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<a href="https://www.pne-ag.com/en/" target="_blank" rel="noopener">PNE</a>, a Germany-based renewable energy project developer, sold a 40 MW solar project located in Poland to <a href="https://www.orlen.pl/en" target="_blank" rel="noopener">ORLEN</a>, a Polish multinational oil refiner, petrol retailer, and natural gas trader. The transaction was executed through PNE&#8217;s local subsidiary, PNE Polska.
The deal involves the sale of 100% of the shares in the project company RES Project 5, which holds the rights to build and operate the project located in the vicinity of ORLEN&#8217;s production plant in Płock.
PNE had developed the project as ready-to-build-plus, implying construction readiness and the design of the solar project, along with prepared engineering, procurement, and construction offers.
&#8220;This transaction is a testament to the quality of our development work and our ability to deliver tailored energy solutions to major industrial players,&#8221; said Holger Gallas, CEO of PNE Polska. &#8220;We are proud to support ORLEN in their ambitious energy transition strategy. By supplying a project that connects directly to their refinery infrastructure, we are actively contributing to the decarbonization of heavy industry in Europe.&#8221;
ORLEN will select a contractor in 2026, with the commissioning expected by 2028. Once completed, the project will be connected directly to the Płock refinery&#8217;s internal power grid.
&#8220;This project once again highlights the strategic orientation of the PNE Group,&#8221; adds Roland Stanze, COO of PNE AG. &#8220;We don&#8217;t just deliver the usual standard projects that rely on government support systems and tariffs, but develop projects directly for the customer without having to use the public electricity grid. This further establishes us as a company that provides integrated services solutions.&#8221;
Earlier in November 2024, PNE <a href="https://cms.mercomindia.com/pne-sells-240-mw-solar-project-in-south-africa/" target="_blank" rel="noopener">sold</a> a 240 MW solar project to the South African energy company NOA Group. The Khauta Project will be constructed in the Free State province in central South Africa. The project is in a region with strong mining and agricultural sectors.
In 2025, approximately 37.4 GW of solar projects were acquired compared to 37.7 GW the previous year, according to Mercom&#8217;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>.

