Proximo Infra’s Post

Doral Renewables Secures $114 Million Financing for Groundbreaking Great Bend Solar Project in Ohio Doral Renewables LLC (Doral Renewables) has successfully closed construction debt financing for its pioneering Great Bend Solar project, with HSBC serving as the sole lender. The $114 million financing package comprises a $36 million construction-to-term loan facility, a $57 million tax equity bridge loan, and a $21 million letter of credit facility. Situated across 370 acres in Meigs County, Ohio, approximately 100 miles southeast of Columbus, Great Bend Solar will feature a ground-mounted single-axis PV system boasting 48 MWac of solar power capacity. Representing Doral’s inaugural investment in Ohio, the project is set to generate energy and renewable energy certificate […] Read the full story here: https://lnkd.in/dFNAvRFi #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #america #doralrenewables #northamerica #ohio #ppa #renewableenergy

Spain leads European renewables financings in 2024 Spain has emerged as the leading European market for renewables financings in the first half of 2024, with over 20 deals and significant debt raised, according to Proximo’s data. Solar deals form the bulk of the renewables financings closed so far this year in Spain, as might be expected given the maturity of the Spanish solar sector and Spain’s excellent solar resources. Additionally, onshore wind deals in Spain in 2024 have chiefly been refinancings and have included deals such as the refinancing of the 487MW Monegros portfolio. Renewables deal volume is notably lower in larger offshore wind markets such as the UK and Germany, given the recent dearth of European offshore wind deals. One exception is the financing for the 476MW Baltic Eagle offshore wind project, which will be located off the coast of Germany. However, the deal is not directly intended to finance construction, but refinances the acquisition of a 49% stake in the project from Iberdrola by Masdar. The original acquisition was funded with equity. Offshore wind project development has slowed over the last few years due to factors such as supply chain constraints and higher materials and debt costs. Subscribers can access more of Proximo data here: https://lnkd.in/du6gmwqJ If you're not a subscriber, explore Proximo's subscription options here: https://lnkd.in/dUgMipF7 #Proximo #RenewableEnergy #SolarEnergy #WindEnergy #ProjectFinance #EnergyFinance #ClimateFinance Source: #ProximoIntelligence

Matrix Renewables, the TPG Rise-backed global #renewableenergy platform, has successfully concluded construction-to-term loan financing totaling $283 million for its #PleasantValleySolar project in #Idaho. Additionally, the company has executed a #productiontaxcredit (PTC) transfer agreement. In the #UnitedStates, Matrix Renewables owns over 6.7 GW of projects in operation and under development across four different regions (CAISO, MISO, ERCOT, and WECC). The company continues to expand its pipeline and team to meet the growing demand for renewable energy in the U.S. Globally, Matrix’s portfolio exceeds 14 GW of #solarpower, #batterystorage, and #greenhydrogen projects. #MatrixRenewables #RenewableEnergy #SolarPower #SustainableFinance #CleanEnergy #IdahoSolar #GreenHydrogen Read more: https://lnkd.in/dxpXHv_t

Lightsource bp Secures $348 Million Financing for Two Utility-Scale Solar Projects in Texas, Bolstering Renewable Energy Portfolio and Energy Security Lightsource bp has successfully closed on a $348 million financing package to support the construction and operation of two utility-scale solar projects in Texas. The portfolio comprises the 163MW Starr Solar project in Starr County and the 125MW Second Division Solar project in Brazoria County. Construction is underway, creating approximately 400 jobs, with both projects expected to come online in 2024. Emilie Wangerman, Head of USA and Chief Operating Officer (interim) at Lightsource bp, commented on the significance of the deal, highlighting its importance in expanding their solar and storage portfolio across the United States. This transaction is the first […] Read the full story here: https://lnkd.in/dcn7Tuhq #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #america #lightsourcebp #northamerica #renewableenergy #solarenergy

Check out this article in EMEA Finance by Abi Millar on a positive outlook for Europe’s renewables market, featuring Portfolio Manager and Managing Director at Ecofin, Michel Sznajer. “There is so much growth, especially in Europe, because Europe wants to decarbonise and reduce its dependence on natural gas,” he said in the story. Read more below. #Ecofin #EMEAFinance #Renewables #Market

Spanish renewables developer-operator Grenergy Renovables SA (BME:GRE) has secured a senior non-recourse loan of USD 345 million (EUR 318.7m) plus other complementary credit lines to finance phases 1 and 2 of its gigawatt-scale Oasis de Atacama #solar-plus-storage project in northern #Chile. The company said on Wednesday it has closed the financing with a syndicate consisting of BNP Paribas, Natixis Corporate & Investment Banking, Societe Generale, The Bank of Nova Scotia and Sumitomo Mitsui Banking Corporation (SMBC), which are also mandated to finance phases 3 and 4. The close for these two phases is expected to take place in the coming months. Grenergy plans to invest up to USD 1.4 billion in the Oasis de Atacama project to install close to 1 GW of solar plants and 4.1 GWh of battery energy storage systems (BESS). The first two of the four phases correspond to 220 MWp of solar and 1.24 GWh of BESS. Grenergy expects to connect the first phase by the end of 2024. The remaining phases will, for the most part, be connected by 2025, according to the company. Among the suppliers for the project are Spanish power conversion specialist Ingeteam SA, which will supply technology for both the solar and the BESS portion of the development. China’s BYD Co Ltd (SHE:002863) is supplying its batteries for phases 1 and 2. Off-takers include an unnamed “international utility” and Chilean energy company Emoac, which signed 15-year power purchase agreements (PPAs) with Grenergy. With these PPAs, the Oasis de Atacama project is contracted for 75% of the output, according to Grenergy. https://lnkd.in/dyDBbhaa

