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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-southern-power-acquires-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Southern Power, a subsidiary of Southern Company, an electric utility, </strong><a href="https://mercomcapital.com/southern-power-acquires-south-cheyenne-solar-project/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> 150 MW of the South Cheyenne Solar Project from Qcells USA</strong>. The project is currently under construction and is expected to reach commercial operation in the first quarter of 2024. The project is located in Wyoming and is Southern Power’s first solar facility in the state.</p>
<p><strong>AMEA Power, a renewable energy company, achieved financial </strong><a href="https://mercomcapital.com/amea-power-reaches-financial-close-on-solar-project/" target="_blank" rel="noopener"><strong>closure</strong></a><strong> of its 120 MW solar project in Tunisia</strong>. The solar project is being implemented by Kairouan Solar Plant, a project company registered in Tunisia and wholly owned by AMEA Power. The project, located in Metbassta, Kairouan governorate, is financed by IFC, a member of the World Bank Group, and the African Development Bank.</p>
<p><strong>Madrid-based green energy group Bruc has </strong><a href="https://www.mercomindia.com/green-energy-group-bruc-portfolio-expansion-in-spain" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a financing agreement with seven prominent entities, securing €600 million (~$633.8 million)</strong>, which will be utilized in developing and operating an 8.5 GW portfolio of solar and wind power projects in Spain. The projects will be in various regions of Spain, including Aragón, Andalusia, Extremadura, Castilla-La Mancha, and Castilla y León. The entities participating in this corporate financing initiative include Santander, ING, Instituto de Crédito Oficial, BNP Paribas, and Intesa Sanpaolo, who have taken on roles as bookrunners and mandated lead arrangers.</p>
<p><strong>Solaria, a U.S.-headquartered solar equipment manufacturer and installer, has </strong><a href="https://www.mercomindia.com/solaria-receives-boost-from-eibs-investeu" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €1.7 billion (~$1.8 billion) in financing from the European Investment Bank</strong> through the InvestEU program. The financing will support the development of approximately 120 solar photovoltaic power projects, primarily in Spain, Italy, and Portugal, with a combined installed capacity of 5.6 GW.</p>
<p><strong>Enea, a renewable energy company, </strong><a href="https://mercomcapital.com/enea-acquires-35-mw-solar-project-in-poland/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> the 35 MW Genowefa solar project from PAD RES</strong>, a joint venture between Kajima Europe and Griffin Capital Partners in Poland. The project is located near Kleczew, Greater Poland Voivodeship. The construction began in April 2022, and the plant started producing energy in August 2023. The plant consists of 65,420 panels and covers an area of about 40 hectares.</p>
<p><strong>SUSI Partners</strong><strong>, a Switzerland-based investment firm acting on behalf of SUSI Energy Transition Fund, has </strong><a href="https://www.susi-partners.com/susi-partners-secures-debt-financing-for-chilean-solar-pv-portfolio/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> debt funding for a 107 MW distributed solar project portfolio</strong> in Chile. The funding was secured from the Miami branch of local bank Banco de Crédito e Inversiones, acting as lender and administrative agent, and Norway’s largest financial services group, DNB. The greenfield distributed generation projects, which benefit from stabilized offtake prices under Chile’s PMGD regime, are under construction. The entire portfolio is expected to be fully operational by the end of 2024.</p>
<p>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.</p>
<p>Read last week&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-recurrent-financing-solar-project/" target="_blank" rel="noopener">brief</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Project Finance Brief: Southern Power Acquires 150 MW Solar Project


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					</table><p><a href="https://www.mercomindia.com/gujarat-top-state-solar-open-access" target="_blank" rel="noopener"><strong>Favorable geography and climate combined with a proactive government catapulted Gujarat to the top position among states for open access solar in the second quarter of 2023.</strong></a> Consumers, especially those in the C&amp;I segment, are happy with the savings on their power bills, thanks to open access solar. Gujarat has just notified the Renewable Energy Policy 2023 to develop 100 GW of renewable energy capacity by 2030. This is expected to enhance further Gujarat’s reputation as one of the leading states for renewable energy generation. Gujarat has also formulated one of the best hybrid energy policies in India.</p>
<p><a href="https://www.mercomindia.com/powergrid-22-5-billion-bonds-issue" target="_blank" rel="noopener"><strong>Government-owned power transmission utility Power Grid Corporation of India has received approval from its Board of Directors to raise unsecured, non-convertible, non-cumulative, redeemable, and taxable bonds for ₹22.5 billion (~$270.3 million) through private placement.</strong></a> The bonds will come with a base issue size of ₹5 billion (~$60 million) and a green shoe option of ₹17.5 billion (~$210.3 million). They are redeemable at par in 10 equal installments, with interest payments yearly. The proceeds will be used to part finance the company’s CAPEX requirements, to provide inter-corporate loans to its wholly owned subsidiaries and joint ventures, and for general corporate purposes.</p>
