WWW.POWERFINANCERISK.

COM No 42 October 16, 2023

Exclusive Insight on Power M&A and Project Financing

PROJECT FINANCE M&A POWER MARKETING & TRADING

EDF pulls plug on Colombian Duke Energy closes sale of ATCO signs VPPA with
solar farm REC Solar to Arclight Lafarge Canada
EDF Renewables has pulled the plug on the Duke Energy has closed on the sale of ATCO’s subsidiary Canada Utilities will
development due to delays in permitting its entire DG portfolio and REC Solar to supply Lafarge’s Exshaw cement plant
and environmental licenses. Page 13 Arclight. Page 6 with 79.9GWh renewable energy. Page 7

Fintech platforms
attempt to democratize
tax equity

POWER UP: CHECK OUT A SELECTION OF THE WEEK’S POWER AND UTILITY NEWS ON LINKEDIN @POWERFINRISK

Unauthorized reproduction, uploading or electronic distribution of this issue, or any part of its content is illegal without the Publisher’s written permission. Contact us at (800) 437-9997.
Power Finance & Risk  www.powerfinancerisk.com

IN THIS AMERICA
NORTH ISSUE

NORTH AMERICA 10 | Greenbacker grows private equity investment team EDITORIAL

Tom Duffell
5 | Dominion unveils VA solar and offshore wind 10 | Southern Company partners with Novelis on Editor
farm plans decarbonization [email protected]
6 | Advanced Power sells 232MW solar to Sabanci 10 | Wren House hires former GE Renewables exec as (212) 224 3196

6 | Duke Energy closes sale of REC Solar to Arclight MD Alix Publie

7 | Electric Hydrogen raises $380m for green Reporter
hydrogen electrolyzer LATIN AMERICA & CARIBBEAN [email protected]
(914) 207 4243
7 | Grey Rock makes controlling investment in 11 | HIF Global moves forward with $830m e-fuel
CarbonCycle project in Chile Tatiana Louder
7 | LG Energy and Toyota ink EV battery supply 12 | MSU Energy issues green bonds for solar in Reporter
[email protected]
agreement Argentina (212) 224 3166
7 | BP launches first RNG plant since Archaea 12 | Voltalia offloads 420MW solar farm in Brazil
purchase 13 | EDF pulls plug on 50MW Colombian solar farm
Natalie Boyer
Reporter
7 | ATCO signs VPPA with Lafarge Canada 13 | Engie, Opdenergy plan large-scale renewable [email protected]
8 | Southeast states begin offshore wind analysis assets in Chile (212) 224 3213
8 | California Governor signs wave and tidal energy 13 | Petrobras, Vale partner on decarbonization in PRODUCTION
bill into law Brazil Tim Huxford
8 | National Renewable Solutions appoints CEO 13 | Enel to sell generation business in Peru Production Editor
8 | TerraWatt Infra expands California EV charging
SUBSCRIPTIONS
network
ANALYSIS Guy Dunkley
9 | Silicon Ranch brings on AZ solar-plus-storage Senior Sales Manager
14 | Fintech platforms attempt to democratize tax equity
9 | El Paso Electric issues RFPs to reach renewable (212) 224 3443

energy goals ADVERTISING/ REPRINTS

DEPARTMENTS
9 | Aera Energy preps first CCS project Bradley Cole
10 | Leeward begins construction on 240MW solar 3 | Generation Auction & Sale Calendar Publisher

and wind projects 4 | Project Finance Deal Book [email protected]

(+44) 207 779 8357

CORPORATE
TALK OF THE INDUSTRY Isaac Showman
CEO, NextGen Publishing

“With more than 450 natural gas processing

facilities in the United States emitting more
than 56 million metric tons of CO2 each year,
we see a significant opportunity to mitigate
carbon emissions.” Customer Service
PO Box 4009, Chesterfield, MO 63006-4009, USA
Tel: 1-212-224-3043
Matt Miller, co-founder and managing director at Grey Rock Fax: 212-224-3886
UK: 44 20 7779 8704 Hong Kong: 852 2842 8011
said as his private equity firm invested in in carbon capture and E-Mail: mailto:[email protected]
sequestration company CarbonCycle Editorial Offices
1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Power Finance & Risk is a general circulation newsweekly.
No statement in this issue is to be construed as a recommendation
“North Carolina has the greatest technical to buy or sell securities or to provide investment advice.
Power Finance & Risk © 2023

potential for offshore wind energy generation Institutional Investor, LLC Issn# 1529-6652
Copying prohibited without the permission of the publisher.

of any state on the East Coast coupled with COPYRIGHT NOTICE: All materials contained in this publication
are protected by United States copyright law and may not be

the largest manufacturing presence on the reproduced, distributed, transmitted, displayed, published, broadcast,
photocopied or duplicated in any way without the prior written consent
of Institutional Investor. Copying or distributing this publication is in
Eastern Seaboard.” violation of the Federal Copyright Act (17 USC 101 et seq). Infringing
Institutional Investor’s copyright in this publication may result in
criminal penalties as well as civil liability for substantial money
NC commerce secretary Machelle Baker Sanders said as the damages. ISSN# 1529-6652

state partnered with the Commonwealth of Virginia, Maryland and Postmaster

Please send all undeliverable Mail and changes of addresses to:
Delaware on a workforce to further offshore wind development PO Box 4009 Chesterfield, MO 63006-4009 USA

“We know things like permitting reform and

NIMBYism are a challenge for renewable TELL US WHAT YOU THINK!
electricity and transmission projects. The closer Do you have questions, comments
or criticisms about a story that appeared
that these projects get to where many people in PFR? Should we be covering more or
less of a given area? The staff of PFR is
are, the more challenges that can arise.” committed as ever to evolving with the
markets and we welcome your feedback.
Doug Vine, director of energy analysis at the Center for Climate
and Energy Solutions, despite a majority of Americans saying they Feel free to contact Tom Duffell
wouldn’t mind solar panels and wind turbines in their communities, Editor, at (212) 224 3196
according to a Washington Post-University of Maryland poll or [email protected].

