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, approximately 18.4 GW of solar projects were acquired in the first quarter of 2026, compared to 13.6 GW in Q1 2025.

Arava Power to Acquire 50% Stake in La Salle Solar Project

<a href="https://www.ocienergy.com/" target="_blank" rel="noopener">OCI Energy</a>, a developer of utility-scale solar and battery storage projects, <a href="https://aravapower.com/" target="_blank" rel="noopener">Arava Power</a>, a utility-scale renewable energy company, and ING Capital have jointly announced the successful closure of construction financing for the SunRoper Solar project.
The financing package includes a construction-to-term loan, a tax equity bridge loan, and various letters of credit. ING Capital serves as the sole coordinating lead arranger, sole bookrunner, and sole green loan coordinator, and will also act as the administrative agent.
This financing marks the second transaction between OCI Energy and ING, building on their previous collaboration.
SunRoper is a 347 MWdc solar project in Wharton County, Texas, being developed through a joint venture between OCI Energy and Arava Power.
Additional partners involved in the project include BHI and Bank of Hapoalim, which supplied financing support and letters of credit for the project’s development. Foley &amp; Lardner served as legal counsel to the joint venture between OCI Energy and Arava Power, while Skadden, Arps, Slate, Meagher &amp; Flom represented ING.
The total investment associated with Project SunRoper is expected to be approximately $394 million.
WHC has been appointed as the EPC contractor, and Black &amp; Veatch is serving as the technical advisor.
&#8220;The close of construction financing for Project SunRoper represents an important milestone for OCI Energy and our partners,&#8221; said Sabah Bayatli, President of OCI Energy. &#8220;This transaction reflects our continued commitment to deliver high-quality, utility-scale solar projects that strengthen grid reliability and provide affordable energy infrastructure.&#8221;
The construction financing is supported by a 20-year power purchase agreement with a Fortune 100 company.  The project is slated to begin commercial operation in Q3 2027 and is expected to support grid reliability, affordability, and emissions reduction.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>.
In August, Scatec <a href="https://cms.mercomindia.com/scatec-secures-27-million-financing-for-142-mw-solar-project/" target="_blank" rel="noopener">secured</a> BRL 150 million (~$27 million) non-recourse project financing for the development of a 142 MW solar project in Minas Gerais, Brazil. The funding was provided by Banco de Nordeste do Brasil.

