Finance ROUND-UP: Milestones for Hevel, Azure, Grenergy, Corsica Sole

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The financing deal with the EDB comes after Hevel's 100% Kazakh installation broke ground in June (Image credit: Hevel Group)

Hevel bags development bank loan for 100MW Kazakh project

6 November: Russian developer Hevel Group has turned to a development financier to bankroll a major solar venture in Kazakhstan, five months after construction got underway.

The firm said this week its 100MW Nura project in the Akmola region will be backed by a €65.2 million (US$72.24 million) loan from the Eurasian Development Bank (EDB).

The securing of EDB’s long-term credit line comes after the installation broke ground in June, with work in the months since to install Hevel’s own heterojunction PV modules.

The funding boost to Hevel’s 100MW Nura emerges as Kazakhstan prepares to enter the second phase of its renewable programme, with support from development bank the EBRD.

Concessional loans from the scheme’s first phase have helped the Central Asian state finance a 512MW PV pipeline. The second stage will seek to back a 400MW clean energy portfolio.

Canada’s CDPQ ramps up stake in Indian developer Azure Power

6 November: Indian solar developer Azure Power has turned again to key shareholder Caisse de depot et placement du Quebec (CDPQ) to raise capital, in a deal upping the latter’s stake.

A private placement raise will see the Canadian institutional investor inject a further US$75 million into Azure, increasing its holding in the solar player from 41.4% to 49.4%.

For Azure, the funding boost follows a steady stream of PV milestones in the past few months, including the commissioning of a 150MW project and a 300MW auction contract win.

Founded in 2008, the firm has in the years since grown to control a solar portfolio topping the 3GW mark. Its projects in India range from utility-scale ventures to rooftops for C&I clients.

Spanish developer Grenergy reaps €22m via green bond debut

7 November: Grenergy Renovables is to fund future growth via its first ever green bond raise, issued on Spanish alternative fixed income trading venue MARF.

The firm said this week it has secured €22 million (US$24.3 million) via the instrument it floated in Madrid, which was sponsored by institutional investors, insurers, banks and others.

The five-year green bond, registered on MARF in mid-October, comes as Grenergy works to bolster its solar and wind portfolio in Spain and Latin America.

Latest available stats show the firm owns 1.937GW worth of solar projects at various stages in Chile, followed by 980MW in Spain, 458MW in Colombia and 230MW in Peru.

Corsican solar-plus-storage specialist raises €20m from Natixis

6 November: Corsica Sole has turned to a major French financier for support as it seeks to more than double its portfolio in the coming years.

The solar-plus-storage specialist headquartered in Bastia – a city to the northeast of the French island – has secured €20 million (US$22 million) from Natixis to fund further growth.

The raise from Natixis’ Mirova Energy Transition funds comes as Corsica Sole looks to deploy 100MWp of solar and 25MWh of storage over the next few years.

The plan represents a sizeable addition to the firm’s current portfolio, which features 60MWp of PV developments and a further 25MWh of energy storage assets.

The prospects and challenges of solar's new era in Europe and beyond will take centre stage at Solar Media's Solar Finance & Investment Europe (London, 5-6 February) and Large Scale Solar Europe 2020 (Lisbon, on 31 March-1 April 2020).

Read Next

October 19, 2021
Lightsource bp has announced its entry into Poland’s solar market through a co-development deal which will see the developer proceed with a 757MWp pipeline in the country.
October 19, 2021
The White House has said renewables are still key to its budget reconciliation bill despite rumours of the investment tax credit (ITC) being modified as opposition to the bill by senators Manchin and Sinema continue
October 19, 2021
Europe's energy crisis can be a boon for renewables deployment on the continent by bolstering business cases, but familiar foes such as grid constraints will still need to be hurdled in the coming years.
October 15, 2021
Doral Renewables has broken ground on the 1.65GWdc Mammoth Solar project in Indiana, set to be the US’ largest solar farm once complete.
October 13, 2021
Calling for a three-fold increase in renewables investment in the next decade, the International Energy Agency’s (IEA) latest edition of its World Energy Outlook, published today, has been largely welcomed by analysts and industry observers, who are urging world leaders to respond accordingly at the COP26 Climate Change Conference.
October 13, 2021
While solar PV and wind deployment will far outstrip additions from other electricity sources over the next decade, clean energy progress is still lagging behind what is needed to put global emissions into sustained decline towards net zero, the International Energy Agency (IEA) has warned.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021