2 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

GENERATION AUCTION & SALE CALENDAR

These are the current live generation asset sales and auctions, according to Power Finance and Risk’s database.

Seller Assets Location Adviser Status/Comment

Advanced Power Oriana Solar (solar, 232MW, storage, Victoria Marathon Capital Renewables developer Advanced Power has sold its Oriana Solar project to Sabanci Renewables, a subsidiary of
60MW) County, Texas Sabanci Holdings (See page, 6)
AEP Unregulated, contracted renewables US JP Morgan, Citigroup Global AEP has closed the sale of its unregulated, contracted renewables business to Invenergy (PFR, 8/16)
business (1,365 MW) Markets, Hunton Andrews
Kurth
Algonquin Renewable Energy Group North America JP Morgan Ontario-based Algonquin has commenced the sale of its Renewable Energy Group, consisting of 3.9 GW of wind,
solar, and hydroelectric projects in operation or under construction across North America (PFR, 8/10)
Atlas Retail Energy Atlas Retail Energy US Energy management services, procurement and energy infrastructure development firm, Priority Power has
acquired power procurement advisor Atlas Retail Energy (PFR, 8/30)
BP Energy Partners Platform (distributed generation) US TPH&Co, The Garden Law Arroyo Investors, a power and infrastructure- focused investment manager, closed on its acquisition of Mesa
Group Solutions from Dallas-based BP Energy Partners (PFR, 7/10)
Braya Renewable Fuels Braya Renewable Fuels US Lazard, Kirkland & Ellis, NRF Braya Renewable Fuels has unveiled a $300 million preferred equity investment from Energy Capital Partners, an
energy transition-focused investor in renewable infra sectors (PFR, 5/1).
Broad Reach Power Broad Reach (battery energy storage US Aurora Energy Research LLC, Houston-based Broad Reach Power has agreed to sell nearly its entire BESS business to French multinational utility
system business) White & Case company Engie (PFR, 8/24)
Carbonvert Texas Carbon 1, Bayou Bend CCS (25% Texas, US Norwegian energy company Equinor has acquired a 25% stake in carbon sequestration site Bayou Bend CCS,
stake) the joint venture that owns one of the largest US carbon capture and storage projects, through its acquisition of
Carbonvert subsidiary Texas Carbon 1 (PFR, 8/28)
Cemig Portfolio (15 hydro assets) Brazil Cemig received a winning bid for its 15 hydroelectric assets, sold in a single lot to Mang Participações e Agropecuária.
The company launched an auction earlier this year with a minimum bid of R$48.2 million (PFR, 8/14)
CleanChoice CleanChoice US CIBC Capital Markets, DLA Piper, Renewables infrastructure firm True Green Capital Management (TGC) has closed on its majority ownership
Guggenheim Securities, Pillsbury acquisition of CleanChoice (PFR, 7/24)
Winthrop Shaw Pittman
Copel Araucária power plant Brazil Crédit Agricole Copel is looking to sell its 81.2% stake in the Araucária power plant in the Araucária power plant in conjunction with
Petrobras, who owns the remaining 18.8% (PFR, 9/5)
Crown Energy Services Portfolio (energy storage assets) New York, US New York natural gas supplier EnergyMark has agreed to acquire the assets of its neighbor and competitor Crown
Energy Services (PFR, 10/9)
Denbury Denbury US Exxon Mobil has agreed to acquire carbon capture developer Denbury in an all-stock transaction valued $4.9 billion
or $89.45 per share (PFR, 7/24)
Duke Energy REC Solar, DG portfolio US BofA Securities, Mayer Brown, Duke Energy has closed on the sale of its entire distributed generation (DG) portfolio, including the operating
Scotia, Kirkland & Ellis assets, development pipeline and O&M portfolio of REC Solar, to Arclight (See page, 6)
EDF Cypress 1 & 2 (Wind, 247MW) Alberta, Desjardins Group Pension Plan and DGAM Global Private Infrastructure Fund II have together acquired 37.5% of
Canada Canadian wind farms Cypress 1 & 2 from EDF Renewables (PFR, 8/7)
EDP Brasil EDP Brasil shares Brazil EDP has increased its stakes in EDP Brasil, effectively delisting the company in Brazil (PFR, 7/17)
EDP Renováveis Jerusalém (wind, 181MW), Boqueirão Brazil Norway’s Statkraft Energías Renováveis has agreed to purchase a duo of operational wind farms totaling 260MW in
(wind, 79MW) Brazil from EDP Renováveis (PFR, 8/30)
Enel Chile Portfolio (solar, 416MW) Chile Enel Chile is offloading a portfolio of solar assets totaling 416MW to Sonnedix (PFR, 7/24)
EVM Energía Gas-fired plants, 850MW Mexico Milbank Valia Energía, an Actis-backed power generation company, has completed its acquisition of EVM Energía, adding
850MW of gas-fired assets to its Mexican portfolio (PFR, 7/31)
Essential Utilities Portfolio (natural gas, utility) West Virginia Norton Rose Fulbright, Steptoe Natural gas and wastewater company Essential Utilities has closed on the sale of its entire West Virginia natural gas
& Johnson utility portfolio to Hope (PFR, 10/9)
Essential Utilities Pittsburgh International Airport Pittburgh, Renewable energy provider Cordia has acquired three Pittsburgh, Pennsylvania-sited energy systems from Essential