<p><a href="https://www.mercomindia.com/sjvn-to-supply-solar-power-floating-project-in-himachal" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission has given the green light for a tariff of ₹3.26 (~$0.03)/kWh for a 15 MW grid-connected floating solar project linked to the Bhakra Beas Management Board (BBMB) interstate transmission system.</strong></a> BBMB and SJVN Green Energy, a subsidiary of SJVN, have inked a power purchase agreement to allocate power to BBMB’s partner states and nominated entities. BBMB had submitted a petition under Section 63 of the Electricity Act, 2003, seeking tariff approval for their floating solar project connected to its ISTS network.</p>
<p><a href="https://www.mercomindia.com/chennai-metro-3-mw-rooftop-solar" target="_blank" rel="noopener"><strong>Chennai Metro Rail has invited bids to commission 3 MW of rooftop solar projects on elevated structures in parking and open spaces at Chennai Metro’s Phase 1 and its extension stations under the Renewable Energy Service Company model.</strong></a> The project should be completed within 18 months of receiving the work order. Selected bidders must also oversee the projects’ operation and maintenance for 25 years. The project’s estimated cost is ₹200 million (~$2.4 million). The last day to submit bids is November 6, 2023. Bids will be opened the next day.</p>
<p><a href="https://www.mercomindia.com/raptee-raises-3-million-pre-series-a-round" target="_blank" rel="noopener"><strong>Raptee, an electric motorcycle startup, secured $3 million in its Pre-Series A funding round led by Bluehill Capital, a deep-tech venture capital firm.</strong></a> Notable industry figures, including Eugene Mayne, Founder and CEO of Tristar Global; Lakshmi Narayanan, Former CEO of Cognizant; Ramesh Kannan, Managing Director at Kaynes Technology; and Chandu Nair, Director at Shankara Building Products, along with other high-net-worth individuals from India and the UAE, also participated in this all-equity funding round. The funds raised will be invested in expanding the company’s manufacturing facility, acquiring machinery and tooling for the upcoming motorcycle launch, and growing the workforce.</p>
<p><a href="https://www.mercomindia.com/solaria-receives-boost-from-eibs-investeu" target="_blank" rel="noopener"><strong>Solaria, a U.S.-headquartered solar equipment manufacturer and installer, has secured €1.7 billion (~$1.8 billion) in financing from the European Investment Bank through the InvestEU program.</strong></a> The financing will support the development of approximately 120 solar photovoltaic power projects, primarily in Spain, Italy, and Portugal, with a combined installed capacity of 5.6 GW. Solaria’s project is underpinned by the InvestEU program, a financial initiative to catalyze additional investments totaling more than €372 billion (~$394.3 billion) from 2021 to 2027.</p>
<p><a href="https://www.mercomindia.com/researchers-develop-cell-with-36-1-efficiency" target="_blank" rel="noopener"><strong>The Fraunhofer Institute for Solar Energy Research ISE and NOW-Institute AMOLF have developed a multijunction solar cell with an efficiency of 36.1%, beating previous records for silicon-based solar cells.</strong></a> Silicon-based solar cells have long been a mainstay of the renewable energy landscape, but they usually face a fundamental efficiency limit of 29.4%. To surmount this limitation, the researchers turned to the concept of multijunction solar cells. In these cells, multiple layers of light-absorbing materials are stacked on top of each other, allowing each layer to efficiently capture specific segments of the sunlight’s color spectrum.</p>
<p><a href="https://www.mercomindia.com/blended-finance-indias-transition-clean-energy-ifc" target="_blank" rel="noopener"><strong>Blended finance is set to play a crucial role in bolstering India’s transition to clean energy by its capacity to attract greater private investment into impactful climate initiatives, according to a report by the International Finance Corporation (IFC).</strong></a> Blended finance involves the integration of concessional funds from sources like governments or philanthropic organizations with funds from development finance institutions such as the IFC. This strategy has the potential to mobilize private sector investments for projects with substantial development impact.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/mercom-staff/" class="vcard author" rel="author"><span class="fn">Mercom Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Daily News Wrap-Up: Favorable Policies Boost Solar Open Access Installations in Gujarat


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					</table><p><a href="https://www.solaria.com/" target="_blank" rel="noopener">Solaria</a>, a U.S.-headquartered solar equipment manufacturer and installer, has secured €1.7 billion (~$1.8 billion) in financing from the European Investment Bank (<a href="https://www.eib.org/en/index" target="_blank" rel="noopener">EIB</a>) through the InvestEU program. The financing will support the development of approximately 120 solar photovoltaic power projects, primarily in Spain, Italy, and Portugal, with a combined installed capacity of 5.6 GW.</p>
