SOLAR INVESTMENTS - FROM FUNDINGS TO PARTNERSHIPS & ACQUISITIONS: WEEK 10
Meta signs up for 505 MW DC solar power plant in Texas; India’s Gensol Engineering selling Scorpius Trackers US for INR 3.5 billion; China’s Runergy bags RMB 900 million equity investment from suppliers. All these and more in our TaiyangNews - All About Solar Weekly Solar PV Investment Updates.
This is a weekly newsletter to keep you updated on the latest developments in solar investments, including mergers and acquisitions, joint ventures, and public offerings within the solar industry. These are select stories that have been published on our website. Subscribe to weekly updates for the top stories from TaiyangNews. For all the news on solar, visit our website: www.taiyangnews.info
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FUNDINGS
BRL 85 million bond financing in Brazil: French energy company GreenYellow has issued a new bond financing of BRL 85 million (over $14 million) to finance 5 decentralized solar energy projects in Brazil. Coordinated by the investment bank Itaú BBI, the financing process started in June 2024. The fund disbursement took place in December 2024, which will be used to refinance part of the investments already made in 5 solar plants. The issued bonds have a 16-year tenor. GreenYellow says it is among the first players to take advantage of Law 14801, adopted in March 2024. The Law 14801 facilitates investment in infrastructure projects via infrastructure debentures and tax incentives.?
Valorem raises €550 million: French independent renewable energy operator of wind, solar and hydropower projects, Valorem Group has closed over €550 million in financing to accelerate the deployment of new renewable energy capacity in France and Europe. This financing from the consortium of AIP Management, IDIA Capital Investissement, GSO and IRDI will enable it to complete over 7.5 GW of projects currently under development in its portfolio.?
LOAN FINANCE
AFD loan for Dominican Republic project: France’s Agence Fran?aise de Développement (AFD) is supporting Spanish renewable energy multinational Ecoener to advance its 60 MW solar PV plant in the Dominican Republic. The Payita 1 Photovoltaic Plant is currently under development. The AFD, through its subsidiary Proparco, is providing a $43.1 million loan to finance the project in the province of María Trinidad Sánchez, which meets the stringent sustainability standards of the International Finance Corporation (IFC). Ecoener has secured $142 million in revenue for this project over the next 15 years thanks to a long-term power purchase agreement (PPA) with distribution company Edenorte. Ecoener currently has 5 solar plants in operation or under construction in the Dominican Republic with the potential to produce 280 MW. ?
€350 million loan for Apex in France: Macquarie-backed French solar projects developer Apex Energies has secured a €350 million loan, its largest transaction to date, to advance its solar fleet by over 400 MW. Out of this capacity, 250 MW is already at an advanced stage of development and/or under construction. Spread across all of France, this capacity comprises nearly 1,100 ground-mounted PV projects, rooftop solar facilities, solar on agricultural sheds, and agrivoltaics for sheep and cattle sectors to be commissioned by 2027. The power generated will be both for sale to the grid and for self-consumption. The financing was co-arranged by Caisse d'Epargne Ile de France and partners. ?
REFINANCING
Adani Green Energy refinances $1.06 billion construction facility: Adani Group’s renewable energy arm Adani Green Energy Limited (AGEL) has announced refinancing of its $1.06 billion Construction Facility, initially taken in 2021, for India’s ‘largest’ solar-wind hybrid project in Rajasthan. The new long-term financing has a 19-year tenor with a fully amortized debt structure, aligning with the asset's lifespan.?For the complete story, click here.
PARTNERSHIPS
DMEGC Solar & Wagner partnership: DMEGC Solar, the solar PV manufacturer from China, has announced a strategic partnership with Germany’s solar PV mounting systems manufacturer Wagner Solar GmbH. The duo will offer customized energy solutions for residential, commercial and industrial applications with the distribution of solar modules, integrated solar systems and PV mounting solutions. While DMEGC aims to benefit from Wagner’s well-established distribution network in Europe, Wagner will strengthen its competitiveness through access to the Chinese manufacturer’s innovative product portfolio. All joint projects will be guided by a commitment to sustainability, with a clear focus on CO? reduction while maintaining the highest quality standards, stated DMEGC.
Meta signs up for 505 MW DC solar power plant in Texas: Global technology group previously known as Facebook, Meta Platforms is spurring the development of a 505 MW DC/396 MW AC solar power plant in Texas, US under an Environmental Attribute Purchase Agreement (EAPA) with renewable energy company Cypress Creek Renewables. Meta says this project will support its clean energy commitments as it seeks to match all its operations with 100% clean and renewable energy. For the complete story, click here.