Microgrid, Allegheny County District Pennsylvania, Utilities for $165 million (PFR, 10/9)
Energy System, Allegheny Health US
Network (AHN) Wexford Hospital
Generation Bridge Acquisition Sunrise Power Holdings (586MW Fellows, Investec, Deutsche Bank, Hull Street Energy has acquired Sunrise Power Holdings from Generation Bridge Acquisition, an Arclight Capital
natural gas) California Troutman Pepper, Milbank Partners affiliate for an undisclosed amount (PFR. 7/3)
GIC Transmission assets (50% stake) Neoenergia has completed the sale a 50% stake in the company’s transmission assets to a fund of Singaporean
institutional investor GIC. The assets cover a total of 1,865 km of transmission lines and have an average concession
term of 25 years (PFR, 10/9)
Grupo Ibereólica Renovables Caravelí (wind, 218 MW) Peru Celsia - part of Columbia's Grupo Argos - has agreed to acquire the 218 MW Caravel wind farmí from Grupo
Ibereólica Renovables, a project expected to cost around $240 million (PFR, 8/22)
Hydroméga Services Hydroméga Services Canada TD Securities, Davies Ward Clean power producer, developer, and energy storage company FirstLight Power has finalized its agreement to
Phillips & Vineberg, KPMG, acquire Hydroméga Services, including ownership interest in five hydropower generating stations in Québec and
Blakes, Cassels & Graydon five in northeastern Ontario (PFR, 9/13)
NextEra Florida City Gas Florida, US Goldman Sachs, Norton Rose Energy and infrastructure giant NextEra has agreed to sell Florida City Gas (FCG) to oil and gas company
Fulbright, Barclays, Shearman Chesapeake Utilities in a transaction set to close in Q4 (PFR, 10/9)
& Sterling, Baker Hostetler
OCI Solar Power Stillhouse Solar Project (solar, 284MWdc) Texas, US Norton Rose Fulbright TPG-backed Matrix Renewables has purchased the 284MWdc Stillhouse Solar Project from OCI Solar Power (PFR, 7/31)
OneEnergy Renewables Portfolio, (solar, 12 MWdc) Colorado, US Greenbacker Renewable Energy Company has acquired three solar projects totaling a 12MWdc from OneEnergy
Renewables, all Colorado-sited assets purchased through one of Greenbacker's wholly-owned subsidiaries (PFR, 8/28)
Pampa Energia Mario Cebrero (100 MW, wind) Argentina Pampa Energía has agreed to trade its 100MW Mario Cebrero Wind asset for Total Austral’s 45% of stake in the
Rincón de Aranda block, leaving Pampa Energía a 100% stakes in the hydrocarbon concession located in the
province of Neuquén (PFR 8/17)
Qcells South Cheyenne Solar Facility (150 MW) Wyoming, US Atlanta-based Southern Power, an energy subsidiary of Southern Company, has absorbed the 150 MW South
Cheyenne Solar Facility from South Korean-owned energy company Qcells USA (PFR, 10/9)
Redeux Energy Partners Portfolio (solar, 1.7GWdc) US Marathon Capital Redeux Energy Partners will sell its 1.7GWdc solar and 160MW/640MWh battery storage portfolio spanning 11 states
(BESS, 160MW/640MWh) with Marathon Capital as its sole financial advisor (PFR, 9/7)
Ribeiro Solar Ribeiro Solar Paraná, Brazil German renewable company's solar trading subsidiary BayWa r.e. Solar Trade has signed an agreement to acquire solar
distribution company Ribeiro Solar, marking the company’s entry into the Brazilian renewable market (PFR, 8/29)
rPlus Energies Pleasant Valley Solar (solar, 261MWdc) Idaho, US Matrix Renewables, a solar energy and battery storage developer backed by TPG Rise, has acquired a controlling
interest in Pleasant Valley Solar project from rPlus Energies (PFR, 8/3)
Samsung C&T Portfolio (Solar PV, storage 3GW) Texas, US South Korean trading company Samsung C&T has signed a deal to sell 15 solar PV and energy storage systems
(ESS) to North American developer Sunraycer (PFR, 9/15)
Sojitz Kleen Energy Systems (controlling US Lathan & Watkins, Mintz ArcLight Capital Partners has purchased Sojitz's inderect ownership of Kleen Energy Systems, owner of a 620MW
stake) natural gas plant. ArcLight now has 100% of Sojitz's stake, originally purchased as part of a consortium of Japanese
investors (PFR, 8/14)
Soltage Soltage (majority equity interest) US Mayer Brown, Macquarie Igneo Energy Partners will acquire a majority interest stake in renewable power producer Soltage from investors
Capital including Prudential Private Capital (PFR, 9/7)
SunCode Energy Holtville Bess (30MW / 120MWh energy Imperial Fifth Third Bank, KeyBanc Greenbacker Capital Management, a renewables asset manager, has purchased a to-be-constructed 30MW /
storage system) County, Capital Markets, Wells Fargo, 120MWh energy storage system from SunCode Energy (PFR, 7/3)
California Greenberg Traurig, Troutman
Pepper
Tortioise Acquisition Corp. US Cohen & Company Capital SPAC, Tortoise Acquisition Corp has merged with One Energy to form One Power Co. (PFR, 8/15)
Markets, Nelson Mullins Riley
& Scarborough, Ellenoff,
Grossman & Schole
Voltaria Part the Arinos complex (420MW) Minas Gerais, French renewable company Vol- talia has agreed to sell a 420MW solar project in Brazil to Newave Energia for an
Brazil undisclosed amount (See Page, 12)

