SOLAR INVESTMENTS - FROM FUNDINGS TO PARTNERSHIPS & ACQUISITIONS: WEEK 37

US awards over $7.3 billion in clean energy investments in rural America; Actis invests in Philippines project; Canadian Solar’s cradle-to-cradle US recycling partnership; GreenGo ventures into Namibia.

All these and many such stories in TaiyangNews Solar Investment Newsletter.

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. Subscribe to weekly updates for the top stories from TaiyangNews - All About Solar . Visit https://taiyangnews.info/ for all the news on solar.

Also, do not miss our #upcomingevent: Advanced Solar Module Applications 2024 Virtual Conference on #September 18, 2024. ?Details mentioned below.

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FUNDINGS

Over €50 million for Europe’s ‘biggest’ floating solar power project: Part of South Korea’s Hanwha Solutions Corporation, Q ENERGY has raised a total of €50.4 million in debt financing for what it touts as the biggest floating solar project in Europe. The total installed capacity of this French project is targeted to be 74.3 MW.??Financing for this project was arranged by Crédit Agricole Transitions & Energies and Bpifrance.?The Les Ilots Blandin Floating Solar Power Plant was originally planned to have a 66 MW capacity. The expansion was announced a year back in September 2023 following an improvement to the original design (see ‘Largest’ Floating Solar Power Plant In France).?For the complete story, click here.

US renewable energy companies raise finance for around 5 GW RE: California, US based renewable energy developer and independent power producer (IPP) Linea Energy has achieved the financial close of a $145 million corporate revolving credit facility to advance its 4 GW renewables portfolio.?Linea said the 4 GW comprises a technologically and geographically diversified project pipeline. The company operates in the wind, solar and battery energy storage project space. EnCap Investments sponsored Linea raised the proceeds from a consortium of lenders. The list includes First Citizens Bank as the sole coordinating lead arranger and administrative agent, Santander Bank, Macquarie Group, and ICBC Standard Bank.??For the complete story, click here.

100 MW solar plant in Namibia: The Namibian power utility NamPower has secured NAD 1.3 billion ($72.6 million) loan from the German Development Bank KfW for the country’s largest solar power plant. The 100 MW Rosh Pinah Solar PV Project will come up close to the town of Rosh Pinah town, near existing power grid that will save costs on laying new transmission lines. The German loan will cover around 80% of the total cost of the project that has helped expand the project capacity from 70 MW earlier to 100 MW now. NamPower will pool in the remaining 20% investment required. It has also signed on China Jiangxi International Economic and Technical Cooperation Co. Ltd and Chint New Energy Development (Zhejiang) Co., Ltd Joint Venture to build the project. Commercial operations are expected to start from Q2 2026.?According to the utility, “Once operational, the facility will contribute to energy security and help diversify the energy mix in Namibia, while setting an example for future projects, proving that large-scale renewable energy is both viable and essential.”?

US awards over $7.3 billion in clean energy investments in rural America: The US government has approved more than $7.3 billion in financing for clean energy investments by 16 rural electric cooperatives, making it the country’s largest ever investment in rural electrification since 1936, when President Franklin Delano Roosevelt signed the Rural Electrification Act into law.??Funded by the Inflation Reduction Act (IRA), this $7.3 billion will enable rural cooperatives to mobilize more than $29 billion in rural communities across the nation through the Empowering Rural America (New ERA) program.?

Sunsure lands Tata financing: Renewable energy producer Sunsure Energy has raised INR 2.26 billion ($27 million) in long-term debt financing from Tata Capital for its open-access solar projects in the state of Uttar Pradesh (UP). Sunsure said this financing will boost its operational capacity to 75 MW, and help industrial consumers lower their carbon emissions by an estimated 80,000 tons annually. ? ??

BRL 1.1 billion for 402 MW solar: The Brazilian Development Bank (BNDES) has approved a BRL 1.14 billion ($202 million) financing for 2 solar PV power generation projects in the Brazilian states of S?o Paulo and Ceará. The EDP Group’s Novo Oriente PV Complex, with 254.6 MW capacity sub-divided as 4x40.6 MW and 2x46 MW, has secured BRL 805 million ($143 million) in credit. PowerChina’s 147.33 MW Mauriti located projects have also landed BRL 339 million ($60 million) in BNDES financing. The bank says with these projects, it has reached the milestone of BRL 11.8 billion ($2.1 billion) in financing for PV power plants since its 1st operation in 2017. ?