Renewable Project Developer PNE Sells 40 MW Solar Project in Poland

Arevon Energy, a solar and storage project developer, has <a href="https://cms.mercomindia.com/arevon-energy-secures-352-million-financing-for-posey-solar-project/" target="_blank" rel="noopener">secured</a> $352 million in financing for the construction and development of 228 MW of the Posey Solar Project in Posey County, Indiana. The project is expected to be operational in Q1 2025 and will generate enough clean electricity to power the equivalent of more than 25,000 homes annually.
Citicore Renewable Energy Corporation, a renewable energy developer, <a href="https://cms.mercomindia.com/citicore-renewables-secures-financing-for-solar-projects-in-the-philippines/" target="_blank" rel="noopener">secured</a> PhP9 (~$0.159) billion in financing for multiple solar projects with a total installed generating capacity of at least 600 MWdc and expandable up to nearly 1 GW. The financing deal, arranged by RCBC Capital Corporation, is expected to raise up to PhP20 billion ($354 million), starting with the signing of an initial tranche of PhP9 billion (~$159 million). The structure covers various project portfolios instead of the typical per-project financing structure.
PNE, a Germany-based renewable energy project developer, <a href="https://cms.mercomindia.com/pne-sells-240-mw-solar-project-in-south-africa/" target="_blank" rel="noopener">sold</a> a 240 MW under-construction solar power project to the South African energy company NOA Group. The Khauta Project will be constructed in the Free State province in central South Africa. The project is expected to reach the fully developed phase by mid-2024. The project is in a region with strong mining and agricultural sectors. PNE will continue to support the project through WKN Windcurrent, which belongs to the PNE Group.
Luxcara, a clean energy infrastructure asset manager, along with Munich-based bank Bayerische Landesbank, has <a href="https://cms.mercomindia.com/luxcara-secures-financial-close-for-315-7-mw-solar-portfolio/" target="_blank" rel="noopener">secured</a> financial close for solar PV portfolio projects with a total installed capacity of 315.7 MW located in Denmark. The Danish portfolio comprises three large-scale projects, one in the region of Jutland and two in Zealand. The three solar projects – Barmosen (137.3 MW), Faxe (111.6 MW), and Vildbjerg (66.7 MW) – were operationalized in late 2022 and were fully connected to the grid in 2023.
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-ox2-sells-energy-storage-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Arevon Secures $352 Million for Posey Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-arevon-secures-posey-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Arevon Energy, a solar and storage project developer, has <a href="https://mercomcapital.com/arevon-energy-secures-352-million-financing-for-posey-solar-project/" target="_blank" rel="noopener">secured</a> $352 million in financing for the construction and development of 228 MW of the Posey Solar Project in Posey County, Indiana. The project is expected to be operational in Q1 2025 and will generate enough clean electricity to power the equivalent of more than 25,000 homes annually.
Citicore Renewable Energy Corporation, a renewable energy developer, <a href="https://mercomcapital.com/citicore-renewables-secures-financing-for-solar-projects-in-the-philippines/" target="_blank" rel="noopener">secured</a> PhP9 (~$0.159) billion in financing for multiple solar projects with a total installed generating capacity of at least 600 MWdc and expandable up to nearly 1 GW. The financing deal, arranged by RCBC Capital Corporation, is expected to raise up to PhP20 billion ($354 million), starting with the signing of an initial tranche of PhP9 billion (~$159 million). The structure covers various project portfolios instead of the typical per-project financing structure.
PNE, a Germany-based renewable energy project developer, <a href="https://mercomcapital.com/pne-sells-240-mw-solar-project-in-south-africa/" target="_blank" rel="noopener">sold</a> a 240 MW under-construction solar power project to the South African energy company NOA Group. The Khauta Project will be constructed in the Free State province in central South Africa. The project is expected to reach the fully developed phase by mid-2024. The project is in a region with strong mining and agricultural sectors. PNE will continue to support the project through WKN Windcurrent, which belongs to the PNE Group.
Luxcara, a clean energy infrastructure asset manager, along with Munich-based bank Bayerische Landesbank, has <a href="https://mercomcapital.com/luxcara-secures-financial-close-for-315-7-mw-solar-portfolio/" target="_blank" rel="noopener">secured</a> financial close for solar PV portfolio projects with a total installed capacity of 315.7 MW located in Denmark. The Danish portfolio comprises three large-scale projects, one in the region of Jutland and two in Zealand. The three solar projects – Barmosen (137.3 MW), Faxe (111.6 MW), and Vildbjerg (66.7 MW) – were operationalized in late 2022 and were fully connected to the grid in 2023.
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-ox2-sells-energy-storage-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.pne-ag.com/en/" target="_blank" rel="noopener">PNE</a>, a Germany-based renewable energy project developer, sold a 240 MW solar project to the South African energy company NOA Group. The Khauta Project will be constructed in the Free State province in central South Africa. The project is expected to reach the fully developed phase by mid-2024.
The project is in a region with strong mining and agricultural sectors. PNE will continue to support the project through WKN Windcurrent, which belongs to the PNE Group. According to the company, there is potential to expand the size of the project in the future.
Karel Cornelissen, CEO of NOA, said, “The Khauta project will be a pioneering project for NOA as it will be the first large-scale (&gt;100MW) solar facility entering the NOA aggregator portfolio. As NOA, together with the support of our shareholder, African Infrastructure Investment Managers (‘AIIM’), we aspire to make a meaningful contribution towards solving the immediate energy supply deficit in South Africa”.
As of the end of 2023, the German developer had about 4 GW of solar and wind projects under development in South Africa. PNE has been active in South Africa since 2010. The NOA Group, an integrated energy company, develops, constructs, and operates solar, wind, and energy storage projects.
According to Mercom’s Annual and Q4 2023 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>, 231 large-scale solar project acquisitions in 2023 compared to 268 acquisitions in 2022. In 2023, almost 45.4 GW of solar projects were acquired 2023, compared to 66 GW in 2022, a 31% decline YoY.
Recently, Aspen Power, a distributed generation platform developer, <a href="https://cms.mercomindia.com/aspen-power-acquires-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of eight ground-mounted solar projects in Pennsylvania and New York, totaling 41 MW. The projects were acquired from Solar Site Developers, a solar project developer who will also co-develop the project with Aspen Power.
&nbsp;

