Developers in the US have made headway at a number of projects this week, including new financing for a Sabanci Renewables project in Texas and an Origis Energy facility in Mississippi, BlackRock’s investment into Recurrent Energy and National Grid Renewables’ signing of a power purchase agreement (PPA) for a Wisconsin project.
National Grid Renewables signs Microsoft PPA
US developer National Grid Renewables has signed a PPA with technology giant Microsoft for its Portage Solar Project, in the Wisconsin county of the same name. While neither National Grid Renewables nor Microsoft specified how much electricity would be included in this deal, the developer noted that it aims to begin construction at the project next year, and commission the facility in 2027.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
As part of the deal, National Grid Renewables will also donate an additional US$20 million over the project’s 25-year lifespan to the Sustain Our Future Foundation, a US “community fund” that will work to support communities disproportionately impacted by pollution. The news follows National Grid Renewables’ start of construction at a 95MW Minnesota PV portfolio earlier this year.
“Through our contract with Microsoft, we are providing Wisconsin residents direct and indirect revenue streams from Portage Solar,” said Blake Nixon, president of National Grid Renewables. “The project will not only benefit the local communities through the production of new tax revenue and job creation, but it also contributes a clean, sustainable energy solution for years to come.”
Sabanci Renewables secures finance from Advantage Capital
In other project news, Sabanci Renewables, the North American subsidy of Turkish firm Sabanci Holdings, has secured US$137 million in funding from Advantage Capital, for the former’s Oriana solar project in Texas. Sabanci Holdings acquired the 232MW project from Advanced Power last October, which is currently under construction in Victoria County.
Sabanci Renewables expects to commission the project in spring 2025, and plans to employ more than 300 workers during the project’s construction, plus ten workers in its operations and maintenance phase once commercial work begins. Upon commissioning of the project, Sabanci Renewables will operate more than 500MW of renewable power generation capacity in the Electric Reliability Council of Texas (ERCOT) grid.
Advantage Capitals’ investment is also the second such deal signed between the companies, and will leverage Investment Tax Credits (ITCs) implemented by the Inflation Reduction Act (IRA) in 2022 to encourage greater investment in renewable power projects in the US.
Origis Energy to add to Mississippi portfolio
US banking giant J.P. Morgan has provided a tax equity commitment for Origis Energy, to help support its Golden Triangle I solar-plus-storage project in Mississippi. The project is currently under construction, with Origis Energy expecting to commission the facility by the end of this year, and will consist of a 200MW solar facility co-located with a 50MW battery energy storage system (BESS).
Origis Energy has already signed a PPA to sell power generated at the project to the Tennessee Valley Authority (TVA), a utility active in seven states, including Tennessee and Mississippi. The company has solar and storage projects under development within TVA’s Mississippi territory with a combined capacity of 750MW of solar and 350MW of BESS, and signed a PPA with the utility regarding the Hope Solar + Storage project last month.
“The team at Origis Energy is focused on delivering high-quality projects for TVA, and our other customers,” said Vikas Anand, Origis Energy CEO. “Golden Triangle I is an excellent example of that focus, and we appreciate J.P. Morgan’s support on it.”
Recurrent Energy receives BlackRock investment
Asset manager BlackRock, through its climate infrastructure business, has agreed to provide US$500 million in finance for Recurrent Energy, a subsidiary of PV manufacturer Canadian Solar. The deal was first announced in January 2024 and completed in two phases, the first of which reached completion in June 2024, and the second of which reached completion earlier today.
While the companies have not announced how the funds will be used, Recurrent Energy noted at the time of the deal’s first announcement that the money will contribute to its commissioning of a solar generation pipeline of 26GW, alongside a storage pipeline of 55GWh. As part of the deal, BlackRock will receive 20% of the shares of Recurrent Energy, with the company holding on to its remaining 80% stake.
“We value our partnership with BlackRock and appreciate their commitment,” said Recurrent Energy CEO Ismael Guerrero. “This strategic partnership positions Recurrent Energy at the forefront of the renewable energy industry, providing the financial strength necessary to continue developing key solar and energy storage projects globally, while also supporting our mission to deliver clean, reliable and affordable power to the world, today and tomorrow.”