MOU
India’s GP Eco Solutions’ 7 GW solar PV manufacturing plans: Indian solar energy company GP Eco Solutions India Limited has unveiled plans to add 7 GW of solar cell and module manufacturing capacity in Madhya Pradesh under a memorandum of understanding (MoU) with the state government.?GP Eco aims to establish a manufacturing unit for 5 GW solar panel and 2 GW cell production capacity. It will invest INR 10 billion ($114 million) by the end of FY2028 to execute these plans, which it estimates will create employment for over 500 people. For the complete story, click here.
PPA
Solar-storage PPA in Chile: Chile-headquartered independent power producer (IPP) Verano Energy has signed a 15-year power purchase agreement (PPA) with ABASTIBLE S.A. for a renewable energy project in the country. The 83 MW Domeyko project will be accompanied by 660 MWh battery energy storage system (BESS). This project in Domeyko in the III Region of Atacama, south of Vallenar will be built for an estimated $230 million. It is scheduled to start commercial operations by the end of 2026.?
VPPA
Multi-country VPPA for Kimberly-Clark: Spanish independent power producer BNZ has entered into a virtual power purchase agreement (VPPA) with US-based personal care products company Kimberly-Clark Corp (KC). The VPPA is for BNZ projects in Spain and Italy. Under the agreement, BNZ’s 2 solar power facilities in Italy and another one in Spain will generate a forecasted 164 GWh annually, representing over 40% of the total electricity consumed by KC’s Western & Central European production facilities in Germany, Spain, Italy, France and Czechia. BNZ said this will virtually power the production of major KC brands including Kleenex, Scottex, Scott, WypAll, Page and Hakle. KC says this VPPA supports its decarbonization targets as it seeks to increase the amount of renewable electricity available in the grids that it is connected to.
COMPANY LAUNCH
US metals material maker FGM-Fabral ventures into solar industry: Texas, US-based metal post-frame materials manufacturer FGM-Fabral has launched a new company to grab a piece of the growing solar PV market pie. The company will supply premium steel racking for solar panel installation, marking its entry into the solar energy industry.?The new entity Fabral Solar aims to be a one-stop-shop for all solar racking needs, according to its Co-founder John Cummings. It will leverage the resources of its parent company FGM-Fabral as a metal roofing system supplier and Fabral’s owner Flack Global Metals (FGM) to its advantage. For the complete story, click here.?
SALES
Enersense & Fortum deal complete: Finland-based green energy company Enersense has completed the sale of its onshore wind and solar project development business to Fortum for €9.5 million. Enersense will record a profit of around €19 million. The transaction also includes an earn-out of up to €74 million based on the progress of wind and solar projects covered under the transaction.
India’s Gensol Engineering selling Scorpius Trackers US for INR 3.5 billion: Less than a year after launching its US subsidiary Scorpius Trackers Inc., Indian EPC group Gensol Engineering Limited has struck a INR 3.5 billion ($40.3 million) deal to sell the same to an unidentified ‘major renewable energy solutions provider’ in the US.?Gensol incorporated the Scorpius business in the US in August 2024, targeting the supply of over 2 GW of its tracker technology annually by 2028. For the complete story, click here.
ACQUISITION
CDPQ to acquire Innergex Renewable Energy in CAD 10 billion deal: Canada-headquartered renewable energy company Innergex Renewable Energy has received a green signal from its board of directors to go ahead with the all-cash CAD 10 billion ($7 billion) takeover offer of pension manager Caisse de Depot et Placement du Quebec (CDPQ), including debt.?CDPQ values Innergex at CAD 13.75 ($9.59)/share, a 58% premium over the company’s current share price of CAD 8.71 ($6.08)/share. For the complete story, click here.
EQUITY INVESTMENT
China’s Runergy bags RMB 900 million equity investment from suppliers: Chinese solar PV manufacturer Runergy has found some help coming in after its RMB 5 billion Tongwei deal for a 51% stake fell through. S.C New Energy and Autowell Technology are the 2 companies that have announced equity investments in Runergy by converting debt into equity. For the complete story, click here.
TAIYANGNEWS PHYSICAL CONFERENCE
1st TaiyangNews Solar Technology Conference India 2025 – How to Lift PV Manufacturing to the Next Level
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