INVESTMENTS

Actis invests in Philippines project: Global sustainable infrastructure investor Actis is investing in what it touts to be the world’s largest integrated renewables and energy storage project. The Terra Solar Project in the Philippines with 3.5 GW solar PV and 4.5 GWh of battery energy storage system (BESS) capacity is located on the country’s main island of Luzon. Actis has joined hands under a strategic partnership with the Philippines’ largest distribution utility Manila Electric Company (Meralco) and its subsidiary Solar Philippines New Energy Corporation. This will give Actis a 40% equity stake in the project company Terra Solar Philippines for a $600 million investment. It will be located on 3,500 hectares of land, and backed by a 20-year power purchase agreement (PPA) with Meralco for 850 MW capacity, for 12 hours daily on average. The project has been under construction since early this year (see World’s ‘Largest’ Solar Project Under Construction). ??

174 MW project in Latvia: Lithuania’s Ignitis Renewables has taken a final investment decision (FID) on a 174 MW solar power plant in Latvia. It believes the Tume Solar Farm, to be built for an estimated €106 million, will be one of the largest of its kind in the Baltics. It will be located in the Tume parish of Tukums Municipality. Ignitis said while it is the company’s 3rd solar project in Latvia, the Tume Solar Farm will be its 1st PV project to use tracker technology. Its commercial operations are scheduled for 2026. Ignitis’ other solar projects in Latvia are the 94 MW under construction Vārme Solar Project and the 145 MW Stelpe Solar Project. ?

DIVESTMENTS

Greenvolt selling Italian portfolio: Portuguese energy group Greenvolt has signed an agreement to sell a 19 solar PV project portfolio in Italy to Nuveen Infrastructure for €18.7 million. Representing 153 MW in combined capacity, these projects are expected to reach ready-to-build (RTB) status between 2024 and 2025. These will be sold in phases, said Greenvolt. At the end of Q1 2024, Greenvolt’s group pipeline reached 8.6 GW, out of which it plans to sell 70% to 80% capacity. In 2024, it will sell more than 500 MW.??

Bluefield divests stake in 112 MW PV: London-based Bluefield Solar Income Fund Limited has sold a 50% stake in a 112 MW solar PV portfolio in the UK to GLIL Infrastructure. The latter is a partnership of several UK pension funds and has purchased the 50% stake for ￡70 million. Bluefield said this completes phase II of the strategic partnership. Under phase I, both companies jointly acquired a stake in the Lightsource bp portfolio. Going forward, for phase III, both Bluefield and GLIL plan to jointly commit capital to construct close to 10% of the company’s development pipeline.?

ACQUISITION

Sol Systems acquires 2 GW solar PV power plants: US renewable energy company Sol Systems has expanded its portfolio with the acquisition of more than 2 GW of utility-scale hybrid solar and storage projects across the Midwest in the US under a strategic collaboration with the natural gas and electric power company Tenaska. The portfolio comprises projects with more than 100 MW capacity each, spread across multiple states. Each of these facilities is scheduled to enter operations between 2028 and 2029. For the complete story, click here.

PARTNERSHIPS

Canadian Solar’s cradle-to-cradle US recycling partnership: Canada-based solar PV manufacturer Canadian Solar has announced a partnership agreement for cradle-to-cradle module recycling with US-headquartered recycling company SOLARCYCLE.??The manufacturer said this makes it one of the 1st crystalline silicon solar module manufacturers to offer comprehensive recycling services to its customers in the US.?Under the arrangement reached, SOLARCYCLE will be Canadian Solar’s preferred recycling partner, and the latter will act as an original equipment manufacturer (OEM) partner to the recycling company, offering upfront recycling services.?For the complete story, click here.

GreenGo ventures into Namibia: Denmark-headquartered renewable energy company GreenGo Energy has signed a strategic partnership agreement with local Namibian developer InnoSun Energy Holdings to co-develop solar and wind energy projects in the African country. This will enable the production of green hydrogen in the country. Additionally, it will be signing a memorandum of understanding (MoU) with local iron mining company Lodestone at the Global African Hydrogen Summit in Windhoek being held in Namibia from September 9 to 11, 2024. The Lodestone agreement will see the companies exploding innovative solutions to integrate green hydrogen into the steel production process. Green steel will help position Namibia as a key player in the global market for sustainable metals, attracting investment and driving economic growth, stated GreenGo.????

Shoals announces non-binding MoU with Saudi Arabia’s UUES for local manufacturing: US-based electrical balance of system (EBOS) solutions provider Shoals Technologies Group plans to explore the Saudi Arabian market to localize EBOS manufacturing in the Middle East region. For this, it has partnered with the wastewater treatment company United Utilities Environmental Services (UUES) of Saudi Arabia.?“The Kingdom of Saudi Arabia has planned to develop up to 130 GW of renewable power generation in the next six years, with solar power being a significant portion. In a market that lacks the trade skills required to execute on this ambitious target, Shoals believes its plug-and-play, prefabricated EBOS solutions will help to accelerate this development,” stated Shoals.?For the complete story, click here.