New or updated listing

The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed.
To report updates or provide additional information on the status of financings, please call Tom Duffell at (212) 224 3196 or e-mail [email protected].

3 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

PROJECT FINANCE DEAL BOOK

Deal Book is a matrix of energy project finance deals that Power Finance & Risk is tracking in the energy sector.

Live Deals: Americas

Loan
Sponsor Project Location Lead(s) Deal Type Tenor Notes
Amount
Aspen Power Portfolio (Solar, 82.8MW) US Fox & Company Tax Equity $60m Foss & Company, an institutional investment fund sponsor, and Aspen Power
executed a $60 million tax equity deployment for 27 solar projects across New
York, New Jersey, Maine, and Georgia (PFR, 9/6)
Atlus Power Portfolio (solar, 35MW) US Blackstone Long-term fixed $47m Altus Power, an independent developer, owner, and operator of commercial-scale
rate loan solar, has secured $47 million in financing from Blackstone (PFR, 6/26)
Ashtrom Renewable Energy Tierra Bonita Project (Solar, Texas, US BHI, Bank Hapoalim Group, Green Loan $270 million Global independent power producer (IPP) Ashtrom Renewable Energy has received
400MW) Bayerische Landesbank, ING Capital, $270 million in financing from five banks for its 400MW Tierra Bonita Solar Project
Rabobank, and Société Générale in Pecos County, Texas (PFR, 10/9)
Broad Reach Power Portfolio (BESS, 880MW) Texas and Deutsche Bank Construction loan $435m Utility-scale battery storage platform Broad Reach Power has closed a $435 million
California, US credit facility to fund the construction of seven stand-alone energy storage projects
in Texas and California (PFR, 7/8)
Casa dos Ventos Babilônia Sul complex (Wind, Bahia, Brazil FDNE Construction loan R$20.8m Casa dos Ventos received financing for 2 wind farms in Brazil from FNDE, a fund
360MW) managed by Sudene, released R$20.8 million ($4.2 million), the third installment in
the R$388.3m (PFR, 10/2)
Clearway Energy Group Rosamond Central BESS project California, US NordLB Construction loan $421m Clearway Energy Group has closed a $421 million financing for its 147MW/588MWh
(147MW/588MWh) Rosamond Central BESS project in Kern County, California (PFR, 7/8)
Comisión Federal de Electricidad Portfolio (hydroelectric) Mexico JP Morgan and HSBC $333.6m 15-yr Mexico’s Comisión Federal de Electricidad landed a $333.6 million financing for
seven hydroelectric plants (PFR, 8/14)
DE Shaw Renewable Investments San Juan 1 project (200MW solar New Mexico, US Société Générale, Zions Capital Construction loan, 5-yr, 5-yr DESRI has reached financial close on its San Juan 1 project, a 200MW solar farm
farm, 100MWac battery storage) Markets, Huntington National Bank, letter of credit, equity with 100MWac battery storage facility (PFR, 7/17)
Commerzbank AG, SuMi Trust bridge loan
Dimension Renewables Portfolio (community solar, New York, Silicon Valley Bank Equipment loan $36.5m Dimension Renewables Energy Group closed on a short term $36.5 million credit
100MWdc) Virginia, facility from Silicon Valley Bank, a division of First Citizens bank, to purchase solar
Pennsylvania, equipment for community solar projects across at least four states (PFR, 7/17)
California, US
Dimension Renewable Energy Portfolio (Solar, 120MW) US Silicon Valley Bank; NT Solar and Debt and Tax Equity $237m SVB led the $237m debt financing to Dimension Renewable Energy for its portfolio
Advantage Capital of community solar projects across five states, while NT Solar and Advantage
Capital arranged the tax equity for the deal (PFR, 9/18)
DSD Renewables Portfolio (250mw solar) US Santander Corporate & Investment Credit Facility $140m BlackRock-owned DSD Renewables has secured a $140 million credit facility, with
Bank, HSBC USA, and Rabobank the funding arrangement led by Santander Corporate & Investment Banking with
Group HSBC USA and Rabobank Group as lead joint arrangers (PFR, 6/26)
EDP Renováveis Boqueirão I and II (Wind, 79.8MW) Rio Grande do FDNE Construction loan R$165m EDP Renováveis landed a R$38.72 million loan for its Boqueirão I and II wind farms
Norte, Brazil located in the state of Rio Grande do Norte. Together, the projects have an installed
capacity of 79.8MW. The fund provided R$165 million to the R$414 million project
before and plans to lend R$216 million in total (PFR 8/28)
Energix Renewables Potfolio (Solar, 416MWdc) Virgina and Santander Corporate & Investment Construction and $520m Energix Renewables has received $520 million in financing and tax equity
Pennsylvania, US Banking, Morgan Stanley term loan, Tax Equity from Santander CIB and Morgan Stanley for six solar projects in Virginia and
bridge loan Pennsylvania (PFR, 7/10)
Eolian Decarbonization Strategies US Banco Santander, MUFG, National Green Loan $515m Eolian, a portfolio company of Global Infrastructure Partners (GIP), has closed
Australia Bank, Natixis Corporate & financing on a green loan for decarbonization strategies across the US (PFR, 6/12)
Investment Banking, and SMBC.
Forefront Power Partners Portfolio (Solar) US NT Solar Tax Equity $65m Commercial and Industrial (C&I) solar developer Forefront Power Partners has
closed a $65 million solar investment tax credit (ITC) financing from NT Solar for its
portfolio of 100 solar projects in California (PFR, 9/11).
FuelCell Energy US Investec, Bank of Montreal Letter of Credit $80.5m, $6.5m 7 yr FuelCell Energy, a global manufacturer of proprietary fuel cell technology, has
secured a $87 million non-recourse project financing facility. (PFR, 6/5)
Grenergy Gran Teno (241MW, solar); Tamango Chile BNP Paribas, Société Générale Green loan $148m Spanish renewables developer Grenergy has landed financing for two solar assets
(48MW, solar) in Chile (PFR, 7/10)
Grupo MEZ Energia MEZ 2 Energia transmission project Bahia, Brazil FDNE Construction loan R$6.47m São Paulo-based Grupo MEZ Energia locked a R$6.47 million financing, the second
the company received from the fund, for the MEZ 2 Energia transmission project
located in Bahia. FDNE plans to loan close to R$30 million to the R$53.7 million
project (PFR 8/28)
Heelstone Energy Portfolio (solar, 320MW) Georgia, US Advantage Capital Tax Equity $150 million+ Heelstone Energy has closed a tax-equity investment from Advantage Capital, a
