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<a href="https://www.qair.energy/" target="_blank" rel="noopener">Qair</a>, an independent renewable energy producer, has announced the closing of its inaugural syndicated loan totaling €240 million (~$282 million).
The financing comprises a €130 million (~$153 million) amortizing loan with an initial 3-year maturity, extendable twice for one additional year each. A €110 (~$129) million revolving credit facility with the same maturity terms and an accordion option of up to €100 million (~$117 million), enabling the inclusion of additional banking partners.
The transaction will be used to optimize the company&#8217;s capital structure by consolidating existing credit lines, refinancing a €45 (~$53) million bond maturing in February 2026, and supporting general corporate purposes.
The loan was concluded with a consortium of 10 leading international banks, with Natixis Corporate &amp; Investment Banking (Natixis CIB) acting as sole coordinator and documentation agent.
Banque CIC Sud Ouest, BNP Paribas, Caisse d’Epargne et de Prévoyance Languedoc-Roussillon, Caisse Régionale de Crédit Agricole Mutuel du Languedoc, Crédit Agricole Corporate and Investment Bank, Crédit Lyonnais, and Natixis Corporate &amp; Investment Banking acting as mandated lead arrangers and bookrunners.
Bpifrance and Société Générale acted as mandated lead arrangers in the transaction, while Banque Populaire du Sud acted as lead arranger.
Ashurst acted as the lender&#8217;s legal advisor in the establishment of the loan, and Bryan Cave Leighton Paisner advised Qair.
In August, the company <a href="https://mercomcapital.com/qair-secures-5-7-million-financing-for-floating-solar-project/" target="_blank" rel="noopener">obtained</a> $5.7 million in senior debt financing from the Facility for Energy Inclusion, managed by Cygnum Capital, an investment bank and asset management firm.
According to Mercom&#8217;s 9M and Q3 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, announced solar debt financing activity in 9M 2025 totaled $12.7 billion in 60 deals, 24% lower than 9M 2024, when $16.7 billion was raised in 68 deals.
In July, Opdenergy, an independent renewable energy producer, <a href="https://mercomcapital.com/opdenergy-secures-412-million-corporate-debt-facility/" target="_blank" rel="noopener">secured</a> a new corporate debt facility of €350 million (~$412 million) through senior bonds (2025 Bonds) from a group of institutional investors led by EIG and Infranity.

Qair Secures $282 Million Syndicated Loan

Enviromena, a U.K.-based independent power producer, <a href="https://cms.mercomindia.com/enviromena-acquires-49-9-mw-longpasture-solar-project/" target="_blank" rel="noopener">announced</a> the acquisition of the 49.9 MW Longpasture solar project from Bluefield Solar, a London-listed income fund, and Lightrock Power, a solar project developer. The fully consented solar project, located near Darlington, County Durham, is expected to reach completion in late 2027. The project has an option for a co-located 39.7 MW battery energy storage system.
Qair, an independent renewable energy producer, <a href="https://cms.mercomindia.com/qair-secures-5-7-million-financing-for-floating-solar-project/" target="_blank" rel="noopener">secured</a> $5.7 million senior debt financing from the Facility for Energy Inclusion, managed by Cygnum Capital, an investment bank and asset management firm. The facility will support the development, building, operations, and maintenance of the 5.8 MWp Seysun Lagoon floating solar project located in the Providence Lagoon on Mahé Island in Seychelles.
New Delhi-based waste and wastewater management solutions company Enviro Infra Engineers (EIEL) has completed the <a href="https://www.mercomindia.com/enviro-infra-engineers-acquires-vento-power-infras-40-mw-solar-project" target="_blank" rel="noopener">acquisition</a> of Vento Power, a company developing a 40 MW solar power project in the Bolangir district of Odisha. The total cash consideration for the transaction was ₹1.15 billion (~$13.37 million). The acquisition was carried out through EIE Renewables, a wholly owned subsidiary of EIEL, which has entered into definitive agreements with PTC India.
Bluefield Solar (BSIF), the London-listed U.K. income fund focused primarily on acquiring and managing solar energy assets, <a href="https://cms.mercomindia.com/bluefield-solar-sells-250-mw-solar-and-storage-portfolio/" target="_blank" rel="noopener">announced</a> the sale of a portfolio of solar and storage projects totaling 250 MW to Lyceum Solar, a joint venture with 25% ownership by BSIF and 75% ownership by GLIL Infrastructure. The 75% stake acquired by GLIL in the Phase 3 portfolio amounts to £38 million (~$51 million), of which £28 million (~$38 million) is to be paid upfront following the closing of the transaction.