<p>Solaria&#8217;s project is underpinned by the InvestEU program, a financial initiative to catalyze additional investments totaling more than €372 billion (~$394.3 billion) from 2021 to 2027.</p>
<p>The company said by providing the equivalent of the annual electricity demand for approximately 2.5 million households and curbing greenhouse gas emissions by approximately 3 million tons of CO2 annually; the project would significantly contribute to the EU&#8217;s green transformation.</p>
<p><strong>Long-Term Financing </strong></p>
<p>The transaction involves a long-term project finance structure encompassing several loans, allowing financial institutions to participate within the financing framework.</p>
<p>The first of these loans, amounting to €278 million (~$294.6 million), has already been signed and will support the construction of solar photovoltaic power projects with a total capacity of approximately 1.08 GW.</p>
<p>More than one-third of the installed capacity from Solaria&#8217;s projects will be situated in less developed regions with a GDP per capita below 75% of the EU average. This initiative is projected to stimulate economic growth in these areas and generate an estimated 11,100 jobs annually during the construction phase, as estimated by the EIB.</p>
<p>The financing provided by the EIB is closely aligned with the REPowerEU Plan, which seeks to reduce Europe&#8217;s dependence on fossil fuel imports, enhance energy efficiency, and boost renewable energy production.</p>
<p>Solaria&#8217;s President, Enrique Díaz-Tejeiro, highlighted its pivotal role in accelerating the energy transition across Spain, Italy, and Portugal. He affirmed that with a roadmap target of achieving 6.2 GW by 2025, Solaria is set to become a significant contributor to the EU&#8217;s renewable energy landscape.</p>
<p>Recently, EIB and Spain-based independent power producer Iberdrola <a href="https://www.mercomindia.com/iberdrola-1-billion-eib-build-22-renewable-projects" target="_blank" rel="noopener">signed</a> a loan agreement worth €1 billion (~$1.07 billion) to build 22 renewable energy projects with an installed capacity of 2.2 GW.</p>
<p>Earlier this month, EIB Group <a href="https://www.mercomindia.com/eib-50-billion-clean-energy-manufacturing-eu" target="_blank" rel="noopener">approved</a> raising the funding volume for clean energy projects developed under the REPowerEU and Green Deal Industrial Plan by 50% to €45 billion (~$50.28 billion).</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Solaria Receives €1.7 Billion Financing Boost from EIB’s InvestEU

<p>Spain has allocated 3.034 GW of renewable energy capacity in its first renewable energy auction since 2017.</p>
<p>In the auction held by the Ministry for the Ecological Transition, 2.034 GW of solar photovoltaic capacity was awarded.  Spanish solar developer X-Elio Energy won 315 MW of solar capacity, followed by Iberdrola subsidiary Iberenova Promociones (243 MW) and Spanish utility Naturgy (196 MW).</p>
<p>Ignis Dessarrollo offered the lowest bid of €14.89 (~$18.03)/MWh or €0.01489 (~$0.018)/kWh for 30 MW of solar capacity.  <a href="https://www.enelgreenpower.com/countries/europe/spain?refred=https://www.google.com/" target="_blank" rel="noopener noreferrer">Enel Green Power Espana</a> submitted the highest bid of €28.90 (~$35)/MWh for 50 MW solar capacity. The average bid price for solar energy stood at €24.47 (~$29.63)/MWh.</p>
<p>The Ministry also auctioned 998 MW of wind energy capacity. The lowest bid for the wind energy stood at €20 (~$24.22)/MWh, while the highest bid was €28.89 (~$34.99)/MWh. The average bid price for wind power was €25.31(~30.64)/MWh.</p>
<p>Bids were received for a total of 9.7 GW of renewable capacity against the 3 GW tender. The auction was designed as a ‘pay as bid model’ to award 1 GW of each solar and wind capacity and another 1 GW for any other technology.</p>
<p>The successful bidders have to complete the solar projects by February 2023 and wind projects by February 2024.</p>
<p><a href="https://www.edpr.com/en" target="_blank" rel="noopener noreferrer">EDP Renováveis</a>, a Portugal-based renewable energy company, said that it had secured a portfolio of six solar and wind projects with a total capacity of 143 MW in the auction.</p>
<p><a href="https://www.solariaenergia.com/" target="_blank" rel="noopener noreferrer">Solaria</a>, a Spain-based electric services company, bagged 180 MW of solar capacity in the auction. It also had a power purchase agreement (PPA) at a tariff of €27.97 (~33.83)/MWh for 12 years, with supply starting in 2023.</p>
<p>In September 2020, The Institute for the Diversification and Saving of Energy <a href="https://mercomindia.com/spain-invest-renewable-energy-projects/" target="_blank" rel="noopener noreferrer">intended</a> to allocate €181 million (~$214 million) to support renewable energy projects in seven autonomous communities of Spain. The allocation was part of a €316 million (~$375 million) package for the domestic renewable energy sector.</p>
<p>According to a report by <a href="https://www.woodmac.com/" target="_blank" rel="noopener noreferrer">Wood Mackenzie</a>, solar is the <a href="https://mercomindia.com/solar-power-cost-less-decade/" target="_blank" rel="noopener noreferrer">cheapest</a> form of energy in Spain, besides Italy and India. Solar energy will become the lowest-cost source to generate power in the United States, Canada, China, and 14 other nations by 2030.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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