Project Funding Brief: Queequeg Secures Funding for 500 MW Solar Portfolio in UK

From: Mercom Capital Group

Queequeg Renewables (QQR), a developer of solar projects, has secured equity financing of a portfolio of 500 MW solar projects across the UK via a joint venture with Energy Transition Partners (ETP), a private equity investment company. The two companies have formed a strategic partnership to co-develop the ready-to-build solar ground projects. ETP-QQR Energy Ltd will fully fund the portfolio in England, Scotland and Wales. The first tranche of projects totaling 200 MW should enter the planning phase while remaining at the end of 2022.

Intersect Power, a developer of large-scale renewable energy projects based in the United States, has got $ 2.6 billion in funding commitments to support the construction and operation of six projects with 2.2 GW of solar capacity and 1.4 GWh of storage capacity. The transaction covers construction finance, tax fairness, land finance and portfolio-level term debt with industry-leading partners. The portfolio includes Athos III, Oberon I and II in California and Radian, Lumina I and II in Texas. All six projects are expected to be operational by 2023. Intersect Power said it has secured $ 1.4 billion in term debt financing from HPS Investment Partners and co-investors, as well as existing investors from Intersect CarVal Investors , Generate and Climate Adaptive Infrastructure. He also agreed to a $ 800 million construction financing led by key coordinating arrangers MUFG and Santander Bank.

Sonnedix Japan, on behalf of Sonnedix, an independent solar power producer (IPP), has achieved financial closure of its 45 MW Sonnedix Koriyama solar photovoltaic project, resulting from the syndication with The Bank of Fukuoka as arranger, and eight other regional banks, for a total facility size of over JPY 18.7 billion (~ $ 0.16 billion). Sonnedix Japan acquired the project in early 2017. It is currently under construction, with the plant expected to enter commercial operation in early 2024.

Mytilineos, an industrial conglomerate based in Greece, firm non-recourse financing of the solar projects of Corowa, Junee and Wagga in New South Wales in Australia, with the lenders ANZ, Société Générale, and Westpac. The projects with a total capacity of 120 MW (40 MW each) were acquired in 2019 as part of Mytilineos’ strategic entry into the Australian market. The majority of the generated electricity and Large-Scale Generated Certificates (LGCs) projects are sold under a ten-year green power purchase agreement with Coles, an Australian food and beverage retailer. grocery store.

Ecoenergy, an independent large-scale renewable energy producer, has acquired an 87 MW solar energy development project in Parau, central Romania. Construction on the project will begin in the first half of 2022. Vlasceanu, Nyerges and Partners served as advisers for the transaction.

Israeli renewable energy developer Nofar Energy has acquired a 185 MW portfolio of solar projects in Poland as part of its growth plan in the local renewable energy market. The acquisition, the amount of which was not disclosed, comes days after the Israeli firm agreed to form a joint venture with Polish engineering specialist and power producer Electrum Sp zoo to develop up to to 1.25 GW of wind and solar projects in Poland. The 185 MW bundle includes 14 projects with an individual capacity between 1 MW and 68 MW, which are in different stages of construction and development. Nofar Energy purchased the assets through its subsidiary Nofar Europe from the Polish company Paged Real Estate.

OX2, a renewable energy company that develops, finances and manages large-scale solar and wind projects, acquired the rights to two solar projects totaling 45 MW at Skane in Sweden, by Helios Nordic Energy. The acquisition is part of OX2’s increased focus on solar power.

Leeward Renewable Energy, a renewable energy company, has firm construction financing and guaranteed tax equity commitments for its Panorama Wind project in Weld County, Colorado. MUFG Bank served as the coordinating principal arranger, bookrunner and administrative agent for the $ 190 million financing. The financing consists of a construction loan, a fiscal bridging loan and a term loan commitment with leverage. National Australia Bank, Silicon Valley Bank, and the Helaba Group were part of the lending group, and Goldman Sachs provided a $ 135 million tax fairness commitment.

CleanCapital, a clean energy investment platform, has acquired two solar projects in operation totaling 11.9 MW from EDF Renouvelables. The projects were built in 2014 and provide clean energy to the town of Billerica and the town of Wareham; both municipalities are in Massachusetts. CleanCapital has engaged K&L Gates as advisor to the buyer for this transaction.

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Read last week’s project funding brief.

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