Project financing: Opdenergy sells 1,044 MW of the Spanish solar portfolio to Bruc Energy

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Opdenergy, an independent renewable energy producer, has achieved an agreement to sell 20 solar projects in Spain with a total capacity of 1,044 MW to Bruc Energy, a renewable asset manager Energy sector. As part of this transaction, Opdenergy will continue to develop the projects until they reach the Ready to Build (RtB) phase, which is expected to take place in the second half of 2022. The solar projects included in the transaction are located in the Spanish provinces of Cádiz, Saragossa, Valladolid, Burgos, Teruel, Seville and Soria.

Renew Power, an independent power producer, announced that it has signed a definitive agreement to acquire 260 MW (AC) of operational solar projects in Telangana, India. The company also signed an agreement to acquire a 99 MW hydropower project in Uttarakhand, India. The company acquired solar and hydropower projects with a total capacity of 359 MW for 28.5 billion yen (~ $ 384 million). According to ReNew Power, the solar projects have been in operation for around four years and have 25-year power purchase agreements (PPAs) with the Northern Power Distribution Company of Telangana and the Southern Power Distribution Company of Telangana.

Neoen, an independent renewable energy producer, and its Irish partner BNRG, a developer and operator of solar projects, have accomplished Financial close for 58 MW solar projects in the Republic of Ireland. The Hilltown, Hortland and Millvale projects are located in Meath, Kildare and Wicklow counties, which are jointly owned by Neoen and BNRG. The project will be funded through a combination of Neoen and BNRG equity and a non-recourse senior credit facility from Societe Generale. The total cost of the project is approximately 39 million euros (~ 45.7 million US dollars), excluding financing costs. The engineering, procurement and construction (EPC) and operation and maintenance (O&M) contracts have been awarded to Omexom and construction is underway. Commissioning is planned for the first half of 2022.

Energea Global, a renewable energy investment manager, has announced a $ 27 million deal with BTG Pactual, an investment bank in Latin America, to build a 28 MW portfolio of solar projects in Brasil. The investment will be used to build a number of municipal solar projects in Minas Gerais.

Real estate investor Portland Trust has accomplished the sale of the 153 MW solar project in Romania to the renewable energy companies Econergy and Nofar Energy. Portland Trust Renewables 1, owned by the Portland Trust, had previously received a grid connection permit. Romania’s transmission system operator Transelectrica estimates that the solar power project will go into operation in 2022.

Daroga Power, an investor and developer of energy systems for decentralized generation, announced that they had closed an infrastructure portfolio fund to use 32.85 MW of Bloom Energy Solid Oxide Fuel Cells (SOFC). The fund was developed through a private joint venture, RAD Energy Solutions, a partnership between Daroga Power and an affiliate of affiliates. The sponsor and tax equity were raised privately with a sponsorship contribution of $ 21.5 million. Bank of America has committed up to $ 68 million in tax equity. Silicon Valley Bank provided approximately $ 135 million in debt financing. Further financial details were not disclosed.

Greenbacker Renewable Energy, owner and operator of sustainable infrastructure and energy efficiency projects, through a wholly owned subsidiary, bought two utility-scale solar projects – Hecate Energy Albany 1 (20 MW) and Hecate Energy Albany 2 (20 MW) – a total of 40 MW from Hecate Energy. The solar systems are scheduled to begin construction in the third quarter of 2021 and go into commercial operation in summer 2022.

Globeleq, an independent renewable energy producer, and Absa Bank, a financier of the renewable energy program in South Africa, have accomplished the priority refinancing of three of Globeleq renewable projects. Absa Bank acted as mandated lead arranger and sole underwriter of the ZAR 5.2 billion debt financing package (~ USD 0.35 billion). Globeleq led the refinancing process on behalf of all shareholders of the 138 MW Jeffreys Bay wind projects, 50 MW De Aar Solar and 50 MW Droogfontein solar projects.

Kommunalkredit Austria, a bank specializing in the structuring and financing of infrastructure and energy projects, acted As the sole mandated lead arranger, a 52 million (~ $ 60.9 million) long-long-term senior financing for the construction of an 89 MW solar PV portfolio in Spain. The portfolio includes two PV projects already under construction, Calatrava Solar I (49.9 MW) and Calatrava Solar II (39.1 MW) in the Castilla-La Mancha region.

For reports and trackers on financing and M&A transactions in the solar, energy storage, smart grid and efficiency sectors, click here.

Read last week’s project finance letter.

Photo credits: Lichtquelle bp



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