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Recurrent Energy, a global developer, owner, and operator of solar and energy storage and a subsidiary of Canadian Solar, <a href="https://cms.mercomindia.com/recurrent-energy-acquires-420-mw-solar-portfolio-in-spain/" target="_blank" rel="noopener">announced</a> the acquisition of a solar PV portfolio with more than 420 MW capacity in South Spain. The portfolio, located in Carmona, consists of a cluster of four projects, Rey I, II, III, and IV, which are under construction and will feature Canadian Solar’s TopBiHiKu7 N-type bifacial TOPCon technology modules.
Invenergy, a developer of renewable energy projects, has <a href="https://cms.mercomindia.com/invenergy-secures-1-3-billion-to-develop-renewable-energy-projects/" target="_blank" rel="noopener">secured</a> $1.27 billion in financing. The funding round of funding was led by Natixis Corporate and Investment Banking and is earmarked for the development and construction of Invenergy’s renewable energy initiatives located in Kansas and Texas. The four projects together represent a total capacity of 677MW.
Doral Renewables, a utility-scale renewable energy project developer, <a href="https://cms.mercomindia.com/doral-renewables-secures-debt-financing-solar-project/" target="_blank" rel="noopener">closed</a> a construction debt facility for its Great Bend solar project. The company secured $114 million in financing from the sole lender, HSBC, for the project, which consists of a $36 million construction-to-term loan facility, a $57 million tax equity bridge loan, and a $21 million letter of credit facility.
Solarpack, a solar project developer, has <a href="https://cms.mercomindia.com/solarpack-secures-176-million-financing-for-san-martin-solar-project/" target="_blank" rel="noopener">secured</a> a $176.6 million senior financing package for the 300 MW San Martin solar project in Peru. The financing has been secured from Crédit Agricole Corporate and Investment Bank, Natixis Corporate &amp; Investment Baking, BBVA, and BNP Paribas using a project finance structure, being the first renewable project financed in Peru based on a power purchase agreement  between private parties.
Greenvolt, a solar and wind project developer, through its subsidiary Greenvolt Power, <a href="https://cms.mercomindia.com/greenvolt-secures-39-million-project-finance/" target="_blank" rel="noopener">signed</a> a €36 million (~$39.34 million) project finance with UniCredit Bank Hungary for the construction, operation, and maintenance of a 57 MW solar project in Hungary.
AXS Energia, a solar energy company, <a href="https://cms.mercomindia.com/axs-energia-secures-project-financing-for-39-7-mw-solar-projects/" target="_blank" rel="noopener">secured</a> a $5 million senior debt facility from Triodos Emerging Markets Renewable Energy Fund and Triodos Groenfonds for the construction of 14 ground-mounted solar projects in Brazil with a combined capacity of 39.7 MW. CIFI Services is the lead arranger of this $54 million project.
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-strata-clean-energy-secures-storage-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Recurrent Energy Acquires 420 MW Solar Portfolio in Spain

