Project funding: Masdar JV secures funding for a 145 MW floating solar project

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From: Mercom Capital Group

Masdar, a renewable energy company, and PT PJBI, a subsidiary of Indonesia’s state-owned electricity company PT PLN, announced that the financial close for the floating 145 MW Cirata solar system has been reached PV project and construction work has started. Funding for the project was arranged through Sumitomo Mitsui Banking Corporation, Societe Generale and Standard Chartered Bank. The project is being developed by PT. Pembangkitan Jawa Bali Masdar Solar Energi, a joint venture between Masdar and PT PJBI, is expected to go into commercial operation in the fourth quarter of 2022.

Portuguese energy company Galp acquired 220 MW PV projects in Spain by Enerland. The acquisition is a project cluster with a total of 62 MW in Zaragoza, which is already in the process of being ready for construction Phase and with an expected commercial operating date in 2022. It also includes three projects in Castilla y Léon and Aragón with a total of 161 MW in an advanced stage of development, with a commercial operating date expected in 2023.

Gresham House, an asset manager, has acquired a 50 MW low farm solar project in Lincolnshire, UK, from Anesco under a three year development and construction partnership. All engineering, procurement and construction are handled by Anesco, with the company also taking on long-term operations and maintenance once the sites are powered. Construction is expected to start in 2022.

Altius Renewable Royalties reports that Great Bay Renewables, its subsidiary jointly managed with funds managed by Apollo Global Management affiliates, closed a royalty of $ 35 million Investment with Longroad Energy in connection with Longroad’s 331 MW Prospero 2 solar project in Andrews County, Texas. ARR and the Apollo Funds have agreed to fund the Longroad investment with 70% of the capital provided by the Apollo Funds and the remainder of $ 11 million directly from ARR.

AES Indiana, a subsidiary of AES Corporation, announced plans to acquire and build a 250 MW solar and 180 MWh solar and energy storage project in Petersburg, Pike County, Indiana. AES Indiana will acquire the project from a subsidiary of NextEra Energy Resources. NextEra Energy Resources will develop and build the project. The project requires approval from the Indiana Utility Regulatory Commission. If the project is approved, it is expected to be operational by May 1, 2024.

A German commercial bank has expanded Debt of 2 million The financing with a term of 16.5 years was arranged by the management consultancy Capcora, which acted as exclusive financial advisor. The non-recourse debt was structured at the level of a Spanish holding company and includes a commercial and KfW tranche. It will mature in December 2037.

The Chilean gas company Empresas Gasco has signed an agreement to sell a 50 percent stake in its special purpose vehicle developing a 150 MW photovoltaic project in the Atacama area. The company would sell half of Copiapo Energia Solar to Uruguayan company Ampres for $ 2.3 million. Ampres and Empresas Gasco will be the only shareholders in the vehicle and will jointly develop the Copiapo PV project in the future.

EDP ​​Renewables, a renewable energy company, has signed a purchase agreement with Mirova, a subsidiary of Natixis Investment Managers, to Selling 100% stake in a 149 MW wind portfolio at the site in Poland for an estimated enterprise value of approx. € 303 million (~ USD 359.2 million). The transaction includes six wind projects, of which 20 MW have been in operation since 2020 and 129 MW are under construction with an expected commercial operating date until 2021.

Terra-Gen, an independent producer of renewable energy, accomplished Financed the initial phase of its Edwards Sanborn solar storage facility in Kern County, California. The initial phase includes 346 MW solar and 1,501 MWh battery storage. Funding for the project includes $ 804 million in senior secured credit facilities, including a $ 400 million construction and term loan facility, a $ 328 million bridging facility, and a $ 76 million construction and revolving facility Credit facility. JP Morgan is providing the tax equity commitment for the initial phase of the project, with Deutsche Bank leading the construction and long-term financing. Deutsche Bank is also the sole bookrunner and joint lead arranger, while BNP Paribas and ING Capital are acting as joint lead arrangers. Mizuho Bank, CoBank, Kookmin Bank, Rabobank and KeyBank are lead arrangers.

The asset manager Capital Dynamics said it was accomplished Fiscal equity financing for a 60 MW / 240 MWh battery storage project at the 280 MW California Flats solar complex. The tax holdings backed by Capital Dynamics’ Clean Energy Infrastructure business were provided by Goldman Sachs and the US Bank. Amis, Patel & Brewer acted as legal advisor to Capital Dynamics on the financing.

Innova Energy, a private equity funded solar energy company managed by Innova Capital, accomplished the sale of a 3.7 MW portfolio of rooftop solar photovoltaic (PV) projects to an investment vehicle managed by Octopus Renewables. The portfolio includes 57 rooftop PV projects in Great Britain, all of which benefit from a feed-in tariff.

India-based power generation company Torrent Power has signed an agreement with Lightsource India and Lightsource Renewable Energy to acquire 100% of the share capital and all securities the special purpose vehicle (SPV) Lightsource Renewable Energy Holdings Limited Renewables India SPV1, which operates a 50 MW solar project. The 50 MW solar project, which went into operation in April 2018, is located in the villages of Wagdari and Gogaon in the Solapur district in Maharashtra.

Endesa, a Spanish utility company through its renewable energy subsidiary Enel Green Power Espada, has acquired a portfolio of eight projects with a total of 900 MW from the Andalusian group Prodiel power in different municipalities in Castilla la Mancha and Madrid, the installation of which requires an investment of 630 million euros (~ 747 million US dollars). The eight projects acquired by Prodiel (all with connection rights from Red Eléctrica) will begin construction in 2023 and are expected to go into operation between this year and 2024.

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.



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