Solar PV MoU in Malaysia: Shizen Energy Group’s Shizen International is exploring the potential development of ground-mounted solar PV projects in Terengganu, Malaysia. It has signed a memorandum of understanding (MoU) with Terengganu State Government’s Terengganu Incorporated Sdn. Bhd. for the same. “By working together, we aim to enhance local socio-economic development and contribute to Terengganu Inc.'s ESG target of achieving a 35% renewable energy capacity mix by 2025,” according to the Representative Director of Shizen International, Hiroki Koga.

TotalEnergies & AGEL for 1.15 GW AC: Adani Green Energy Limited (AGEL) and France’s TotalEnergies have agreed to launch a new 50:50 joint venture (JV) for a 1.575 GW DC/1.15 GW AC solar portfolio in Khavda, Gujarat. Power generated will be sold to the Solar Energy Corporation of India (SECI) under a power purchase agreement (PPA), and on the wholesale market. TotalEnergies will provide an equity investment of $444 million to support the development of the assets that AGEL will bring in under the JV. The French energy group said this transaction will allow it to capitalize on the ongoing liberalization of the Indian electricity market. TotalEnergies has a 19.75% stake in AGEL, which is developing the world’s largest renewable energy complex in Khavda with 30 GW of solar and wind power capacity. Of this, 2 GW has been commissioned on site, according to AGEL. ?

PPA for 229 MW Bulgarian project: Actis-backed Rezolv Energy has signed a 12-year Virtual Power Purchase Agreement (PPA) for its 229 MW St. George Solar PV Project in Bulgaria with Ardagh Glass Packaging-Europe (AGP-Europe). It will come into effect from April 2026. The latter has secured renewable electricity for its glass manufacturing operations across Europe with this agreement. It is designed to enable AGP-Europe to meet over 80% of its 2030 renewable electricity targets. Rezolv has contracted CMC Europe, Solarpro, and Green Solar Energy to build the project in Silistra Municipality in Northeastern Bulgaria. The St. George project will be built on a decommissioned airfield covering 165 hectares.?

CHAPTER 11 RELIEF

US residential solar installer Lumio files for Chapter 11 Relief: After SunPower Corporation, another residential solar installer in the US, Lumio, has filed for protection under Chapter 11 in the United States Bankruptcy Court for the District of Delaware. These voluntary petitions are aimed at completing a ‘value-maximizing sale process and strengthen its financial position,’ it explained. Lumio has also received a stalking horse bid from an affiliate of global alternative asset manager, and its primary senior secured lender, White Oak Global Advisors, LLC. Under the stalking horse asset purchase agreement (APA), the White Oak affiliate has proposed to acquire substantially all of the company’s assets for a purchase price of close to $100 million in the form of a credit bid. For the complete story, click here.

INSOLVENCY

Germany’s Fellensiek Projektmanagement files for insolvency: Fellensiek Projektmanagement GmbH, the German large-scale solar PV projects developer, has filed for insolvency proceedings due to liquidity problems. It followed claims worth millions from an unidentified investor. Based out of Jever, the company has been put under provisional insolvency proceedings by the Local Court of Wilhelmshaven on September 3, 2024. Dr. Christian Kaufmann from PLUTA Rechtsanwalts GmbH, as its provisional administrator, will review all restructuring options for the German company. For the complete story, click here.

TAIYANGNEWS VIRTUAL CONFERENCE

#BlockSep18 For TaiyangNews Advanced Solar Module Applications 2024 #VirtualConference

The world of PV technology is rapidly evolving, with applications now expanding far beyond traditional settings. Today, PV is not just limited to rooftops and solar farms; it’s increasingly integrated into diverse environments – from vehicles and buildings to innovative new spaces, such as balconies or garden fences.

As manufacturers push the boundaries, we’re seeing PV become more flexible and lightweight, accommodating a variety of roof types and structures. Floating PV has emerged as a powerful segment, harnessing water surfaces for solar energy generation, and so has agri-PV, combining farming and power generation. In addition, advancements in low-reflection modules are now making PV systems suitable for specialized environments like airports, where glare reduction is crucial.

At the heart of these innovations is the adaptation of PV makers’ Bill of Materials (BOM), allowing the manufacturers to tailor PV products to meet the unique demands of these diverse applications.

In our TaiyangNews - All About Solar Advanced Module Applications Virtual Conference, we will explore the latest trends, technologies and strategies that are shaping the future of advanced PV applications.

Sponsored by LONGi Solar , JA Solar , DAH Solar and Mondragon Assembly Group , the Conference will take place on #September18, 2024 from 09:30 to 13:00 CEST.

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