New Orleans-based investment firm, for its four solar projects in Georgia, totaling
320MW (PFR, 7/24)
Heelstone Renewable Energy five solar projects (345MW) US Third Fifh Bank, JP Morgan Chase Debt Financing $375m Ares-backed Heelstone Renewable Energy closed a $357 million debt financing with
JPMorgan Chase and Fifth Third Bank for five utility-scale solar projects totalling
345MW. (PFR, 6/12)
Innergex Renewable Energy Boswell Springs (wind, 329.8MW) Wyoming, US BNP Paribas, Credit-Agricole CIB, Non-recourse term loan, $534m, $49m 10-yr Innergex Renewable Energy has secured a $534 million construction loan and term
Export Development Canada, letter of credit financing and $49 million letter of credit facility for its 329.8MW Boswell Springs
MUFG Bank wind project in Wyoming (PFR, 7/24)
Invenergy Portfolio US Natixis Corporate & Investment Revolving credit facility $1.5bn Invenergy has closed a $1.5 billion revolving credit facility with Natixis Corporate &
Banking Investment Banking to grow its development pipeline (PFR, 8/14)
Intersect Power Portfolio (renewables, energy US Deutsche Bank, Nomura Securities Corporate credit facility $800m Intersect Power has closed an $800 million revolving corporate credit facility to
storage and green hydrogen) International, Santander Corporate support the development, construction, and operation of its renewables, energy
& Investment Banking storage, and green hydrogen project pipeline (PFR, 7/3)
Jupiter Power 2 standalone battery storage Texas, US First Citizens Bank Construction and $70.4m Jupiter Power, an energy storage infrastructure platform, has secured $70.4 million in a
projects (160MWh, 320MWh) term loan construction and term loan from First Citizens Bank's energy finance group (PFR, 7/24)
Macquarie’s Green Investment 456MW Feijão Wind Farm Brazil Santander Brazil, Santander Spain, Term loan, working $346m 5-yr Financial details have emerged on Macquarie’s Green Investment Group and Hydro
Group and Hydro Rein BNP Paribas, Citibank Brazil, Citibank capital loan and project Rein’s 456MW Feijão Wind Farm – part of a 586MW combined wind and solar
New York, HSBC, JPMorgan Chase LC loan project in northeastern Brazil (PFR, 7/3)
Bank, Natixis, Société Générale
Nexamp Portfolio (solar and storage, US US Bancorp Impact Finance, MUFG Construction loan, tax $400m Community solar specialist Nexamp has secured more than $400 million in tax
250MWdc) equity equity and debt commitments led by US Bancorp Impact Finance and MUFG
(PFR, 6/26)
Nexus Renewables 10MW/40MWh BESS Fairfield, Project-to-term funding, $40m Nexus Renewables announced the closing of multiple financings totaling $40
California, US Tax Equity million (PFR, 6/20)
Recurrent Energy Liberty Solar (134MW) Texas, US Rabobank, US Bank, NordLB Construction loan and $200m Recurrent Energy, the solar and storage developer, and owner, has closed on a
Tax Equity $200 million project financing for the 134MW Liberty Solar project (PFR, 9/25)
Recurrent Energy North Folk Solar (160MW) Oklahoma, US NordLB and Rabobank Construction loan $112m Recurrent Energy closed $112m in project financing for its 160MW solar farm.
NordLB and Rabobank were the joint lead arrangers. The project, North Folk Solar,
is Recurrent’s first solar endeavor in Oklahoma and is expected to begin operations
in 2024 (PFR, 9/6)
Recurrent Energy Portfolio (solar, battery storage) US Santander Corporate & Investment Multicurrency corporate €150m Recurrent Energy, a development company owned by Canadian Solar, has secured
Banking facility a €150 million multicurrency facility with Santander Corporate & Investment
Banking (PFR, 7/3)
Spearmint Energy Portfolio (BESS, 1.2GW/2.4GWh) Texas, US Javelin Capital Construction loan $200m Spearmint Energy, the battery energy storage specialist, has closed a $200 million
credit facility with Aiga Capital Partners for the development (PFR, 6/20)
Sterlite Power Borborema Transmissão de Energia Paraíba, Brazil FDNE Construction loan R$23.7m Sudene provided a R$23.7 million loan to Sterlite Power for its Borborema
(Transmission) Transmissão de Energia project which comprises the implementation of
transmission lines in the state of Paraíba. This is the fund’s second loan to the
project which previously benefited from R$36.26 million (PFR 8/28)
Strata Clean Energy 5MW/10MWh BESS Georgia and United Community Bank, Enhanced Tax Equity $8.7m Strata Clean Energy has closed on tax equity investments to fund two standalone
Springfield Capital battery energy storage systems (PFR, 7/3)
Vermont
Double Black Diamond (Solar, Illinois, US MUFG, Société Générale, and Truist Construction loan and $695m and "Swift Current Energy has closed $779 million in financing for its
800MW) Tax equity loan $84m 800MW Double Black Diamond solar project in Illinois, projected to be the second
largest single phase solar project in the US (PFR, 8/21)"
Sunnova Energy Project Hestia (DG solar, 587MW) US Department of Energy Green Loan $3 billion "Sunnova Energy, a low-cost solar and energy provider, has entered into a $3.0
billion partial loan guarantee agreement with the DOE's Loan
Programs Office (LPO)d to launch Sun nova's Project Hestia, which aims to expand
distributed energy resources (DERs) and energy management software to more
American homeowners (PFR, 10/9) "
SUSI Partners Solar, 107MW Chile Banco de Crédito e Inversiones Debt financing SUSI Partners landed financing for a 107MW solar portfolio in Chile. SUSI contracted
and DNB debt financing from Chilean bank Banco de Crédito e Inversiones (BCI) and
Norwegian financial services group DNB for an undisclosed amount (PFR, 10/2)
Trinity Gas Storage Anderson County Natural Gas Plant Texas, US Transition Equity Partners; Investec Equity funding and Debt $189m Trinity Gas Storage has closed $189 million in equity funding from private equity
financing firm Transition Equity Partners and debt financing led by Investec as the joint lead
arranger for its natural gas storage facility in Anderson County, Texas (PFR, 9/18)
Voltalia Serra do Mel V (42.8MW) Rio Grande do FDNE Construction loan R$9.4m
Norte, Brazil

New or updated listing

The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed.
To report updates or provide additional information on the status of financings, please call Tom Duffell at (212) 224 3196 or e-mail [email protected].