German renewables company ib vogt GmbH has reached financial close on a three-project solar PV portfolio totalling 418 MWp near Segovia, in the autonomous community of Castile and León, Spain. “For the energy transition to be successful, we need ambitious goals and actions,” said Anton Milner, CEO of ib vogt. “To deliver this unique portfolio of projects that will produce clean, renewable energy for decades to come, is part of our ambition and I would like to thank all involved parties and especially the project lenders to join us in bringing them to reality." Norddeutsche Landesbank -Girozentrale – (NORD/LB), Santander Corporate & Investment Banking, and BBVA were engaged as the lenders on the deal. ib vogt noted that the total debt raised for the portfolio amounts to approximately €350 million. “Building on a longstanding relationship, we are thrilled to have been able to support ib vogt to achieve financial close on this milestone transaction, contributing towards the energy transition in Spain within our commitment to a more sustainable future,” stated Heiko Ludwig, Global Head of Structured Finance at NORD/LB, assuming the roles of MLA, LC Issuing Bank and Hedge Provider. The portfolio being financed comprises the 174 MWp Serbal, 134 MWp Castaño, and 110 MWp Pato solar projects, all of which have long term pay-as-produced fixed price PPAs in place with ‘market-leading, investment-grade offtakers’. ib vogt is providing full Engineering, Procurement, and Construction (EPC) services and has already commenced construction on all three sites. Commercial Operation (COD) for Serbal and Castaño is slated for December 2024, while Pato is expected to be fully operational in Q1 2025. “Santander CIB is playing a key role in helping accelerate the energy transition,” noted Benoît FELIX, Global Head of Structure Finance at Santander CIB. “We are delighted to partner with ib vogt (five consecutive financings closed in the last 18 months), as MLA, Agent and Hedge Provider, contributing to their success in achieving their ambitions. This reinforces Santander’s ongoing commitment to sustainability.” Borja Saez-Montagut, Global Head of Project Finance Energy at BBVA, added: “We are proud to support ib vogt in the development of this portfolio, acting as MLA, LC Issuing Bank and Hedge Provider. “This deal is a landmark transaction in the renewable energy market, and serves as a new example of our commitment to sustainability, helping our customers in the transition towards a sustainable future." #cleanenergy

Greening Group Sells Eight Solar Parks in Southern Spain for €47.93 Million Greening Group, a vertically integrated energy company, has announced the sale of eight solar parks located in southern Spain, totaling 54.78 MW. The transaction, valued at €47.93 million, was conducted with Amperisol Renewables. This sale is part of Greening Group’s asset rotation strategy included in its business plan for 2024-2026. According to the company, the projects are either in the construction or operation phase. The solar parks will be fully transferred once they reach the operational phase, a milestone expected to be achieved by the second quarter of 2025. This operation surpasses the company’s asset rotation target for 2024, which […] Read the full story here: https://lnkd.in/dWijwCca #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #america #europe #greeninggroup #northamerica #renewableenergy #solarparks #spain

Ib vogt Secures Financing for 418 MWp Solar Portfolio in Spain, Advancing Renewable Energy Transition and Sustainability Goals International renewable energy development platform ib vogt has achieved Financial Close for a project financing debt facility for a 418 MWp solar PV portfolio consisting of three projects situated near Segovia, in the autonomous community of Castile and León, Spain. The lenders involved in the financing include Norddeutsche Landesbank -Girozentrale (NORD/LB), Santander CIB, and BBVA. The total debt secured for the portfolio stands at approximately EUR 350 million. The projects have secured long-term pay-as-produced fixed price Power Purchase Agreements (PPAs) with leading investment-grade offtakers. The solar portfolio comprises three plants: Serbal (174 MWp), Castaño (134 MWp), and Pato (110 MWp). […] Read the full story here: https://lnkd.in/deNuwf8e #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #europe #ibvogt #ppa #renewableenergy #solarenergy #spain

UK utility SSE blamed adverse weather conditions for a lower than expected performance of its renewable energy assets as it flagged a dip in its expected earnings. SSE announced today (Wednesday) that it expects to report adjusted earnings per share of at least £0.30 ($0.36), which it said largely reflected the “normal seasonal nature of operations” that deliver most annual earnings in the second half of its financial year. This guidance takes into account renewables performance, which SSE said “remains below expectations, with output around 19% behind plan for the six months to 30 September, mainly due to adverse weather conditions.” “This represents around a 7% shortfall relative to the full year's planned output,” it said. https://lnkd.in/eyaB-aU2