Foresight, an investment manager, announced that its Australian Renewables Income Fund (ARIF) <a href="https://cms.mercomindia.com/foresights-australian-renewables-income-fund-secures-453-million/" target="_blank" rel="noopener">closed</a> A$700 million (~$453 million) portfolio debt refinancing to strengthen its capital structure and support future growth. The refinancing consolidates debt across ARIF’s portfolio of ten operating renewable energy projects.
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-green-genius-solar-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Enviromena Acquires 49.9 MW Longpasture Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-enviromena-acquires-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Enviromena, a U.K.-based independent power producer, <a href="https://mercomcapital.com/enviromena-acquires-49-9-mw-longpasture-solar-project/" target="_blank" rel="noopener">announced</a> the acquisition of the 49.9 MW Longpasture solar project from Bluefield Solar, a London-listed income fund, and Lightrock Power, a solar project developer. The fully consented solar project, located near Darlington, County Durham, is expected to reach completion in late 2027. The project has an option for a co-located 39.7 MW battery energy storage system.
Qair, an independent renewable energy producer, <a href="https://mercomcapital.com/qair-secures-5-7-million-financing-for-floating-solar-project/" target="_blank" rel="noopener">secured</a> $5.7 million senior debt financing from the Facility for Energy Inclusion, managed by Cygnum Capital, an investment bank and asset management firm. The facility will support the development, building, operations, and maintenance of the 5.8 MWp Seysun Lagoon floating solar project located in the Providence Lagoon on Mahé Island in Seychelles.
New Delhi-based waste and wastewater management solutions company Enviro Infra Engineers (EIEL) has completed the <a href="https://www.mercomindia.com/enviro-infra-engineers-acquires-vento-power-infras-40-mw-solar-project" target="_blank" rel="noopener">acquisition</a> of Vento Power, a company developing a 40 MW solar power project in the Bolangir district of Odisha. The total cash consideration for the transaction was ₹1.15 billion (~$13.37 million). The acquisition was carried out through EIE Renewables, a wholly owned subsidiary of EIEL, which has entered into definitive agreements with PTC India.
Bluefield Solar (BSIF), the London-listed U.K. income fund focused primarily on acquiring and managing solar energy assets, <a href="https://mercomcapital.com/bluefield-solar-sells-250-mw-solar-and-storage-portfolio/" target="_blank" rel="noopener">announced</a> the sale of a portfolio of solar and storage projects totaling 250 MW to Lyceum Solar, a joint venture with 25% ownership by BSIF and 75% ownership by GLIL Infrastructure. The 75% stake acquired by GLIL in the Phase 3 portfolio amounts to £38 million (~$51 million), of which £28 million (~$38 million) is to be paid upfront following the closing of the transaction.
Foresight, an investment manager, announced that its Australian Renewables Income Fund (ARIF) <a href="https://mercomcapital.com/foresights-australian-renewables-income-fund-secures-453-million/" target="_blank" rel="noopener">closed</a> A$700 million (~$453 million) portfolio debt refinancing to strengthen its capital structure and support future growth. The refinancing consolidates debt across ARIF’s portfolio of ten operating renewable energy projects.
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-green-genius-solar-projects/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.qair.energy/" target="_blank" rel="noopener">Qair</a>, an independent renewable energy producer, secured $5.7 million senior debt financing from the Facility for Energy Inclusion, managed by Cygnum Capital, an investment bank and asset management firm.
The facility will support the development, building, operations, and maintenance of the 5.8 MWp Seysun Lagoon Floating solar project located in the Providence Lagoon on Mahé Island in Seychelles.
The project benefits from a 25-year power purchase agreement with the Public Utilities Corporation.
Qair will develop the project alongside Vetiver Tech, a local renewable energy company.
&#8220;This investment underscores FEI&#8217;s commitment to supporting innovative clean energy solutions across Africa&#8217;s Island nations. As the first IPP utility-scale project in Seychelles and one of the largest floating solar PV projects in Africa, it represents a significant milestone for the region. We are proud to support Qair in bringing this landmark project to fruition, helping drive progress toward Seychelles&#8217; renewable energy targets,&#8221; said Carmen de Castro, Managing Director and Fund Lead at Cygnum Capital.
