SOLAR INVESTMENTS - FROM FUNDINGS TO PARTNERSHIPS & ACQUISITIONS: WEEK 12

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/

INVESTMENTS & ACQUISTIONS

KKR investing in Encavis: Leading global investment firm Kohlberg Kravis Roberts (KKR) is set to acquire the German renewable energy platform and independent power producer (IPP) Encavis AG . KKR has entered into an investment agreement with Encavis as part of a takeover offer with a total equity value of around €2.8 billion ($3 billion). KKR’s investment vehicle Elbe BidCo is offering a cash consideration of €17.50/share for Encavis. It has also signed binding agreements with Abacon Capital and other existing shareholders of Encavis that represent close to 31% of the total share capital of Encavis. The German family company Viessmann GmbH will also invest as a co-investor in the KKR-led consortium. Currently, Encavis has a total power generation capacity of around 3.6 GW with another 1.2 GW under construction. BidCo says it aims to reach 7 GW of installed capacity by 2027-end and take Encavis further to compete with the largest European players.?

JA Solar to invest in 41 MW C&I solar projects: Vertically integrated solar manufacturer JA Solar has announced its plan to invest RMB 122.3753 million ($16.97 million) to construct 3 C&I distributed solar PV power projects at its existing facilities. The 11.56 MW Jinghui Park, the 11.68 MW Jingyun Park in Yangzhou City, and the 18 MW Shijiazhuang City facility are the chosen candidates for the expansion.

70 MW solar farm changes hands in the UK: Enviromena has acquired a 70 MW solar farm in Medebridge, Essex in the United Kingdom (UK) from sustainable infrastructure investors NTR plc. This large-scale solar farm has already secured planning consent, grid connection and land agreements. Construction is planned to start in the summer with completion expected in summer 2025. It will generate more than 71,000 MWh/annum. This is part of the clean energy solutions company’s strategy to deliver 500 MW operational solar projects across the UK by 2025. The acquisition of the project is supported by Enviromena’s ￡65 million fundraising in 2023 from Arjun Infrastructure Partners (see Europe Solar PV News Snippets).?

Masdar acquires stake in US company: Masdar (Abu Dhabi Future Energy Company) has announced interest in acquiring a 50% stake in the US-based renewable energy independent power producer (IPP) Terra-Gen Power Holdings II. It has signed a definitive agreement with Terra-Gen investor Energy Capital Partners (ECP). Igneo Infrastructure Partners will retain its 50% stake in the company. Terra-Gen currently operates close to 2.4 GW of wind and solar, and 5.1 GWh of energy storage facilities across 32 renewable energy sites across the US, majorly in Texas and California. With this transaction, Masdar expands its US presence where it already operates over 1.4 GW utility-scale portfolio of wind, solar and storage assets. The deal is expected to close by 2024-end.?

Eagle Creek acquires Lightstar: Eagle Creek Renewable Energy LLC , through an affiliate company, has acquired US community solar developer Lightstar Renewables. A wholly-owned subsidiary of Ontario Power Generation Eagle Creek says its ownership will enable Lightstar to execute on its growth plans to become a premier community solar independent power producer (IPP). Lightstar owns around 30 MW of capacity under construction and close to 1.2 GW in the development pipeline across multiple markets in the US. Lightstar is a portfolio company of funds managed by Elda River Capital Management and Magnetar.?

FUNDINGS

Project finance for 57 MW in Hungary: Greenvolt Power has secured a €36 million project finance with UniCredit Bank Hungary for a 57 MW solar power plant. The Hungarian project is currently under construction, scheduled to reach commercial operations by the end of H1/2024. It is designed to generate 87 GWh annually when connected to the national grid. Power generated will be sold under Hungary’s feed-in-tariff (FIT) support scheme.?

$11 million for RE: West Indies-headquartered Bank of New Innovation Limited (BONI) has raised dual tranche of $11 million financing from Africa Export-Import Bank (Afreximbank) to support small and medium enterprises (SME) and domestic consumers to access sustainable renewable energy and solar panel systems. The financing will also develop a landmark hotel project in Nevis, it adds. BONI says the agreement works on a 2-tier strategy with the 1st tier introducing solar-as-a-service model to ensure solar energy is sustainable, affordable and accessible. It will help reduce electricity bills for businesses and households. The hotel construction will generate some 100 jobs.?BONI Founder Michael J. Prest said, “Affordable energy and affordable finance are key to development and the persistent lack of the same poses an existential risk to the development and well-being of small island states. BONI and Afreximbank will support businesses and consumers to create economic multipliers by benefiting from affordable financing options and affordable renewable energy.”?

