SOLAR INVESTMENTS - FROM FUNDINGS TO PARTNERSHIPS & ACQUISITIONS: WEEK 29

Leeward Renewable Energy raises capital to construct around 1 GW renewables capacity; $164 million for PV in Japan; JinkoSolar, PIF & Vision Industries announce 10 GW cells & module manufacturing partnership; and more in TaiyangNews Solar Investments 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 our weekly updates for the top stories from TaiyangNews. Visit https://taiyangnews.info/ for all the news on solar.

#SolarPV #Solar #SolarAcquisitions #SolarMergers #SolarJointVenture #SolarInvestments #SolarFundings #SolarPartnerships

FUNDINGS

Leeward Renewable Energy raises capital to construct around 1 GW renewables capacity: US-based renewable energy company Leeward Renewable Energy (LRE) has raised a construction warehouse facility to initially fund more than 890 MW of wind, solar and battery energy storage projects.??The $1.25 billion loan provides it with 3 years of committed capital to fund a multi-year build plan of advanced and construction-ready projects from its development pipeline. ?The initial portfolio this will support comprises 6 fully contracted wind, solar and battery storage projects all of which are targeted to become operational throughout 2024 and 2025.??For the complete story, click here.

RE in South Sudan: The Communication & Renewable Energy Infrastructure (CREI) in South Sudan has signed a $20 million financing package to power renewable energy assets from the Facility for Energy Inclusion (FEI) and Finnish impact investor Finnfund. While FEI has loaned a $15 million bridge facility, Finnfund has contributed a $5 million mezzanine loan for the project. CREI said this capital will enable it to provide energy as a service to the Telecom ESCO project by developing, building, operating and maintaining energy assets for over 400 telecom sites. Renewable energy generated will power the mobile networks, thus improving their reliability.???

$164 million for PV in Japan: US-based renewable energy company Enfinity Global has raised $164 million in financing for its 250 MW solar PV portfolio in Japan. Macquarie Capital and a syndicate led by Shinhan Asset Management contributed to the financing. Its 250 MW portfolio comprises 7 projects that are operational and 1 utility-scale solar PV project under construction, with an enterprise value of over $1 billion. It is expected to generate more than 300 GWh annually.

PARTNERSHIPS

JinkoSolar, PIF & Vision Industries announce 10 GW cells & module manufacturing partnership: Saudi Arabia is likely to host high efficiency solar cells and module production capacity of 10 GW each with leading Chinese PV manufacturer JinkoSolar announcing a partnership with the wholly-owned subsidiary of Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) and Vision Industries Company (VI). JinkoSolar’s indirectly majority-owned subsidiary JinkoSolar Middle East DMCC has entered into a shareholders agreement with PIF’s Renewable Energy Localization Company (RELC) and VI. In a press statement, JinkoSolar describes Vision as a local investor and developer of green energy industrial projects and local supply chains. The trio will own 40%, 40% and 20% equity interest in the proposed JV, respectively, whose formation is subject to regulatory approvals. JinkoSolar will bring its n-type technology to the partnership. The manufacturing facility is expected to be built for close to $1 billion. It will be funded through a combination of internal funds and external financing. The location of the proposed fab is not yet known. For the complete story, click here.

50 MW solar project in C?te d’Ivoire: InfraCo Africa and Ivorian developer Africa Via’s joint venture Kong Solaire will develop a 50 MW solar power plant in C?te d’Ivoire. It has secured a concession agreement with the Ministry of Mines, Petroleum, and Energy, and the Ministry of Finance and Budget. Kong Solaire will develop the 50 MW project in the Kong region under a build-own-operate-transfer (BOOT) model. Energy generated will be grid-connected to be supplied to residential and commercial customers. C?te d’Ivoire targets to triple its electricity production by 2040, from the current 2,907 MW to 8,600 MW under which it will strive to increase the share of renewables.?

Solar for Brazilian army: Part of Spain’s Iberdrola Group, energy distributor Neoenergia will build 10 solar power plants with a combined 2.1 MW capacity for the Brazilian Armed Forces. It recently signed a Technical Cooperation Agreement with the Ministry of Defense to make this BRL 8.8 million investment. This capacity is expected to generate 370 MWh/year. It will also help replace 3.6 thousand inefficient light bulbs with LED models in the buildings of the Army, Navy and Air Force. These are located in the Federal District, Bahia, Pernambuco, Rio Grande do Norte and S?o Paulo. ?

48 MW solar investment for BRK: Brazilian sanitation company BRK will procure solar power from 48 MW installed capacity out of the Janaúba Solar Complex in Brazil for its own consumption between 2025 and 2039. For this, it has entered into a partnership with a Brookfield company Elera Renováveis. The latter said the business model here is called the self-production by equivalence in which the consumer acts as a partner in the enterprise that will supply the electricity. Hence, BRK will have a shareholding in the enterprise and receive a license to produce electricity for its exclusive use.????

Egyptian green ammonia plant: UAE-based chemicals producer Fertiglobe has signed a 20-year green ammonia offtake agreement with the Egypt Green Hydrogen project of Norway’s Scatec. Fertiglobe entered the agreement after winning Germany’s pilot auction for green ammonia supply by H2Global. Under the contract, Fertiglobe will supply a potential 19,500 tons of green ammonia in 2027, with volumes potentially scaling up to 397,000 tons cumulatively by 2033 at a delivered contract price of €1,000/ton. Scatec’s Egypt Green Hydrogen project will supply Fertiglobe’s existing ammonia plant in Ain Sokhna in Egypt with renewable hydrogen as feedstock for the production of renewable ammonia.??The Egypt Green Hydrogen project is a 100 MW electrolyzer facility for green hydrogen production, powered by about 270 MW of solar and wind power. It will produce up to 13,000 tons of renewable hydrogen and up to 74,000 tons of renewable ammonia annually. As the lead developer, Scatec is working on the project with its partners Orascom Construction, The Sovereign Fund of Egypt and the Egyptian Electricity Transmission Company (EETC).??

Renewable ammonia offtake: Yara Clean Ammonia has signed a Heads of Terms for renewable ammonia offtake from Egypt with Scatec and its partners ECHEM and MOPCO. The trio is building up to 480 MW of renewable energy and an up to 240 MW electrolyzer facility for the production of renewable hydrogen. This will be used as feedstock for the production of renewable ammonia at MOPCO’s existing ammonia production facility at Damietta in Egypt, which targets to produce up to 150,000 tons of renewable ammonia/annum. Yara will purchase this green ammonia for its global ammonia network, which it operates with 15 ships.