&#8220;This financing from the Facility for Energy Inclusion is a major milestone for Qair in Seychelles. The Seysun Lagoon Floating PV plant will be the country&#8217;s first of its kind, and we sincerely thank the FEI for their trust and support, which will enable us to deliver clean, reliable power to Mahé while supporting Seychelles&#8217; ambitious sustainability goals,&#8221; said Olivier Gaering, Indian Ocean Regional Director at Qair.
Last year, the company <a href="https://www.qair.energy/tunisia-qair-secures-financing-for-two-10-mw-photovoltaic-power-plants/" target="_blank" rel="noopener">closed</a> financing for two 10 MW solar projects located in the Kasserine Governorate, Tunisia, with the European Bank for Reconstruction and Development. Qair also <a href="https://www.qair.energy/poland-qair-secures-financing-zimnodol-photovoltaic-power-plant/" target="_blank" rel="noopener">secured</a> funding for the 36 MW solar project in Zimnodole, Poland, in February 2024.
According to Mercom&#8217;s 1H and Q2 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
In August, Green Genius, a renewable energy company, <a href="https://cms.mercomindia.com/green-genius-secures-75-million-for-182-mw-solar-projects/" target="_blank" rel="noopener">entered</a> into financing agreements for up to €64 million (~$75 million) with the Nordic Investment Bank and NORD/LB. The funding will be used for the development of two solar projects totaling 182 MWp in Lithuania.

Qair Secures $5.7 Million Financing for Floating Solar Project

Broad Reach Power, a utility-scale battery storage project developer, <a href="https://cms.mercomindia.com/broad-reach-power-secures-bess-projects/" target="_blank" rel="noopener">secured</a> $435 million in credit facilities to support the construction of seven stand-alone energy storage projects totaling 880 MW in Texas and California. The Battery Energy Storage System projects are under construction, with expected commercial operation dates ranging from late 2023 through Q1 2024. The projects include 825 MW in ERCOT and 55 MW in CAISO.
Alternus Energy, an independent power producer, <a href="https://cms.mercomindia.com/alternus-energy-acquires-solar-project-portfolio-spain/" target="_blank" rel="noopener">acquired</a> a 32 MW portfolio of solar PV projects in Valencia, Spain, known as the “NF Projects.” The portfolio consists of six projects,  five of which, totaling 24.4 MW, are expected to reach operation in Q2 2024, with the remaining one project expected to achieve operation in Q1 2025. The initial funding for the project comes from the local bank Banco Internacional Español-Bankinter. Alternus subsidiary Unisun will manage the project construction.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://cms.mercomindia.com/matrix-renewables-acquires-controlling-stake-solar-project/" target="_blank" rel="noopener">acquired</a> a controlling interest in 261 MW of the Pleasant Valley Solar Project from rPlus Energies in Idaho. The project will begin construction in Q3 2023. The Pleasant Valley Solar project was awarded a power purchase agreement through a negotiated process with Meta and Idaho Power.
Qair, an independent renewable energy producer, <a href="https://cms.mercomindia.com/qair-secures-financing-for-solar-project-portfolio-poland/" target="_blank" rel="noopener">secured</a> a PLN 335.3 million (~$82.31 million) loan to develop a 129.5 MW solar project portfolio in Poland. The portfolio consists of three large-scale solar projects located in Golczewo, Rokietnica, and Pakość. The loan agreement was signed with the Santander Bank Polska and PKO Bank Polski consortium. The energy generated by the solar farm will be sold to identified off-takers under long-term corporate power purchase agreements.
Nautilus Solar Energy, a community solar company, <a href="https://cms.mercomindia.com/nautilus-solar-energy-acquires-community-solar-portfolio-delaware/" target="_blank" rel="noopener">acquired</a> a 28.7 MW portfolio of six community solar projects in Delaware from TurningPoint Energy (TPE). The projects, located in Kent, New Castle, and Sussex Counties, are in the late stages of development and are expected to start construction in 2024. TPE developed the six projects as part of Delaware’s community solar program.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/">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-clearway-secures-energy-storage-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Broad Reach Secures $435 Million for 880 MW BESS Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-broad-reach-bess-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Broad Reach Power, a utility-scale battery storage project developer, <a href="https://mercomcapital.com/broad-reach-power-secures-bess-projects/" target="_blank" rel="noopener">secured</a> $435 million in credit facilities to support the construction of seven stand-alone energy storage projects totaling 880 MW in Texas and California. The Battery Energy Storage System projects are under construction, with expected commercial operation dates ranging from late 2023 through Q1 2024. The projects include 825 MW in ERCOT and 55 MW in CAISO.