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-acquires-420-mw-solar-portfolio-in-spain/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a global developer, owner, and operator of solar and energy storage and a subsidiary of Canadian Solar, <a href="https://mercomcapital.com/recurrent-energy-acquires-420-mw-solar-portfolio-in-spain/" target="_blank" rel="noopener">announced</a> the acquisition of a solar PV portfolio with more than 420 MW capacity in South Spain. The portfolio, located in Carmona, consists of a cluster of four projects, Rey I, II, III, and IV, which are under construction and will feature Canadian Solar’s TopBiHiKu7 N-type bifacial TOPCon technology modules.
Invenergy, a developer of renewable energy projects, has <a href="https://mercomcapital.com/invenergy-secures-1-3-billion-to-develop-renewable-energy-projects/" target="_blank" rel="noopener">secured</a> $1.27 billion in financing. The funding round of funding was led by Natixis Corporate and Investment Banking and is earmarked for the development and construction of Invenergy’s renewable energy initiatives located in Kansas and Texas. The four projects together represent a total capacity of 677MW.
Doral Renewables, a utility-scale renewable energy project developer, <a href="https://mercomcapital.com/doral-renewables-secures-debt-financing-solar-project/" target="_blank" rel="noopener">closed</a> a construction debt facility for its Great Bend solar project. The company secured $114 million in financing from the sole lender, HSBC, for the project, which consists of a $36 million construction-to-term loan facility, a $57 million tax equity bridge loan, and a $21 million letter of credit facility.
Solarpack, a solar project developer, has <a href="https://mercomcapital.com/solarpack-secures-176-million-financing-for-san-martin-solar-project/" target="_blank" rel="noopener">secured</a> a $176.6 million senior financing package for the 300 MW San Martin solar project in Peru. The financing has been secured from Crédit Agricole Corporate and Investment Bank, Natixis Corporate &amp; Investment Baking, BBVA, and BNP Paribas using a project finance structure, being the first renewable project financed in Peru based on a power purchase agreement  between private parties.
Greenvolt, a solar and wind project developer, through its subsidiary Greenvolt Power, <a href="https://mercomcapital.com/greenvolt-secures-39-million-project-finance/" target="_blank" rel="noopener">signed</a> a €36 million (~$39.34 million) project finance with UniCredit Bank Hungary for the construction, operation, and maintenance of a 57 MW solar project in Hungary.
AXS Energia, a solar energy company, <a href="https://mercomcapital.com/axs-energia-secures-project-financing-for-39-7-mw-solar-projects/" target="_blank" rel="noopener">secured</a> a $5 million senior debt facility from Triodos Emerging Markets Renewable Energy Fund and Triodos Groenfonds for the construction of 14 ground-mounted solar projects in Brazil with a combined capacity of 39.7 MW. CIFI Services is the lead arranger of this $54 million project.
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-primergy-secures-solar-project" target="_blank" rel="noopener">brief</a>.

<a href="https://www.solarpack.es/" target="_blank" rel="noopener">Solarpack</a>, a solar project developer, has secured a $176.6 million senior financing package for the 300 MW San Martin solar project in Peru. The financing has been secured from enders Crédit Agricole Corporate and Investment Bank, Natixis Corporate &amp; Investment Baking, BBVA, and BNP Paribas using a project finance structure, being the first renewable project financed in Peru based on a Power Purchase Agreement (PPA) between private parties.
Additionally, the financing has been designated as green under the Solarpack Green Financing Framework. This framework aligns with the Green Loan Principles set by the Loan Market Association, recognizing projects that advance environmental sustainability.
The solar project, currently under construction, is expected to generate more than 819 GWh per year, equivalent to the annual electricity consumption of more than 440,000 homes. In addition, it is expected to prevent the emission of more than 564,000 tonnes of CO2 each year.
In addition to the senior financing package, San Martín has also closed with BBVA, a revolving credit facility for up to $19 million to fund working capital requirements during the construction of the project.
Solarpack owns 343 MW of renewable energy projects in Peru under construction and under operation.
&#8220;The closing of this financing once again demonstrates the great confidence that major international financial institutions have in Solarpack&#8217;s solvency, business model, and management,&#8221; said Luis Alvargonzalez, the company&#8217;s Chief Financial Officer.
According to Mercom&#8217;s Q4 and Annual Global 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>, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.
Greenvolt, a solar and wind project developer, through its subsidiary Greenvolt Power, <a href="https://cms.mercomindia.com/greenvolt-secures-39-million-project-finance/" target="_blank" rel="noopener">signed</a> a €36 million (~$39.34 million) project finance with UniCredit Bank Hungary for the construction, operation, and maintenance of a 57 MW solar project in Hungary. The solar project, which is expected to have an installed capacity of 57 MW with an annual generation capacity of 87 GWh, is currently under construction.

