Goldman Sachs – Mission Finance Temporary: Goldman Sachs Renewable Energy Acquires a 300 MW Photo voltaic Mission
Pine Gate Renewables, a fully-integrated utility-scale photo voltaic mission developer, closed financing on a 12-project fund of photo voltaic and photo voltaic plus storage websites in North Carolina. The initiatives will promote energy below long-term contracts to Duke Power Progress, Duke Power Carolinas, and Halifax EMC. Crestmark, a division of MetaBank, offered the development and everlasting loan financing, and U.S. Bank offered tax fairness for the portfolio. Grissom Photo voltaic, a 6.9 MW PV plus 10 MWh power storage mission positioned in Enfield, North Carolina, is the primary to start building and supply renewable power to Halifax EMC. The mission is anticipated to be on-line within the spring of 2021.
Cubico Sustainable Investments (Cubico), an investor in renewable power, has achieved monetary shut on the refinancing of the Andasol I and Andasol II concentrated solar energy (CSP) initiatives in Granada, Spain. The refinancing of the initiatives, which have been acquired in 2017 and had a capability of 50 MW every, was accomplished with two inexperienced loans. The bank membership is comprised of the next Mandated Lead Arrangers (MLAs): Banco Santander, Bankinter, BNP Paribas, Crédit Agricole CIB, Export Growth Canada, and Société Générale.
Cordelio Energy and Axium Infrastructure announced that Axium had bought a 49% curiosity in Cordelio’s Ontario renewable portfolio. The 396 MW Denfield portfolio consists of 4 wind initiatives and two photo voltaic initiatives positioned in southwestern Ontario. Cordelio will proceed to handle the Denfield belongings for the newly shaped partnership.
Canadian Photo voltaic, a vertically built-in producer of silicon ingots, wafers, and PV cells and modules, introduced that its wholly-owned subsidiary, Recurrent Power, accomplished the sale of the Slate mission to Goldman Sachs Renewable Energy. The Slate mission is a 300 MW photo voltaic plus 140.25 MW / 561 MWh storage mission positioned in Kings County, California, and has commenced building. Canadian Photo voltaic’s majority-owned power storage subsidiary, System Options and Power Storage will present the mission’s battery storage integration answer. Moreover, PNC Bank is offering a tax fairness dedication to the mission.
Harrison Street has acquired 5 portfolios of economic and industrial photo voltaic belongings from Ecoplexus, a world developer and proprietor of renewable power initiatives. The portfolio contains 101.9 MW of working photo voltaic capability from Ecoplexus’ Distributed Technology portfolio in California and its Neighborhood Photo voltaic Backyard portfolio in Minnesota.
Invenergy, a privately-held world developer and operator of sustainable power options, introduced building financing for the primary part of the Samson Photo voltaic Power Heart in northeast Texas. The primary part consists of 250 MW of the overall 1,310 MW mission, which would be the largest photo voltaic power facility within the U.S. upon completion. Santander acted as Admin Agent, Coordinating Lead Arranger, and Bookrunner, and Societe Generale and Caixabank acted as Joint Lead Arrangers for the financing, which features a building loan, letter of credit score facility, and back-leverage time period loan. Positioned in Lamar, Pink River, and Franklin Counties, Samson Photo voltaic is being constructed and can begin operation in 5 phases. With the primary part at the moment below building, the total mission is slated to be operational in 2023.
Bluefield Photo voltaic, a UK-focused revenue fund that invests primarily in photo voltaic belongings, has acquired the 70 MW Bradenstoke ground-mounted photo voltaic mission. The mission, which covers a 213-acre web site and is positioned on a former RAF airbase in Wiltshire, has been operational since March 2015 and is accredited below the Renewable Obligation Certificates regime with a tariff of 1.four ROCs. The acquisition has been financed utilizing the corporate’s revolving credit score facility, which, in addition to being prolonged to September 2022 (with an possibility to increase to September 2023), has additionally been elevated, by way of an accordion mechanism, to £100 million (~$136.57 million). The margin on the power stays at LIBOR + 2.00%.
ReneSola, a totally built-in photo voltaic mission developer, has entered into an settlement to promote a portfolio of initiatives positioned in Hungary to Obton, a photo voltaic funding firm headquartered in Aarhus, Denmark. The portfolio contains 20 photo voltaic initiatives in 5 areas — Sárbogárd, Kömlöd, Szajol, Lukacshaza, and Törökszentmiklós — with a mixed capability of 12.three MW. These initiatives, which have been linked to the grid in 2020, are actually in operation and are certified below the Hungarian 25-year KAT feed-in tariff scheme.
ReneSola additionally introduced the sale of 13 MW of mission growth rights in Poland to Warszawskie Przedsiębiorstwo Mostowe, a Warsaw, Poland-based renewable power mission developer and EPC service supplier.
Gresham Home Power Storage Fund has acquired a 25 MW battery facility and has accomplished a 10 MW extension, increasing its portfolio to 350 MW. The Tynemouth battery-only mission is located in North Shields, Tyne and Put on, North East England, and was bought from Enel World Thermal Technology SRL.
For studies and trackers on funding and M&A transactions in photo voltaic, power storage, sensible grid, and effectivity sectors, click on right here.
Learn final week’s mission finance temporary.
