Project Finance Brief: Ashtrom, Kenlov to Acquire 1.1 GW of Solar Portfolio in the US

From: Mercom Capital Group

Ashtrom Group, an Israel-based construction and property company, and Kenlov Renewable Energy, an independent power producer, signed a definitive agreement to acquire four solar projects in the U.S. with a planned capacity of ~1.1 GW from the Texas-based developer OnPeak Power. Three of the first acquired projects with a planned capacity of 900 MW are located in Texas, and the fourth is in Idaho. The first of the projects is planned to reach full notice to proceed in late 2022.

Kobus Renewable Energy III, the third private equity fund led by Kobus Partners, a fund management firm specializing in renewable energy and energy infrastructure, has agreed to acquire three solar projects totaling 250 MW in Spain from Esparity Solar, a solar project developer. Financial and other terms of the acquisition were not disclosed. The project comprises a 150 MW Cordovilla solar project located in Navarre, Salinetas, and Salinetas II with an installed capacity of 50 MW each, located in the province of Alicante. All the projects are expected to generate electricity from 2023, providing electricity to around 45,000 households annually.

Lightsource bp, a solar project developer, secured $476 million for a planned 596 MW portfolio of solar projects in three U.S. states – Indiana, Alabama, and Colorado. The financing consists of $376 million for the 293 MW Sun Mountain project in Pueblo, Colorado; the 173 MW Bellflower project in Henry and Rush counties, Indiana; and $100 million for the 130 MW Black Bear project in Montgomery County, Alabama. Bank of America has provided the tax equity investment for Sun Mountain and Bellflower. Debt funding for the projects was provided by ING Capital, Sumitomo Mitsui Banking Corp., HSBC Bank USA. NatWest acted as the mandated lead for funding arrangers. Both the projects are under construction and will reach commercial operation expected by late 2022.

Scout Clean Energy, a renewable energy developer, announced that it acquired the Stockton Lake solar project from Azimuth Renewables. As part of the development services agreement, Azimuth will continue as an active partner in the development of the site. The current development plan contemplates a 112 MW solar project located on ranch land in Polk County. Upon completion of development, Scout will procure equipment, construct, and operate the solar project.

Palisade Investment Partners, an investment firm, announced the refinancing of a $125 million, five-year debt facility for the 148 MW Ross River solar project in Townsville, Queensland. The debt facility was provided by MUFG Bank, Westpac Banking Corporation, and Australia and New Zealand Banking Group Limited (ANZ). The project reached commercial operations in late 2018 and has a long-term power purchase agreement with EnergyAustralia for 80% of the generation.

Doral Renewables, the U.S.-based renewable energy development arm of Israel-based Doral Group, announced that it had acquired Brenneman solar project from AVANGRID. The Project is a nominal 150 MW utility-scale solar PV development project in Macon County, Georgia.

Greencoat Renewables has entered the Spanish market with a deal to acquire the 50 MW Torrubia solar project, currently under construction, from Lightsource bp. The deal will be complete when the solar farm becomes fully operational. The project located in La Muela is expected to come onstream in the final quarter of 2022.

ThomasLloyd Energy Impact Trust has completed the acquisition of a minority stake in three solar projects in the Philippines with a combined capacity of 80 MW. Specifically, ThomasLloyd Energy has bought a 40% economic interest in Negros Island Solar Power (NISPI), which owns the three assets.

Globeleq, an independent power company in Africa, and its project partners, Source Energia, a renewable energy developer, and Electricidade de Mocambique (EDM), the Mozambican national power utility, have reached financial close on the 19 MW Cuamba solar PV project with a 2 MW/7 MWh energy storage system. The $36 million project in the Cuamba district, Niassa province, will supply generated electricity through a 25-year power purchase agreement with EDM. The Emerging Africa Infrastructure Fund (EAIF), a member of the Private Infrastructure Development Group (PIDG), provided $19M in debt funding, with PIDG’s Viability Gap Funding (VGF) grant facility providing $7M. CDC Plus, the technical assistance facility of CDC Group, has contributed a $1M grant towards the battery energy storage system. The Spanish company Grupo TSK has been appointed as the project EPC contractor, and E22, part of the Spanish Gransolar Group, will supply a battery energy storage system.

Sonnedix, an independent solar power producer, has completed the acquisition of a 5.6 MW operational portfolio in the city of Borna (Saxony) and Hegnenbach (Bavaria), Germany, from Danish investors. The solar PV portfolio comprises two ground-mounted single-axis trackers solar PV projects located in Saxony and Bavaria, Germany. Both projects have been in operation since 2005 (Borna) and 2008 (Hegnenbach) and benefit from the EEG feed-in-tariff regime.

Macquarie’s Green Investment Group (GIG), a developer, sponsor, and investor, has reached financial close on a 40 MW battery storage project in Maldon, Essex. Earlier this year, GIG announced the acquisition of a portfolio of development-stage utility-scale, distribution-connected battery storage projects in the UK from Capbal Limited. This portfolio includes seven projects strategically located in highly congested areas of the UK network, including Scotland and South-East England. The 40 MW/40 MWh, Maldon project is the first project within the portfolio to reach financial close.

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

Read last week’s project finance brief.


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