Project financing file: Origis Energy secures $375 million credit facility
From: Mercom Capital Group
Origis Energy, a vertically integrated renewable energy platform and developer of solar projects, farm a $375 million credit facility for its pipeline of solar and energy storage development projects. The facility includes a letter of credit and equipment financing to finance the company’s clean energy projects. CIT, a division of First Citizens Bank, along with Deutsche Bank, HSBC, Nomura, Rabobank and Santander, coordinated the main arrangers for the facilities. The company has a pipeline of over 20 GW comprised of utility-scale and distributed generation projects across solar, solar plus storage, and stand-alone storage technologies.
Matrix Renewables, the renewable energy platform supported by TPG Rise, farm $89 million long-term financing with Natixis for a 129 MW solar photovoltaic project in Almonte (Huelva), Spain. The financing was certified as a green loan, aimed at promoting sustainability and projects with clear environmental benefits. The project is expected to reach commercial operations by the first quarter of 2023. This transaction funds a portion of Matrix Renewables’ existing portfolio and footprint in Europe, the United States and Latin America.
Cypress Creek Renewables, a developer and operator of large-scale, distributed solar and energy storage projects, farm a $125 million credit facility to expand its pipeline of solar and storage projects. Investec acted as lead coordinating arranger for the facility, including Credit Agricole, East West Bank, National Bank of Canada, Norddeutsche Landesbank, Silicon Valley Bank and Toronto-Dominion Bank. Debt financing includes working capital loans and letters of credit, backed by a 1.6GW portfolio of utility scale and distributed solar projects. Kirkland & Ellis advised Cypress Creek Renewables on the transaction.
Verbund, an electric utility, has acquired a 4.6 GW portfolio of renewable projects in Spain from Q-Energy Group. The portfolio includes 82 MW of a regulated and operational solar portfolio in Spain. The acquisition also includes 2,100 MW of wind and solar project portfolio at advanced stage of project development, while approximately 2,400 MW are greenfield projects. The projects are located in the region of Castilla-La Macha in central Spain and in Andalusia in southern Spain. Q-Energy Private Equity of Q-Energy Group, a manager of renewable energy investment funds, manages them through its various funds.
NextEnergy Solar Fund, a renewable energy investment company, announcement that it had signed a co-investment with NextPower III ESG for an investment of 22.5 million euros (~23.7 million dollars), taking a 13% stake in a 210 MW solar project currently under construction in Santarem, Portugal. The project is expected to be completed by the second quarter of 2023. The project is expected to benefit from a long-term power purchase agreement to sell power upon completion. The co-investment will be financed using the margin available in the Company’s revolving credit facilities.
Through a wholly owned subsidiary, Greenbacker Renewable Energy has acquired three 50 MW large-scale pre-operational solar projects located in Greene County, New York, from Hecate Energy, a US-based solar PV and battery storage project developer. The projects are expected to reach commercial operation by 2023, powering 9,500 homes annually. All projects have secured a long-term contract with a prime buyer, which will provide long-term reliable revenue for Greenbacker.
Capital Dynamics, an independent global private asset management firm, announced that Capital Dynamics’ Clean Energy business has acquired a 100% interest in the 18 MW Cliff Solar Photovoltaic Project. of Solar Ventures, an Italian developer of solar projects. The project is a ready-to-use, subsidy-free solar photovoltaic project located in Sicily, Italy, which will begin construction this year and is expected to reach commercial operations in 2023. The project will be supported by a power purchase agreement long-term.
the Blue Elephant Energy (BEE), a Hamburg-based solar and wind project developer, has sign a purchase agreement for the acquisition of a portfolio of photovoltaic projects in Italy with a total capacity of 4 MW. Closing of the transaction is expected in the second quarter of 2022. The portfolio has been in operation since 2011. After the acquisition, BEE will implement technical optimization measures in the photovoltaic projects to ensure a lifespan of 30 years additional. Following the transaction, BEE’s operational portfolio in Italy will increase to 72 MW. In addition to the operational portfolio, BEE is currently developing photovoltaic projects with a capacity of over 378 MW in Italy.
Theia Investments, a holding company focused on the acquisition and management of renewable energy assets, has completed the acquisition of two-vehicle companiesowner of four solar projects with a total capacity of 22 MW, from NatPower, a renewable energy company. The projects are located in Piedmont and are currently being completed. Prothea advised NatPower for the sale. Theia Investments was supported by L&B as legal counsel.
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.