Project Finance Brief: Cordelio Power Acquires a 900 MW Solar Project Pipeline

From: Mercom Capital Group

Cordelio Power, a renewable energy producer, acquired a 900 MW pipeline of large-scale solar projects from SunEast Renewables, a developer of solar projects. The projects are located primarily in New York City, including more than 600 MWAC of fully contracted projects under 20-year agreements with the New York State Energy Research Authority (NYSERDA). The remainder of the portfolio includes early-stage projects located in New York and Pennsylvania. Cordelio expects the projects to be commissioned from 2023.

ScottishPower, a subsidiary of the Iberdrola group, has sign is in the business of acquiring 17 solar photovoltaic (PV) projects with a capacity of over 800 MW in the UK. The first agreement includes 12 projects from Elgin Energy, and the second consists of five projects from lightsource bp. The company said projects located in England, Scotland and Wales are in advanced stages of development and should be operational by 2025. It would invest £500 million (~$683.76 million) so that these projects meet the electricity needs of more than 220,000 homes. With the acquisition of these projects, ScottishPower’s share of the UK solar market has increased from 2% to 9%.

Amp Energy, developer of renewable energies, has received Financing of $50.5 million for the construction of Amp Energy’s NY3 assets from CIT, a division of First Citizens Bank. NY3 consists of six solar projects located in central New York State. Together they will comprise a total of 34 MW of generating capacity. Commercial operation is expected to begin in the first quarter of 2022.

X-Elio, a global company specializing in the development, design, construction, maintenance and operation of photovoltaic power plants, in partnership with Brookfield and KKR, has received $37 million commitment from Clean Energy Finance Corporation (CEFC), including ING and Sumitomo Mitsui Banking Corporation (SMBC) for the construction of the 200 MWp Blue Grass Solar project in Columboola, South East Queensland.

EDP ​​Renewables, a renewable energy company, sign a €66 million (~$75 million) green loan from the European Investment Bank (EIB) to support the construction and operation of six medium-sized onshore wind farms with a total nominal capacity of 150 MW in Poland. The EIB investment will cover nearly 50% of the total senior debt – with the remaining amount of debt being provided jointly by Banco Santander and Caixabank Poland, partly backed by an ECA guarantee provided by EKF.

European Energy, a developer of renewable energy projects, has sold the 103 MW Troia Solar project in Puglia near Foggia, Italy, to Iren Energia. European Energy is also selling the recently grid-connected 18.5 MW solar project in Palo to Iren Energia under the same deal. The total energy capacity of the parks sold will be 121.5 MW. The total energy produced is approximately 180 GWh of green energy per year. Closing is expected to occur during the first quarter of 2022 and will be valued at €166 million (~$188.7 million).

Infrastructure Capital Group (ICG), an Australian infrastructure manager, announcement it would acquire a majority stake in Ginan’s solar and storage portfolio from Providence Asset Group (PAG), a developer, investor and manager of renewable energy projects across Australia. ICG has made an initial commitment of $100 million, with the ability to significantly increase investment in the development portfolio, collocated batteries and hydrogen. ICG, through its Australian Renewables Income Fund (ARIF), will take a majority stake in 16 operational solar sites in Victoria (total of 132MW/73MW(AC)); with the right to develop a further 25 solar projects across New South Wales, totaling an additional 156MW/115MW(AC).

Innova Energy, a privately-funded solar energy company, was acquired by Elm Trading (Radiant Project). Innova has 16 ground assets in Britain with a combined capacity of 61.5MW, all accredited under ROC or FIT schemes and some benefiting from private cabling PPAs with procuring companies. Following the sale of its 3.7 MW commercial rooftop portfolio, Project Radiant is entering into a long-term strategy of acquiring stand-alone solar farms to optimize their operations, resulting in a market-driven sale of a highly aggregated portfolio. efficient.

Good Energy, a renewable energy company, has completed the sale of its 47.5 MW wind and solar projects up to £24.5m (~$33.3m). Bluefield Partners, a specialist in investing in renewable energy, bought the portfolio. Bluefield previously acquired the 49.99 MW West Raynham solar farm developed by Good Energy in 2015.

Standard Solar, a solar energy company specializing in the development and financing of nationwide solar electric systems, has acquired the 2.9 MW Klees Mill community solar project from developer partners Ogos Energy and Earth and Air Technologies.

For reports and trackers on financings and M&A transactions in the solar power, energy storage, smart grid and efficiency sectors, click here.

Read last week’s project funding brief.

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