Solarpack Secures $176 Million Financing for San Martin Solar Project

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					</table>Anboto Solar (<a href="https://www.solarpack.es/en/home-2/" target="_blank" rel="noopener">Solarpack</a>), <a href="https://www.apraava.com/" target="_blank" rel="noopener">Apraava Energy</a>, <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Energy</a>, and ReNew Solar Power (<a href="https://www.renew.com/">ReNew</a>) were declared winners in <a href="https://www.ntpc.co.in/" target="_blank" rel="noopener">NTPC</a>’s auction to set up 1,500 MW of interstate transmission system (ISTS)-connected solar power projects (Tranche-I) across India.
Anboto Solar quoted the lowest tariff of ₹2.60 (~$0.0312)/kWh to win 300 MW capacity. Avaada and Apraava quoted a tariff of ₹2.65 (~$0.0318)/ kWh to win 500 MW and 300 MW, respectively.
ReNew won 400 MW of the quoted 600 MW capacity at ₹2.65 (~$0.0318)/ kWh.
The entire 1.5 GW capacity was allotted in the auction.
Sprng Energy had quoted ₹2.74 (~$0.0329)/kWh for 250 MW capacity but did not qualify.
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-61969" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/NTPC-1.5-GW-Solar-Auction-Table.png" alt="" width="753" height="301" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/NTPC-1.5-GW-Solar-Auction-Table.png 753w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/NTPC-1.5-GW-Solar-Auction-Table-300x120.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/NTPC-1.5-GW-Solar-Auction-Table-650x260.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/NTPC-1.5-GW-Solar-Auction-Table-624x249.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/NTPC-1.5-GW-Solar-Auction-Table-600x240.png 600w" sizes="auto, (max-width: 753px) 100vw, 753px" />
NTPC had <a href="https://www.mercomindia.com/ntpc-tender-1-5-gw-ists-connected-solar-projects" target="_blank" rel="noopener">floated</a> the tender in October 2023.
The tender specified that the solar power developer must maintain an energy supply corresponding to an annual capacity utilization factor of not less than 80% of the declared value and not more than 120% during the power purchase agreement duration of 25 years.
It also directed developers only to use commercially established and operational technologies to minimize the technology risk and achieve timely commencement of power supply from the projects.
NTPC has mandated the use of solar modules from the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy (MNRE).
In December 2023, NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-tenders-land-and-ehv-mw-solar-projects" target="_blank" rel="noopener">invited</a> bids for land and an extra-high-voltage transmission system package to develop ISTS-connected solar power projects of up to 800 MW capacity in Maharashtra.
The designated Renewable Energy Implementing Agencies by the MNRE <a href="https://www.mercomindia.com/agencies-tender-35-51-gw-renewables-fy24-trajectory" target="_blank" rel="noopener">issued</a> 35.51 GW of project tenders until December 2023, against the 50 GW target for the financial year 2023-24.
According to Mercom’s India Solar Tender Tracker, NTPC accounted for ~42% of the total capacity tendered during the period.
Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.