4 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

NORTH AMERICA

Dominion unveils VA solar and

offshore wind farm plans
Dominion Energy is set to add • Beldale Solar (Powhatan Coun- competitors are facing. Because
772MW of solar generation in ty) – 57MW of this, the company is continu-
Virginia through six Domin- • Blue Ridge Solar (Pittsylvania ing with its project pipeline.
ion-owned or acquired solar County) – 95MW While the Richmond, Virgin-
farms and 13 power purchase • Bookers Mill Solar (Richmond ia-based company has not yet re-
agreements (PPAs) with inde- County) – 127MW vealed the details for the second
pendently owned projects. With SCC approval, Dominion wind project, it is expected to be
The proposal was revealed in expects the projects to be com- a similar size to the nearly 3GW
Dominion’s annual clean en- pleted between 2024 and 2026. CVOW project. Dominion aims to
ergy filing with the Virginia The new offshore wind project bid for an offshore wind lease in
State Corporation Commis- comes to light a week after Do- Virginia’s 2024 tender.
sion (SCC), in which the compa- minion received BOEM environ- Additionally, on October 2,
ny also revealed the plans for an mental approval for its 2.6GW Joshua Bennett Dominion Energy’s executive
additional offshore wind farm in Coastal Virginia Offshore Wind vice president and president of
the area. (CVOW) farm, its first commer- whether to approve or deny the Dominion, Carter Reid, will
Dominion’s solar plans will in- cial offshore wind project. CVOW project by December 2023. If ap- step down from her positions in
clude 13 PPAs with independent- is located about 27 miles offshore proved, construction will begin 2024. Former senior vice presi-
ly owned solar projects, totaling of Virginia Beach and is expected in Spring 2024, and the project is dent and chief legal officer Car-
435MW, while the six solar farms to power 660,000 homes in the expected to come online in 2026. los Brown will be taking over
add 435MW of generation. state once operational. The proj- Dominion Energy’s vice pres- her duties and report to Robert
The solar farms are: ect is estimated to cost over $10 ident of offshore wind, Joshua Blue, chair, president, and chief
• Alberta Solar (Brunswick Coun- billion, and the utility is seeking Bennett, told Bloomberg that executive. Brown has worked
ty) – 3MW to offload non-controlling inter- the company, having signed its at Dominion for over 16 years,
• Peppertown Solar (Hanover est to de-risk the project, though supply deals and PPA agree- serving as senior counsel and in
County) – 5MW claiming it remained on budget. ments in 2021 after inflation other legal and operational roles
• Michaux Solar (Henry and The BOEM revealed that it will began, has avoided many of the before his earlier promotion to
Pittsylvania Counties) – 50MW issue a record of the decision on financeability issues that its chief legal officer in 2017.

5 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

NORTH AMERICA

Advanced Power sells 232MW solar to Sabanci

Renewables developer Advanced News in
Power has sold its Oriana Solar
project to Sabanci Renewables, a Numbers:
subsidiary of Sabanci Holdings.
Oriana Solar, a 232MW photo-
voltaic electric generation asset
co-located with 60MW of battery
storage capacity sited in Victoria
County, Texas, is expected to be-
gin construction in Q1 of 2024.
450MW
Sabanci has been a buyer of Ad-
Oriana Solar, a 232MW photovoltaic electric generation asset with 60MW Renewable energy taken
vanced projects in the past and of battery storage is expected to begin construction in Q1 of 2024 by Verizon from Leeward
closed on its acquisition of the
Renewable Energy’s GSG
272MW Cutlass II solar project, Marathon Capital was the sole and MISO. Other upcoming ER-
Wind, White Wing Ranch
the second phase of the 140MW advisor on the deal. Deal terms COT projects include:
Solar and Big Plain Solar
Cutlass Solar I in October 2022, were not disclosed. • Eldora Energy – 238 MWdc with
projects
(PFR, 10/2022). Both phases saw Oriana marks the fourth Tex- an additional 200MW/400M-
engineering, construction and as-based solar project Advanced Wh battery storage facility
procurement done by Turkish Power will site in the state. The • Alina Energy – 245 MWdc and
company Bechtel, while Ad- 189MWdc and 60MW/120MWh Ta- 200MW/400MWh battery stor-
vanced Power continues to man- litha Energy project in Advanced age facility
age the project. Power’s pipeline is also sited in • Elio Energy – 300MW/600M-
The Oriana project will sell
energy and renewable energy
Texas, near Corpus Christi.
Advanced Power’s 8GW Amer-
Wh battery storage facility
• Rock Rose Energy –
1.6m tons
credits (RECs) within the ERCOT ican development pipeline 200MW/400MWh battery stor-
market. stretches through ERCOT, PJM, age facility Carbon to be captured
by Californian energy

