Project Financing Brief: Canadian Solar to sell 105 MW and 80 MWh storage project

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From: Mercom Capital Group

Canadian Solar, through its wholly owned subsidiary Recurrent Energy and Matrix Renewables, the global renewable energy platform backed by TPG Rise, announcement an agreement whereby Matrix Renewables will acquire the Gaskell West 2 and 3 project of 105 MW solar plus 80 MWh of energy storage. The Gaskell West 2 and 3 project is in Kern County, California and is fully contracted, holding five long-term power purchase agreements with California cities and utilities. The solar plus storage project is expected to enter commercial service in late 2022.

Ingka Investments, an investment arm of the Ingka Group, acquired nine solar PV projects totaling 440 MW in Germany and Spain from solar PV developer Enerparc. The expected generation capacity of solar PV projects is approximately 300 MW in Germany across four solar development projects and 140 MW in Spain across five solar development projects. The total investment in the solar PV development portfolio will be approximately €340 million (~$371 million). The expected production from the solar projects in Germany and Spain will generate the equivalent of the electricity consumption of all IKEA stores and warehouses in both countries. The projects are in their early stages and should be ready for construction in late 2022, progressing through 2023.

Aspen Power Partners, a distributed generation platform focused on solar and storage assets across the United States, is acquire 53 MW of community solar projects in Maryland and Pennsylvania of Trajectory Energy Partners. Trajectory Energy Partners will lead the development of the sites. Aspen will provide the financial support – approximately $96 million – and oversee the design, subscriber management and long-term ownership of the assets. The portfolio consists of ten projects in the Mid-Atlantic region. Four of the sites are in Maryland and will participate in the state’s pilot community solar program. The remaining six sites are in Pennsylvania and will be developed prior to pending community solar legislation in that state.

Triple Point Energy Efficiency Infrastructure Company announcement that through TEEC Holdings, it had signed contracts to provide a credit facility to a subsidiary of Virmati Energy to build a portfolio of four Battery Energy Storage System (BESS) assets in the UK. The total facility amounts to £45.6 million (~$million) and bears a fixed interest rate to help TEEC meet its dividend target. The portfolio has a total capacity of 110 MW. The first BESS asset, which is a one-hour battery, is expected to be operational in June 2022. It is located in the North of England and has a total capacity of 20 MW. The other three BESS assets are located in Scotland (two-hour battery life; 50MW total capacity), Wales (two-hour battery life; 20MW total capacity) and South -East of England (battery lasting one hour; total capacity 20 MW). These should be operational in 2023.

alternate Energy Group, an independent renewable energy producer, has finished the acquisition of 11 MW of operational Polish solar projects under a 24 MW contract. This acquisition brings the company’s operational portfolio in Poland to 88.6 MW. Alternus has partnered with a local developer to develop and install the assets to start commercial operation in the first quarter of 2022. All projects, 1MW in size and located across the country, are backed by 15-year government levy agreements.

ReneSolaa fully integrated solar project developer, farm the sale of a 24 MW solar plus storage project in the UK to Innova, a company that invests in and operates renewable energy assets, focusing on large-scale ground-mounted solar projects and battery energy storage sites located in the UK. The project is located south of Witney in West Oxfordshire, England, and sold at the Ready to Build (RtB) stadium, with the development designed to operate for around 40 years.

Sonnedixan independent solar power producer, secured financing of 765 million yen (~$6.17 million) for 2.8 MW of solar projects from Iyo Bank. The projects are located in Tottori and Shizuoka districts and were acquired in late 2021 from Trina Solar International System Business Unit (ISBU) in Japan – Trina Solar Japan Energy. One of the projects (Sonnedix Yonago) was in the operational phase at the time of acquisition, while the other plant (Sonnedix Hamamatsu) entered commercial operation on March 26, 2022.

EUSOLAG European Solar, a renewable energy company, has acquired a 4 MW ready-to-build solar project. The project is expected to be completed in the third quarter of 2022 and is expected to produce above 50,00,000 kWh per year. EUSOLAG is currently conducting commercial negotiations for the sale of green energy to energy utility companies and industrial buyers.

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

Read last week’s project funding brief.


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