OCI Energy and Arava Power Close Financing for 347 MW Solar Project

Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, <a href="https://cms.mercomindia.com/recurrent-energy-secures-260m-financing-94-mw-solar-project/" target="_blank" rel="noopener">closed</a> $260 million in project financing and tax equity for the 94 MW Blue Moon Solar project located in Harrison County, Kentucky. U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance, is providing both tax equity and construction financing for the project. The project is currently under construction and is expected to reach commercial operation in 2026.
OCI Energy, a developer of utility-scale solar and battery storage projects, <a href="https://cms.mercomindia.com/oci-energy-sells-120-mw-solar-project-to-sabanci-renewables/" target="_blank" rel="noopener">announced</a> the sale of the 120 MWac Pepper solar project to Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings. The project is located in McLennan County, Texas. Sabanci Renewables will finance, construct, own, and operate the project, which is expected to commence operation in the third quarter of 2027.
Cero Generation, a solar and energy storage project developer and independent portfolio company of Macquarie’s Green Investment Group, along with its development partner Enso Energy, <a href="https://cms.mercomindia.com/cero-generation-secures-269-million-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the financial closing of £200 million (~$269.21 million) for a portfolio of solar and battery storage projects in the UK. The financing was provided by a consortium of lenders, including ING, NordLB, Rabobank, and Santander UK.
The State Oil Fund of the Republic of Azerbaijan has <a href="https://cms.mercomindia.com/azerbaijan-wealth-fund-to-acquire-49-stake-in-402-mw-solar-portfolio-in-italy/" target="_blank" rel="noopener">entered</a> into an agreement to acquire a 49% equity interest in a 402 MW solar project portfolio in Italy, with Enfinity Global, a renewable energy company. The portfolio comprises 14 solar projects, both operational and under construction, located in the Lazio and Emilia-Romagna regions of Italy.  Once operational, the projects are expected to generate approximately 685 GWh of clean energy per year.
DOMINION, an electric utility company, <a href="https://cms.mercomindia.com/dominion-sells-321-mw-solar-projects-in-dominican-republic/" target="_blank" rel="noopener">announced</a> the sale of six solar projects totaling 321 MW located in the Dominican Republic for a value exceeding $375 million. The transaction is expected to generate a cash flow of $102 million, with $82 million anticipated to be received in 2025.
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-ib-vogt-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Recurrent Energy Secures $260 Million for 94 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-secures-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, <a href="https://mercomcapital.com/recurrent-energy-secures-260m-financing-94-mw-solar-project/" target="_blank" rel="noopener">closed</a> $260 million in project financing and tax equity for the 94 MW Blue Moon Solar project located in Harrison County, Kentucky. U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance, is providing both tax equity and construction financing for the project. The project is currently under construction and is expected to reach commercial operation in 2026.
OCI Energy, a developer of utility-scale solar and battery storage projects, <a href="https://mercomcapital.com/oci-energy-sells-120-mw-solar-project-to-sabanci-renewables/" target="_blank" rel="noopener">announced</a> the sale of the 120 MWac Pepper solar project to Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings. The project is located in McLennan County, Texas. Sabanci Renewables will finance, construct, own, and operate the project, which is expected to commence operation in the third quarter of 2027.
Cero Generation, a solar and energy storage project developer and independent portfolio company of Macquarie’s Green Investment Group, along with its development partner Enso Energy, <a href="https://mercomcapital.com/cero-generation-secures-269-million-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the financial closing of £200 million (~$269.21 million) for a portfolio of solar and battery storage projects in the UK. The financing was provided by a consortium of lenders, including ING, NordLB, Rabobank, and Santander UK.
The State Oil Fund of the Republic of Azerbaijan has <a href="https://mercomcapital.com/azerbaijan-wealth-fund-to-acquire-49-stake-in-402-mw-solar-portfolio-in-italy/" target="_blank" rel="noopener">entered</a> into an agreement to acquire a 49% equity interest in a 402 MW solar project portfolio in Italy, with Enfinity Global, a renewable energy company. The portfolio comprises 14 solar projects, both operational and under construction, located in the Lazio and Emilia-Romagna regions of Italy.  Once operational, the projects are expected to generate approximately 685 GWh of clean energy per year.
DOMINION, an electric utility company, <a href="https://mercomcapital.com/dominion-sells-321-mw-solar-projects-in-dominican-republic/" target="_blank" rel="noopener">announced</a> the sale of six solar projects totaling 321 MW located in the Dominican Republic for a value exceeding $375 million. The transaction is expected to generate a cash flow of $102 million, with $82 million anticipated to be received in 2025.
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-ib-vogt-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.ocienergy.com/" target="_blank" rel="noopener">OCI Energy</a>, a developer of utility-scale solar and battery storage projects, announced the sale of the 120 MWac Pepper solar project to <a href="https://www.sabanciclimatetech.com/en" target="_blank" rel="noopener">Sabanci Renewables</a>, a North American subsidiary of Turkish conglomerate Sabanci Holdings. The project is located in McLennan County, Texas.
Sabanci Renewables will finance, construct, own, and operate the project, which is expected to commence operation in the third quarter of 2027. OCI Energy developed Project Pepper and led all phases of site acquisition, pre-construction site studies, permitting, and grid connection.
Sidleu Austin provided legal services to OCI Energy, while Troutmann Pepper Locke served as legal counsel to Sabanci Renewables on the transaction. The financial details of the transaction remained undisclosed.
We&#8217;re pleased to partner with OCI Energy on Project Pepper — a well-executed project that aligns perfectly with our growth strategy in the U.S.,&#8221; said Tolga Kaan Doğancıoğlu, CEO of Sabanci Climate Technologies. &#8220;This collaboration reflects our confidence in the U.S. energy market and our commitment to scaling a resilient power portfolio. With this latest addition, we now hold 660 MWdc of solar capacity either operational or under construction, building toward our long-term goal of a 3,000 MWdc renewable portfolio by 2030.&#8221;
This project is said to mark OCI Energy&#8217;s continued development of utility-scale solar and battery energy storage projects across the U.S., with a pipeline of more than 5 GWac of projects currently under development.
July last year, OCI Energy announced the <a href="https://www.ocienergy.com/wp-content/uploads/2024/08/7-31-2024-OCI-Energy-News-Release-Sale-of-Hillsboro.pdf" target="_blank" rel="noopener">sale</a> of the 260 MWdc Hillsboro solar project in Hill County, Texas, to Hyundai Engineering. The project is expected to begin operation in the first quarter of 2027.
According to Mercom&#8217;s recently released 1H and Q2 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/1h-and-q2-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, approximately 19.9 GW of solar projects were acquired in the first half of 2025, compared to 18.5 GW in the first half of 2024.
Last week, EDF power solutions UK, previously known as EDF Renewables, an independent power producer and services provider, announced the <a href="https://mercomcapital.com/edf-power-solutions-acquires-500-mw-solar-project-in-the-uk/" target="_blank" rel="noopener">acquisition</a> of the 500 MW Gate Burton Energy Park solar project in Lincolnshire from Low Carbon, a renewable energy project developer.

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