PNE Sells 240 MW Solar Project in South Africa

France-based oil and gas major company TotalEnergies has acquired 208 MW of solar PV projects in Romania from <a href="https://www.pne-usa.com/" target="_blank" rel="noopener">PNE</a>, a solar and wind project developer. PNE will remain responsible for further project development until the ready-to-build stage is achieved.
The transaction details were not disclosed.
Markus Lesser, CEO of PNE AG, said: “We are delighted that TotalEnergies trusts in our proven expertise in the solar photovoltaic domain. This agreement confirms that PNE’s ‘Scale Up 2.0’ strategy is appealing in the industry. By delivering ready-to-build projects, PNE extends its resilient business model while enhancing company value.”
&#8220;The acquisition of these five solar projects in Romania is a perfect illustration of TotalEnergies’ commitment to developing its renewable energy activities in the country, and more broadly in Eastern Europe, in support of the Green Deal,” said Marin de Montbel, VP Renewable Explorer &#8211; New Markets. “The development of these projects allows us to deploy the Company’s expertise in solar power generation and strengthens our presence in Eastern Europe by acquiring a portfolio of solar projects in Poland with a total capacity of 200 MW. We’re proud to become a partner of choice to support Romania in diversifying and decarbonizing its energy mix from renewable energy.”
According to Mercom’s Q1 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, there were 67 large-scale solar project acquisitions in Q1 2023, compared to 61 transactions in Q4 2022. OMV Petrom, an oil and gas company, recently <a href="https://cms.mercomindia.com/omv-petrom-acquires-solar-projects-romania/" target="_blank" rel="noopener">signed</a> an agreement to acquire 710 MW of solar projects in Romania from Danish developer Jantzen Renewables.

TotalEnergies Acquires 208 MW of Solar Projects in Romania

German renewable energy developer <a href="https://www.pne-ag.com/unternehmen/ueber-uns" target="_blank" rel="noopener">PNE</a> has sold two solar PV projects in Romania and the U.S. with a total capacity of around 280 MW.
Israel-based Econergy International acquired the 81 MW solar project in Romania, which is under development in Oradea. Econergy expects to continue the further realization of the project.
The second project is a 199 MW solar PV project in the early development stage in the U.S. The 199 MW solar project has been acquired by an undisclosed operator in the U.S.
Upon completion, the project&#8217;s second phase can achieve a nominal output of 398 MW in Utah.
With these two transactions, PNE is implementing its strategic development towards becoming a Clean Energy Solutions Provider. These are the first PV projects that could be sold as part of the expanded strategy.
“The sale of these two PV projects is a milestone in the strategic development of our business model, which proves that we are on the right track. In addition to wind energy, we are now also developing photovoltaic projects in seven countries in Europe, the U.S., and South Africa. We are currently working on PV projects with a nominal output of over 1,000 MW. In this way, together with our partners, we are making an important contribution to the global energy revolution,” commented Markus Lesser, CEO of PNE AG.
According to <a href="https://cms.mercomindia.com/research/" target="_blank" rel="noopener">Mercom Research</a>, in January 2021, PNE USA, a subsidiary of PNE, a publicly-traded renewable energy company based in Germany, acquired four solar projects totaling 280 MW located in the MISO, PJM, and WECC markets, U.S.
According to Mercom’s Q4 2021 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>, there were 280 large-scale solar project acquisitions in 2021 compared to 231 transactions in 2020.

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