Austria Assigns €135 Million For Solar Systems In 2024: Austria’s Ministry of Climate Action, Environment, Energy, Mobility, Innovation and Technology (BMK) will provide €135 million ($146 million) in investment support to solar PV systems out of the €150 million ($162 million) it plans for the expansion of renewable energies in 2024.?Solar PV gets the lion’s share with the remaining distributed as €10 million ($11 million) for hydropower, €4 million ($4.34 million) for biomass and €1 million ($1.2 million) for wind power.??The grant, under the country’s Renewable Energy Expansion Act (EAG), supports the installation of solar PV systems of up to 1 MW capacity, targeted at companies that aim to become energy independent.??For complete story, click here.

JOINT VENTURE

Autowell plans to establish JV in Malaysia: Automation equipment manufacturer Autowell Technology has announced its intention to establish a joint venture (JV) company in Malaysia. It plans to do this through its wholly-owned subsidiary Autowell (Singapore) PTE. LTD., in collaboration with TT Vision Holdings Berhad (TTVHB). The primary focus for this JV will be production and sales of automation equipment. Autowell plans to fund it using internal resources, with Autowell (Singapore) investing MYR 142 million ($30.3 million) for an 85% stake in the joint venture, while TTVHB will invest MYR 24.99 million ($5.35 million) for a 15% stake. The products of the joint venture company will target the Southeast Asia, Europe and America markets. Earlier in March, Autowell announced its plans to set up a lithium battery & PV equipment R&D Center in Wuxi City (see China Solar PV News Snippets).

PARTNERSHIPS

JinkoSolar signs multiple deals: Jinko Solar Co., Ltd. has announced that it has signed a deal with Gulf Energy to deliver 3.5 GW of its Tiger Neo n-type modules to the latter. The companies said that the partnership capitalizes on JinkoSolar’s cutting-edge technology and Gulf’s industry expertise. The Tiger Neo n-type module boasts record-high efficiency. Backed by 14 production facilities globally and a track record of 210 GW leading global sales volume, JinkoSolar remains at the forefront of solar innovation. Separately, JinkoSolar announced the signing of an agreement with China Energy Construction (Shanghai) System Engineering Co., Ltd., China Construction Third Bureau First Engineering Co., Ltd., and Wuhan Outley Technology Industrial Co., Ltd. The 4-party cooperation agreement is aimed at jointly promoting the high-quality implementation of the 440 MWh distributed smart energy storage virtual power plant (VPP) management platform and VPP technology development and application projects. According to the agreement, JinkoSolar will supply its SunGiga Jinko Dolphin commercial and industrial (C&I) energy storage systems (ESS) for the VPP project. The companies said that they will leverage their respective advantages in resource development, project construction, equipment procurement, technology research and development, innovation and management to create benchmark projects and jointly promote the expansion of renewable energy.

Hunan Huamin and Estone sign deal related to high-purity quartz sand: Hunan Huamin has signed an agreement with Estone to jointly explore the application of synthetic high-purity quartz sand in the PV industry and enhance the core competitiveness of both parties’ products. A provider of advanced inorganic non-metallic composite materials and application solutions, Estone says it has formed a number of core technologies such as Low-α high-purity quartz preparation technology and crystal growth control technology.

Sonnedix signs EPC contract: Renewable energy producer Sonnedix has signed its maiden EPC framework agreement with the European construction and concession company Eiffage. The latter has entered the agreement through its Spanish brand Eiffage Energia Sistemas. Under the Framework Agreement, Eiffage will undertake construction activities for Sonnedix’s pipeline of projects in Spain, Italy, and Portugal under standardized general terms and conditions, which will apply to all future EPC agreements with Eiffage Energia Sistemas. Across these markets, Sonnedix currently has 858 MW of renewable energy projects under construction and a further development pipeline of 1.72 GW. Sonnedix says this agreement will enable it to save time and resources that it would otherwise spend in obtaining standalone EPC agreements.?

Hopewind partners with CNBM Germany & Bisoll: Solar inverter and ESS manufacturer Hopewind has announced signing a distribution deal with CNBM Germany GmbH at the Solar Solutions International Expo. The partnership targets commercial and industrial (C&I) solar solutions in Europe. At the same event, Hopewind certified Bisoll GmbH as its 1st professional MW EPC in Europe. Hopewind will supply its C&I PV inverters to Bisoll through CNBM.

Microsoft-tied solar project in Illinois: EDP Renewables North America (EDPR NA) has signed a partnership with renewable energy developer Volt Energy Utility to develop the 110 MW AC Hickory Solar Park. It will be located near Jerseyville, Illinois in the US. Microsoft has agreed to be the offtaker for electricity as well as renewable energy credits (REC) for 15 years from the project. EDPR NA says the offtake agreement uses an Environmental Justice PPA form developed by Microsoft and Volt to make clean energy investments in rural and urban communities disproportionately impacted by environmental injustices. The project company will purchase and retire carbon offsets proportionate to the emissions generated by its upstream material components and on-site construction and operations impacts. Microsoft is already on board as an offtaker for EDPR NA’s 140 MW AC Wolf Run Solar Park in Illinois, and 150 MW AC Cattlemen Solar Park II in Texas.?