FINANCING ROUND-UP: CREC, BRUC, Qair and Greenalia secure funds for projects

The funds will support the development of the Stor’Sun I and II hybrid solar-plus-storage projects in Trou d’Eau Douce, situated in Mauritius’ Flacq district. The funding is being arranged in collaboration with SBM Bank. 

In 2023, Qair signed four power purchase agreements (PPAs) totaling 60MWac with Mauritius’ state-owned utility, the Central Electricity Board (CEB). The agreements covered the development of four Stor’Sun solar farms, each equipped with BESS, across multiple sites in the country. The total investment in the projects was estimated to exceed MUR7 billion (US$150 million). 

The remaining two plants, including the Stor’Sun III solar farm, were planned for construction in Balaclava in the Pamplemousses district. The fourth plant was set to be developed in Petite-Rivière, located in the Rivière Noire district. 

Expanding its footprint in the Indian Ocean, Qair entered the Mauritian market in 2008. It currently operates a 10MW wind farm in Plaine des Roches and solar parks totaling 25.3MW in capacity. 

According to the firm, the newly secured financing will enable the company to move forward with implementation, supporting Mauritius’ goal of achieving 60% renewable energy in its electricity mix by 2030. 

Currently, Qair has 1.7GW of capacity in operation and is developing a 34GW pipeline across 20 countries in Europe, Latin America and Africa. In addition to Mauritius, the company is active in Burkina Faso, Tunisia, Morocco and Seychelles. Qair currently operates 65MW in Africa, has 154MW under financing, and is developing over 2GW in new projects. 

CREC raises US$77 million for 125MWp solar project in Philippines 

Philippine renewable energy developer Citicore Renewable Energy Corporation (CREC) has secured a PHP 4.4 billion (US$77 million) project finance loan for its 125MWp Citicore Solar Pangasinan project in Sta. Barbara, Pangasinan. 

Citicore Solar Pangasinan is a key project in CREC’s goal to install 5GW within five years. Currently under construction, it has received a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy (DOE), helping to fast-track its completion by year-end. 

Located in Sta. Barbara, Citicore Solar Pangasinan is one of three CREC projects in the province. The others are Citicore Solar Pangasinan II in Binalonan, which is under construction, and Citicore Wind Pangasinan, currently in early development. All three secured 20-year offtake contracts with the Philippine government through the DOE’s Green Energy Auction Program (GEAP)-2 in 2023.  

The funding was provided in partnership with Security Bank Corporation and Security Bank Capital Investment Corporation. 

San Juan City, Philippines-based CREC has a total operating solar capacity of 285MW across ten solar power plants. In the Philippine renewable energy sector, the firm aims to significantly expand its solar capacity to 2.56GW by 2026. 

Greenalia secures US$50 million to boost US PV pipeline 

Spanish renewables developer Greenalia has secured a US$50 million increase to its existing three-year credit facilities to support the expansion of its solar and wind project pipeline in the US. 

The additional funding was provided by Korean investors IMM Investment Hong Kong and NH Investment & Securities to Greenalia Power US Advanced II, a Greenalia subsidiary focused on utility-scale solar, wind and energy storage projects in the US.  

The US$50 million upsizing will support Greenalia’s 1.9GWdc ERCOT portfolio by financing project equipment, backing letters of credit and covering other development and construction costs. This expanded facility follows positive momentum around Greenalia’s first US asset, the 430MWdc Misae II solar project. Greenalia recently secured US$388 million in senior project financing for Misae II from MUFG and Nomura. 

PEI Global Partners served as financial advisor to Greenalia, with Holland & Knight as borrower’s counsel. Norton Rose Fulbright represented the lenders. Nomura Securities International remains the lead arranger, while Nomura Corporate Funding Americas continues as administrative agent for the facilities. 

BRUC renews €650 million debt to advance 6.6GW projects in Spain 

Spanish private equity firm BRUC has renewed its corporate debt of €650 million (US$756 million) to advance its 6,600MW clean energy business plan. 

The funds will support the construction and commissioning of 6,600MW of solar and wind projects in Spain. It will also enable hybridisation with wind and battery storage at several existing plants. 

Classified as a green loan, this financing builds on the agreement signed by BRUC and seven financial institutions in September 2023. Two years later, the facility has been extended to €650 million. 

For this transaction, Schroders Capital, Infranity, Instituto de Crédito Oficial, BNP Paribas, Santander and ING acted as green loan coordinators. 

Founded by entrepreneur Juan Béjar, BRUC is backed by shareholders OPTrust and USS. The company currently operates 1,963MW of renewable capacity, has 487MW under construction and a further 4,150MW in development. In the first half of 2025, it generated 1,649GWh of electricity.