Solarpack, Apraava, Avaada and ReNew Win NTPC’s 1.5 GW Solar Auction

<a href="https://www.solarpack.es/en/home-2/" target="_blank" rel="noopener noreferrer">Solarpack</a>, a Spanish solar company, has signed a power purchase agreement (PPA) for 116 MW of solar projects in Malaysia.
In August 2019, the company won the bid to develop 116 MW “Suria Sungai Petani” project in northern Malaysia, at a tariff of RM 231.8 (~$56)/MWh.
The tender was <a href="https://mercomindia.com/malaysia-500-mw-solar-tender/" target="_blank" rel="noopener noreferrer">issued</a> in February 2019, by <a href="https://www.st.gov.my/" target="_blank" rel="noopener noreferrer">Suruhanjaya Tenaga</a> (Energy Commission of Malaysia) to develop 500 MW of large-scale solar projects in Peninsular Malaysia. Once commissioned, the projects were to be connected to the grid and sell energy to Tenaga Nasional Berhad (TNB) under a power purchase agreement. This was the third large-scale solar project tender under the country’s large-scale solar program. The project capacity was between 1-100 MW and expected to be commissioned by 2021.
A total of 112 bids were submitted against this tender, out of which five were awarded capacities. The PPA assures energy sales for Solarpack exceeding RM 800 million (~$195 million). The project is expected to produce about 180 GWh of solar energy every year.
The long-term PPA will be for 21 years, which will come into effect from the date of commissioning of the project, which is December 31, 2021.
With this award, Solarpack has accumulated a total of 215 MW of projects in 2019 (including 100 MW of EPC for third parties in Spain), taking its cumulative capacity to 510 MW.
In November 2018, Mercom <a href="https://mercomindia.com/malaysia-to-announce-tenders-500-solar-2019/" target="_blank" rel="noopener noreferrer">reported</a> that the Malaysian government was likely to come up with an open tender in 2019 for an estimated RM 2 billion ($490 million) worth of solar projects. The country aims to increase its exposure to renewable energy from 2 percent to 20 percent by the year 2025. The country aims to increase its exposure to renewable energy from 2% to 20% by the year 2025.
The country’s leading utility company Tenaga Nasional Berhad (<a href="https://www.tnb.com.my/" target="_blank" rel="noopener noreferrer">TNB</a>), in April 2018, <a href="https://mercomindia.com/malaysia-ppa-60mw/" target="_blank" rel="noopener noreferrer">entered</a> into PPAs for 60 MW of grid-connected solar PV projects. This was after it <a href="https://mercomindia.com/tnb-ppas-180-mw-solar-malaysia/" target="_blank" rel="noopener noreferrer">entered</a> PPAs with six separate project developers to establish a combined 180 MW of grid-connected solar PV projects in March 2018. TNB had <a href="https://mercomindia.com/tenaga-nasional-berhad-secures-79-million-financing-50-mw-solar-project/" target="_blank" rel="noopener noreferrer">secured</a> RM 339 million (~$79 million) in financing from Affin Islamic Bank Bhd for a 50 MW large-scale solar project in Selangor, Malaysia, in August 2017.
In December 2017, Suruhanjaya Tenaga, <a href="https://mercomindia.com/malaysia-allocates-563-mw-solar-second-large-auction/" target="_blank" rel="noopener noreferrer">awarded</a> 563 MW of solar projects in its second large scale solar tender, against an original planned capacity of 460 MW. Those projects are expected to be commissioned by 2020.
Iamge Credit: Solarpack

Spain’s Solarpack to Develop 116 MW of Solar Projects in Northern Malaysia

Solarpack, a Spanish company that develops solar projects, has raised a total of $104 million (~Rs.6.7 billion) for nine PV projects in Chile and India. A group of Chilean banks funded three of the company’s Chilean distributed generation projects for $35 million (~Rs.2.25 billion). An Indian financial entity has financed six projects in India for $69 million (~Rs.4.43 billion). The total capacity of the projects is 135.5 MW.
The six Indian solar projects, located in the state of Telangana, will be operational between the second and third quarter of 2017 with a total capacity of 104 MW. The state electricity distribution companies Telangana State Northern Power Distribution Company (TSNPDCL) and Telangana State Southern Power Distribution Company (TSSPDCL) will purchase the electricity produced for a period of 25 years, through a long-term power-purchase agreement. This is Solarpack’s first contract in India. According to Mercom’s India Solar Project Tracker, the company won bids to develop the projects at a tariff of Rs.5.7249 (~$0.089)/kWh under Group-1 of the Telangana Solar Policy. A total capacity of 2,000 MW was auctioned under this group of projects.
Pablo Burgos, Solarpack’s CEO, commented, “Reaching financial close in such different geographical areas demonstrates once again the immense confidence that banks and international credit institutions have in Solarpack’s bankability, business model and management. This represents a new milestone for the company, which is pushing ahead with plans to expand its international presence and deepen its experience in the market it operates in.”
Mercom India has forecasted solar installations of approximately 10 GW for 2017 in its recently released <a href="http://bit.ly/MercomQ12017IndiaSolar" target="_blank" rel="noopener noreferrer">Q1 Quarterly Solar Update</a>.
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