This week, a number of solar developers have raised funds for projects around the world, including Sonnedix in Europe, Origis in the US and Scatec in Botswana.
Sonnedix secures US$3.4 billion in company’s largest renewable power refinancing
Renewable power producer Sonnedix has completed the largest refinancings in its history, which will be used to support the development of close to 1.3GW of renewable energy capacity.
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The refinancing comprises two transactions – a €750 million (US 780.6 million) deal, completed in November, to consolidate a 197MW asset portfolio in Spain and a €2.5 billion (US2.6 billion) deal, completed in December, to refinance a 1.1GW portfolio across Spain, Italy and France.
The second deal includes the option to expand the portfolio “across Europe and the UK”, and was completed as a green and sustainability-linked loan. In total, 15 commercial lenders and institutional investors supported this deal, including the Bank of America, Santander and Goldman Sachs Asset Management.
Last month, Sonnedix commissioned a 150MW Spanish solar portfolio. While it did not specify which power generation technologies the latest refinancing deals would support, the company’s leadership is optimistic about the transactions.
“These landmark refinancings underpin our growth plans and demonstrate the scale of our growing portfolio of assets in Europe and the market’s confidence in our business model and ability to execute over the long term,” said Sonnedix CEO Axel Thiemann.
“They send a strong signal to our customers and partners of our unwavering commitment to work alongside them and drive sustainable, long-term solutions to achieve net zero.”
Origis raises US$533 million for solar and storage projects
US solar developer Origis Energy has closed a US$533 million financing facility to support the development of 350MW of new solar capacity, alongside 50MW of battery energy storage systems (BESS) in the US.
The financing consists of a construction financing facility, bridge loan facility and conversion to term loan with Japanese bank MUFG. MUFG’s investments into Origis’ US renewable energy operations total over US$1 billion in the last year, the companies said.
The money will be used to support the development of the Optimist solar-plus-storage project in Clay County, Mississippi, which Origis expects to commission in late 2025, and the 150MW Wheatland solar project in Knox County, Indiana, which will come online in early 2026.
“Our alliance with MUFG continues to move Origis projects forward in a time of unprecedented energy demand,” said Origis CEO Vikas Anand. “Optimist and Wheatland will power the equivalent of over 100,000 homes annually. The storage component in Mississippi will add resiliency to the grid.”
The news follows Origis’ securing of a tax equity commitment for a separate solar-plus-storage project in Mississippi from J.P. Morgan, as the company looks to expand its footprint in the storage sector.
Scatec secures finance for Botswana’s largest solar project
Norwegian renewable power developer Scatec has reached financial close for the second phase of its Mmadinare Solar Complex in Botswana, which the company expects to commission in 2025.
The project began life as a 60MW facility in the country’s Mmadinare District, and Scatec signed a 25-year power purchase agreement (PPA) to sell power generated at the facility to the Botswana Power Corporation. Then, in the third quarter of 2023, the company was awarded a 60MW expansion of the project, and once both phases have been commissioned, the Mmadinare plant will be the largest in the country.
Scatec noted that the total cost of the project is around US$108 million, of which debt finance will be used to cover US$73 million, with the rest covered by equity from Scatec. Financing will be provided by the First National Bank of Botswana and the World Bank’s International Finance Corporation (IFC).
The news is Scatec’s second significant investment in Africa in recent months, following its signing of a PPA for a 1GW solar-plus-storage project in Egypt in September.
AMPYR secures US$200 million for US portfolio
Singapore-headquartered solar and storage developer AMPYR Energy has closed a US$200 million development capital facility to develop its renewable power portfolio across the US.
Crayhill Capital Management LP provided financing for the facility, which will be used to expand AMPYR’s pipeline of 4GW of renewable power capacity in the US. The company acquired two projects, with a combined capacity of 210MW, in North and South Carolina in July this year, and these moves represent the company’s latest efforts to expand its presence in the US.
“Partnering with Crayhill underscores our robust project pipeline and our commitment to delivering resilient renewable energy solutions,” said Amir Akhtar, managing director of corporate finance and investments at AMPYR USA. “This facility allows us to fast-track the development of our renewable energy projects in the United States.”
