SOLAR INVESTMENTS - FROM FUNDINGS TO PARTNERSHIPS & ACQUISITIONS: WEEK 27

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

Funding for UK project: UK-headquartered clean energy services company Enviromena has raised ￡30 million ($38 million) funding for its Essex-located 70 MW solar farm. The financial deal with Close Brothers Energy includes a development and term loan facility to construct and operate the Medebridge Solar Farm near South Ockendon. It is a ready-to-build (RTB) project located on 175 acres of low-grade agricultural land. On completion in the summer of 2025, it will generate more than 71,000 MWh annually. Construction on site is ongoing. Enviromena counts its solar and storage pipeline as over 3 GW in the UK and Italy. Recently, the company also secured planning permission for its largest self-developed solar project to date in Christchurch, Dorset with 42.43 MW of capacity. ?

ONDE’s Polish projects move forward: Polish renewable energy company ONDE has secured a PLN 87 million ($21.6 million) financing for its 32 MW solar PV park in the Warmian-Masurian Voivodeship. Its subsidiary signed loan agreements with mBank to raise this financing that’s due to be completed by April 2025-end. ONDE recently signed agreements with special purpose vehicles (SPV) of Luneos Green Energy to construct 3 solar PV farms with a combined 51 MW capacity. ONDE closed the deal for PLN 56.3 million ($14 million) to bring the projects online at the end of Q1/2025.

$100 million for RE in Africa: The pan-African infrastructure investor and asset management group Africa50 has pledged up to $100 million for renewable energy in Africa. It will fund and co-finance renewables-based energy transition projects and infrastructure across the continent through the Energy Transition Accelerator Financing (ETAF) platform of the International Renewable Energy Agency (IRENA). IRENA Director-General Francesco La Camera and Africa50 CEO Alain Ebobissé signed the agreement to this effect. Both the organizations signed an agreement to this effect. Backed by the UAE, the ETAF was established to scale up renewable energy projects that contribute to Nationally Determined Contributions (NDC) in developing countries. With Africa50, now the ETAF has 14 partners with a combined $4.15 billion financing, says IRENA.??

INVESTMENTS

Zelestra expands existing facility with €225 million to invest in new projects across strategic markets: Spanish renewable energy projects developer and operator Zelestra, backed by leading fund manager EQT, has increased its €310 million sustainability-linked loan by €225 million to invest in building new power generation and storage assets across the globe. It plans to build these renewable energy and storage projects in its 5 strategic markets of South Europe, Germany, Latin America, India and the US. Zelestra said this facility enables it to further progress on its purpose to make decarbonization a reality for its partners.?The company currently manages 20 GW of operational portfolio and a pipeline of carbon-free projects, spread across 13 countries. ?For complete story, click here.

2nd close for Evolution III Fund: Pan-African climate-centered private equity firm Inspired Evolution has achieved 2nd close of its Evolution III Fund. It includes commitments from 10 new investors including Mauritius Investment Corporation (MIC) who committed up to $20 million and 9 investors through Align Impact. The fund achieved its 1st close of $199.4 million in March 2023 from 7 investors including the European Investment Bank (EIB), Dutch Development Bank FMO, the African Development Bank, Finnfund, Swedfund, Swiss Investment Fund for Emerging Markets (SIFEM), and Emerging Markets Climate Action Fund (EMCAF). The fund will invest in clean and renewable energy and energy transition.

China Communications invests in Botswana 100 MW PV plant: In an announcement, China Communications Construction Company Limited (China Communications Construction) has approved a proposal for its subsidiary to invest in a 100 MW PV plant project in Botswana. The total investment is estimated to be USD 78.32 million, and China Communications will form another company in Botswana with local partners to construct and operate the PV plant.

Norwegian Manufacturer To Initially Invest $620 Million For 5 GW Silicon Ingot & Wafer Facility: Norwegian solar wafer manufacturer NorSun has zeroed in on Tulsa, Oklahoma to locate its maiden US silicon ingot and wafer production facility, announced the Oklahoma Department of Commerce. Planned to host 5 GW annual production capacity, it is expected to be one among the first in the US to produce these critically required components for locally produced solar cells. NorSun plans to initially invest $620 million for the new fab for which it has identified a greenfield shovel-ready site of close of 60 acres. The manufacturer plans to begin construction on site in late 2024 with production scheduled to start in 2026. It will, however, depend on requisite approvals, necessary permits and final incentive agreements. For the complete story, click here.

ACQUISITIONS

Shanghai Electric Power acquires PV Plant: In an announcement, state-owned power generation company in China, Shanghai Electric Power, said that its subsidiary, Shanghai Electric Power Energy Development (Hong Kong), will acquire a 75% equity stake in the Romanian Prime 129 MW solar PV plant. The transaction amount is estimated to be about EUR 9.56 million. In December last year, Shanghai Electric had made announcements regarding it PV cell and module facility (see China Solar PV News Snippets)

PARTNERSHIPS

Nova Innovation & RSK Unveil JV AquaGen365 To Build Floating Power Stations Globally: Scotland-headquartered tidal energy company Nova Innovation and RSK, the engineering and environmental consultancy, have launched a new joint venture (JV) to explore floating solar power stations globally.??AquaGen365, the JV, will design and install floating PV power plants, drawing on the strength of its parent companies, namely RSK’s presence in 40 countries, and Nova’s experience in marine energy. It will use Nova’s modular systems that the company says can be scaled from kW to MWs. It has commissioned its maiden floating PV project in the Port of Leith in Edinburg. It is now powering Forth Ports’ headquarters. Nova says the demonstrator project generated electricity through torrential rain and 70 mph winds of Storm Babet in October, thus demonstrating the robustness of its design and technology.??Through this JV, the partners target to exploit the untapped potential for water bodies such as reservoirs and lakes, to double up as energy generators. Especially with land availability being a concern along with water scarcity, they see floating PV as an opportunity to explore.?For the complete story, click here.

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