Duke Energy closes sale of REC Solar to Arclight producer, Aera Energy’s,
is preparing first large-
Duke Energy has closed on the financial advisor for Arclight its operations and customers. scale CCS project –
sale of its entire distributed gen- while Kirkland & Ellis is serving Proceeds from both sales will CarbonFrontier.
eration (DG) portfolio, including as the company’s legal counsel. be allocated to Duke Energy’s
the operating assets, develop- Duke is still in the middle of balance sheet, avoiding hold-
ment pipeline and O&M portfolio the sale of its utility-scale com- ing company indebtedness and
of REC Solar, to Arclight. mercial renewables business to growing the company’s regulat-
The acquisition, which also Brookfield for $2.8 million, made ed businesses.
includes the distributed fuel public in June (PFR, 6/13). Duke Energy purchased REC
cell projects under Bloom En-
ergy’s management, will tran-
The sale agreement for Duke
Renewables includes 5,900MW
Solar in 2017, and its solar farms
and developments became part 20GWh
sition the employees of the DG of operating and under construc- of Duke Energy’s project portfo-
business to Arclight. tion wind, utility scale solar and lio of 5,319MW of renewable en- Batteries per year LG
Upon announcement in July, storage assets, and a 6,100MW ergy capacity (PFR, 12/2017). Energy will supply Toyota
the company stated the sale was development pipeline. In 2019, Duke Energy pur- to power its battery electric
at an enterprise value of $364 Duke Energy’s expected net pro- chased a 39-project solid oxide vehicles
million inclusive of non-con- ceeds from this transaction are fuel cell portfolio from Bloom
trolling tax equity interests, net- approximately $1.1 billion, subject Energy for $250 million, and a
ting Duke a previously approxi- to certain customary adjustments. pipeline of 30 projects at around
mated $259 million of proceeds The primary operations of the 0.2 to 2.8MW generation range
(PFR, 7/5). business will remain in Char- (PFR, 7/2019).
BofA Securities, is acting as lotte, North Carolina and the The company’s initiative is to Read more on these stories at
financial advisor and Mayer Duke Energy employees will accrue 30,000 MW of regulated www.powerfinancerisk.com
Brown is providing legal coun- transition over to Brookfield to renewable energy in its system
sel to Duke Energy. Scotia is the maintain business continuity for by 2035.

6 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

NORTH AMERICA

Electric Hydrogen raises $380m for green hydrogen electrolyzer

BP launches first
Electric Hydrogen (EH2) has water through electrolyzation. expensive to produce at scale,”
completed a $380 million series The green hydrogen can be used said Raffi Garabedian, the chief
RNG plant since
C financing to accelerate the for fertilizer, steelmaking, base executive and co-founder of EH2. Archaea purchase
company’s manufacturing and chemicals, etc. EH2 will produce The systems are expected to BP-owned Archaea Ener-
deployment of its green hydro- its 100MW green hydrogen sys- produce 50 tons of green hydro- gy has launched a renew-
gen system. tems at its 1.2GW manufacturing gen per day, and EH2 currently able natural gas (RNG) plant
Fortescue, Fifth Wall, and En- facility in Massachusetts, which has 5GW of its electrolysis sys- in Medora, Indiana, located
ergy Impact Partners led the is expected to become operation- tems reserved by its various cus- next to a Rumpke Waste
Series C financing. BP Ven- al in early 2024. tomers. The first set of systems and Recycling landfill. The
tures, Oman Investment Au- “We’re here to replace natu- will be installed for New Fortress Medora plant is the first to
thority, Temasek, Microsoft’s ral gas and coal with renewable Energy, an LNG producer, at its come online since BP pur-
Climate Innovation Fund, green hydrogen. Electric Hydro- green hydrogen project in Texas. chased Archaea in 2022.
the United Airlines Sustain- gen’s 100MW electrolyzer sys- Since launching in 2020, EH2 Archaea is working in part-
able Flight Fund, New Lega- tems do that. Today’s hydrogen has raised over $600 million. nership with the landfill,
cy, Kajima Ventures, Equinor comes from natural gas and coal The Massachusetts-based com- using its Archaea Modular
Ventures, and Rio Tinto also and accounts for around 2.5% of pany plans to eventually expand Design technology to cap-
participated in the financing. global carbon emissions. There its production in the future, as ture gas from the Rumpke
The EH2 green hydrogen sys- has not been a viable solution to its manufacturing facility can be site, creating electricity for
tem produces green hydrogen this problem because renewable adapted to create green hydrogen 13,026 homes per year. The
from renewable electricity and green hydrogen has been too systems at 200MW or greater. plant is built on skids with
interchangeable components
Grey Rock makes controlling investment in CarbonCycle aimed at making the building
Private equity firm Grey Rock natural gas processing facilities ton of CO2 permanently stored process go faster.
Investment Partners has made and other industrial sites. and $60 per ton of CO2 used for
Full story click HERE
a controlling investment in car- Matt Miller, co-founder and enhanced oil recovery (EOR) or
bon capture and sequestration managing director at Grey Rock other industrial uses of CO2 –
company CarbonCycle. said: “With more than 450 nat- provided emissions reductions
The capital commitment of ural gas processing facilities in can be clearly demonstrated ATCO signs VPPA
up to $100 million was made the United States emitting more (PFR, 8/14). with Lafarge Canada
through Grey Rock’s affiliated in- than 56 million metric tons of Under the updated tax rules
Industrials company Lafarge
vestment vehicles. CO2 each year, we see a signif- owners of the project can receive
Canada and ATCO’s subsid-
CarbonCycle will allocate the icant opportunity to mitigate direct payment for the credits
iary Canada Utilities have
funds to develop carbon capture carbon emissions and deliver from the Treasury for the first
signed a 12.5-year solar virtu-
and sequestration projects (CCS), healthy risk-adjusted returns for five years, after that it can sell
al power purchase agreement
which capture CO2 emissions our partners.” any portion of its 45Q credits to
(VPPA) to supply Lafarge’s
from industrial emitters and con- The US government is creat- third parties for cash.
Exshaw cement plant with
vert the CO2 into liquid form to ing a more stable investment Market value for these credits
79.9GWh — 34% of the plant’s
be transported and permanently marketplace for CO2 through after these five years is still being
power — of renewable energy.
stored underground. enhanced tax credits. In the In- estimated with sources suggest-
Lafarge Canada has agreed
The majority of CarbonCycle’s flation Reduction Act (IRA) the ing to PFR that 0.75 to 0.85 on the
to take all the power generated
CCS projects are to be attached to 45-Q tax credits provide $85 per dollar is a likely range.
by Canada Utilities’ 38.5MW
Empress Solar project, locat-
LG Energy and Toyota ink EV battery supply agreement ed near the Alberta-Saskatch-
ewan border in Canada. The
LG Energy Solution, an EV tric vehicles (BEVs). tucky manufacturing facility, solar project is expected to
battery manufacturer, and Toy- LG Energy’s battery manu- Toyota Motor Manufacturing commence operations by the
ota North America have facturing plant in Michigan, Kentucky, which will also open end of October 2023 and offset
signed a long-term battery sup- which is expected to cost over in 2025. about 43,000 tons of carbon
ply agreement. LG Energy will $3 billion, will begin produc- emissions per year.
supply Toyota with 20GWh of ing battery systems in 2025.
NCMA batteries per year for The batteries will then be de-
Full story click HERE Full story click HERE
Toyota to power its battery elec- livered to Toyota’s new Ken-

