Spanish renewables developer Greenalia has closed US$200 million in three-year credit facilities to support the development of solar PV, energy storage and wind projects in the US.
These are the first financing facilities Greenalia has secured in the US, and represent its ambitions to expand into the market. In particular, this financing will support the buildout of a 1.9GW pipeline portfolio of solar PV, storage and wind in the Electric Reliability Council of Texas (ERCOT) transmission network.
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Nomura Securities International, a financial holding company, led the financing and acted as sole underwriter, lead arranger and bookrunner of the facilities. This financing will go towards “project equipment, as well as other development and construction expenses”, it said in a press release.
Antonio Fernández-Montells, CFO of Greenalia said: “This operation represents an important milestone for the company’s US expansion, where we are currently developing a 3GW portfolio diversified through projects in three technologies -solar, wind and batteries.”
According to its website, Greenalia’s US solar PV and storage project portfolio is entirely concentrated in Texas, consisting predominantly of late-stage development projects operated through its US subsidiary, Greenalia Power US.
Perhaps most notable among them is the 695MW MISAE II solar project, which is currently under construction in northern Texas.
The rest of its operations are in Spain, where it has a 40-strong project portfolio.
“We are excited to partner with Greenalia and believe this partnership will help unlock the full potential of Greenalia’s impressive renewable energy project development platform in the US,” said Vinod Mukani, head of Nomura Infrastructure & Power Business. “This financing is emblematic of our strategy of providing customised financing to leading renewable power generation assets and transition-enabling infrastructure,”
Last week, ERCOT broke a record for solar generation – Tuesday 13th February saw the network generate a peak of 16.7GW of electricity from solar PV. In fact, the ten days with the highest solar generation in ERCOT’s history have all occurred this year, a statistic that perhaps heralds a shifting landscape for Texas’ power mix.