Alternus Energy, an independent power producer, <a href="https://mercomcapital.com/alternus-energy-acquires-solar-project-portfolio-spain/" target="_blank" rel="noopener">acquired</a> a 32 MW portfolio of solar PV projects in Valencia, Spain, known as the “NF Projects.” The portfolio consists of six projects,  five of which, totaling 24.4 MW, are expected to reach operation in Q2 2024, with the remaining one project expected to achieve operation in Q1 2025. The initial funding for the project comes from the local bank Banco Internacional Español-Bankinter. Alternus subsidiary Unisun will manage the project construction.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://mercomcapital.com/matrix-renewables-acquires-controlling-stake-solar-project/" target="_blank" rel="noopener">acquired</a> a controlling interest in 261 MW of the Pleasant Valley Solar Project from rPlus Energies in Idaho. The project will begin construction in Q3 2023. The Pleasant Valley Solar project was awarded a power purchase agreement through a negotiated process with Meta and Idaho Power.
Qair, an independent renewable energy producer, <a href="https://mercomcapital.com/qair-secures-financing-for-solar-project-portfolio-poland/" target="_blank" rel="noopener">secured</a> a PLN 335.3 million (~$82.31 million) loan to develop a 129.5 MW solar project portfolio in Poland. The portfolio consists of three large-scale solar projects located in Golczewo, Rokietnica, and Pakość. The loan agreement was signed with the Santander Bank Polska and PKO Bank Polski consortium. The energy generated by the solar farm will be sold to identified off-takers under long-term corporate power purchase agreements.
Nautilus Solar Energy, a community solar company, <a href="https://mercomcapital.com/nautilus-solar-energy-acquires-community-solar-portfolio-delaware/" target="_blank" rel="noopener">acquired</a> a 28.7 MW portfolio of six community solar projects in Delaware from TurningPoint Energy (TPE). The projects, located in Kent, New Castle, and Sussex Counties, are in the late stages of development and are expected to start construction in 2024. TPE developed the six projects as part of Delaware’s community solar program.
Click <a href="https://mercomcapital.com/clean-energy-reports/">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-clearway-energy-storagesolar-project" target="_blank" rel="noopener">brief</a>.

By: Raj Prabhu
<a href="https://www.qair.energy/" target="_blank" rel="noopener">Qair</a>, an independent renewable energy producer, secured a PLN 335.3 million (~$82.31 million) loan to develop a 129.5 MW solar project portfolio in Poland. The portfolio consists of three large-scale solar projects located in Golczewo, Rokietnica, and Pakość.
The loan agreement was signed with the consortium of Santander Bank Polska and PKO Bank Polski. The energy generated by the solar farm will be sold to identified off-takers under long-term corporate power purchase agreements (CPPAs). Funding may be subject to further expansion if the volume contracted under PPAs increases. The projects will enter the operational phase in 2024.
“We are pleased to continue our cooperation with Santander Bank and PKO Bank Polski, which will enable us to develop our portfolio of projects made for long-term CPPAs. We are extremely appreciative that representatives of both banks follow the changes in the renewable energy trading market with us and support our development,” says Krzysztof Wojtysiak, CEO of Qair Polska.
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>, announced large-scale project funding in Q2 2023 came to $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
Opdenergy, an independent solar and wind power producer, <a href="https://cms.mercomindia.com/opdenergy-secures-financing-solar-projects-spain-2/" target="_blank" rel="noopener">recently</a> signed a financing agreement with Banco Santander to develop five photovoltaic projects totaling 216 MW for €128 million (~$141.59 million) in Spain. The transaction included the financing of the “Brovales” project, which consists of three solar projects: Brovales I (55 MW), Brovales II (55 MW), and Brovales III of 21 MW, all located in the province of Badajoz (Spain) whose financing will amount to €72.7 million (~$80.42 million). The funding amounts to €55.3 million (~$61.17 million) for solar projects of Capillas (56 MW) and Mulas (29 MW), both located in Zamora (Spain).

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