SOLAR INVESTMENTS - FROM FUNDINGS TO PARTNERSHIPS & ACQUISITIONS: WEEK 11

This is a weekly newsletter to keep you updated on the latest developments in solar investments, including mergers and acquisitions, joint ventures, public offerings within the solar industry. These are select stories that have been published on our website - TaiyangNews. If you are interested in weekly updates, please subscribe. For all news on solar, check our website https://taiyangnews.info/

FUNDINGS

INR 660 million for Indian EPC: Solar EPC InSolare has raised INR 660 million ($8 million) in its growth funding round. Led by Negen Capital, other contributors to the funding round are Mukul Mahavir Aggarwal from Anchorage Capital Fund and Ankit Mittal from Khazana Tradelink, according to a company statement reported by local media. The company has a portfolio of over 300 MW EPC work orders and a 500 MW solar park. It says the capital infusion will empower it to strengthen its capabilities and expand its footprint in the renewable energy market.?

$140 Million For US Solar Project Contracted By McDonald’s: British solar developer Lightsource bp’s US subsidiary has announced a tax equity deal of $140 million for a 180 MW DC/145 MW AC solar project in Louisiana from the London-headquartered multinational bank Barclays.?The 180 MW DC Prairie Ronde Solar Farm is contracted under a power purchase deal with the American fast food chain McDonald’s Corporation. Power generated by the project will be enough to power more than 600 McDonald’s restaurants annually, says the developer (see North America PV News Snippets).?For complete story, click here.

$2 million loan for solar in Zambia: The Trade and Development Fund (TDF) has extended a 3-year $2 million term loan to MPower Ventures Zambia Limited. MPower will use the proceeds to increase its deployment range of plug-and-play household solar devices and market-driven productive use assets. These include freezers, sewing machines and water pumps to lower- and middle-income households, SMEs and farmers in peri-urban and rural areas. MPower will also be able to construct 50 new rural energy hubs that allow communities to access energy for domestic and public purposes. MPower expects these hubs to create 30 direct and over 500 indirect jobs. TDF is the concessional and grant window of the Eastern and Southern African Trade and Development Bank (TDB).?

PARTNERSHIPS & CONTRACTS

Edison Energia Signs 350 GWh/Year Multi-Year Power Supply Contract With Verallia Italia: Italian electricity and natural gas supplier Edison Energia has signed a multi-year power purchase agreement (PPA) for over 350 GWh renewable energy supply with local glass producer Verallia Italia. The deal involves the supply of clean energy for Italian factories of the glass company.?Power to be supplied will come from a mix of renewable energy sources, including a new solar PV plant in Viterbo. This solar project will be the primary source of power under the contract. “We make the experience gained over the years as a primary operator at a national level available to our industrial customers, focusing on quality of service, flexibility and personalized contracts: our goal is to be a reliable partner who accompanies them on a virtuous path and encourages sustainable consumption choices with reduced environmental impact,” said Edison Energia CEO Massimo Quaglini. To read the complete story, click here.

3 companies join hands to create BIPV integrated solutions for C&I users: NAHUI New Energy, Center Int and PCS Power have signed a strategic cooperation agreement in Qingdao. The tripartite partnership aims to promote the construction of green and low-carbon parks and the integration of BIPV photovoltaic roofs. The 3 parties will focus on promoting the green transformation of the park, take the integration of clean energy and technological innovation as the development path, and integrate green and low-carbon development into the strategic layout of the smart park. ?

BOAD & Genesis partner: The Genesis Energy Group has signed a memorandum of understanding (MoU) with the West African Development Bank (BOAD) to implement its serial energy infrastructure projects with over 1 GW combined capacity. The technologies this pipeline comprises are gas-to-power, solar, battery energy storage systems (BESS), wind and hydropower projects. These projects are planned to be located within the Francophone West African nations. Genesis says this landmark agreement marks the beginning of a long-term partnership between the 2 partners to deploy critical energy infrastructure projects across the West African Economic and Monetary Union (WAEMU) region.

Partnership for Italy: Finnish renewable energy investor Korkia has launched a partnership with renewables developer Global Consulting Energy for the Italian market. The 2 companies plan to develop up to 1 GW PV capacity in the country on greenfield and brownfield sites. They will also explore agrivoltaic projects. Initial projects are scheduled to reach the ready-to-build (RTB) stage by 2024-end. In December 2023, Korkia announced partnership with BIWO Renewables to develop 1 GW solar capacity in Italy, including ground-mounted PV and agrivoltaic facilities along with standalone storage facilities (see Partnership To Develop 1 GW Solar PV Capacity In Italy).?

Corporate solar PPA in the UK: Renewable energy investment company Low Carbon has signed a 10-year corporate power purchase agreement (PPA) with the Lloyds Banking Group for 50 GWh solar power supply/year. Power generated will be supplied from the company’s Meadow Solar Farm in Hampshire and Pepperhill Solar Farm in Shropshire. Lloyds is the original partner of Low Carbon’s multi-bank ￡540 million ($691 million) finance facility that supports the construction of a 1 GW solar portfolio in the UK and the Netherlands.?