7 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

NORTH AMERICA

Southeast states begin offshore wind analysis National

North Carolina, the Common- transmission-related expenses,
wealth of Virginia, Maryland and decrease marine transmission
Renewable
Delaware have started a work- cable lines by 50%, and up to Solutions
force to further offshore wind de- 70% fewer shore crossings and appoints CEO
velopment. onshore transmission updates.
The project – SMART-POW- All the benefits outlined in the National Renewable Solu-
ER Workforce and Supply Chain January 2023 report would ben- tions (NRS) has hired Bill
Analysis – is a partnership be- efit local community impact and Whitlock to take over as
tween the four governments, reduce project development and chief executive as Patrick
the National Offshore Wind Re- Machelle Baker Sanders cost-escalation issues. Pelstring begins retirement.
search and Development Con- Earlier this month (October Pelstring leaves the firm
sortium (NOWRDC) and Nation- The states had already begun 2023), Massachusetts, Connecti- after more than 12 years in
al Renewable Energy Laboratory assessing offshore wind when cut, and Rhode Island entered into the role.
(NREL). in June 2020 North Carolina, an offshore wind partnership to Before joining NRS, Whit-
The aim is to understand the Virginia and Maryland signed a solicit larger wind farms with the lock served as an executive
region’s existing offshore wind memorandum of understand- goal of curbing prices. The states in residence at 547 Ener-
capabilities and identify supply ing creating the Southeast and had previously scheduled individ- gy, a Houston, Texas-based
chain investments to further the Mid-Atlantic Regional Transfor- ual solicitations for January 2024 venture capital and PE plat-
development of offshore wind. mation Partnership for Offshore but will now run a 6GW offshore form. Whitlock joined 547
“North Carolina has the greatest Wind Energy Resources. This wind energy tender together. after over five years as the
technical potential for offshore collaboration provides a frame- The state-level collabora- vice president of develop-
wind energy generation of any work for the three states to coop- tion comes as developers in the ment at Calpine, a natu-
state on the East Coast coupled eratively promote, develop, and US offshore wind sector face a ral gas and geothermal re-
with the largest manufacturing expand offshore wind energy challenging time. Last month source power operator.
presence on the Eastern Sea- and the accompanying industry (September 2023) Avangrid’s
board,” said NC commerce secre- supply chain and workforce. 804MW Park City Wind farm
Full story click HERE
tary Machelle Baker Sanders. Governor Roy Cooper then in off of Connecticut became the
NOWRDC recently funded June 2021 signed Executive Or- fourth large-scale US project to
NREL to develop a national der 218, establishing North Car- terminate its PPA agreement
Supply Chain Roadmap that olina’s offshore wind develop- with state utilities (PFR, 10/3). TerraWatt
provides a framework for eval- ment goals of 2.8GW by 2030 and Developers are struggling to
Infra expands
uating different supply chain 8GW by 2040. keep projects financeable under
scenarios, including investment A Brattle Consulting study, contracts signed before rising
California EV
in new manufacturing facilities, titled The Benefit and Urgency of interest rates and supply chain charging network
upgrading ports, building new Planned Offshore Transmission, issues. Facing local and political
vessels, creating new workforce revealed that state collabora- backlash (PFR, 9/18), the offshore TerraWatt Infrastructure,
training centers, and creating tion on offshore wind endeav- wind market in the US is at a turn- an EV charging station de-
assets in new port communities. ors could save $20 billion in ing point. veloper, has purchased two
heavy-duty EV charging
sites across inland Southern
California Governor signs wave and tidal energy bill into law California, an area known as
the Inland Empire.
California Governor Gavin generate power for over 13 mil- that will host the early stages of
The two charging sites,
Newsom has signed into law lion homes from wave energy, the wave energy pilot research.
one located in the Agua
SB605, a unanimously passed according to the National Re- Swedish wave energy develop-
Mansa Industrial Corridor
bill that allows the California newable Energy Laboratory. er Eco Wave Power will be the
and another in Fontana, are
Energy Commission to study The State Senate passed the first to install a pilot station in
expected to become oper-
the potential for wave and tidal bill in September 2023 (PFR, Los Angeles, having already be-
ational in 2025. Both sites
energy development, including 9/20) after it was approved by gun developing several in the
total 40MW and can support
overseeing several pilot projects. the Assembly earlier this sum- Mediterranean.
up to 500 trucks daily.
As the state aims to achieve mer (PFR, 7/19). The bill is spon-
a carbon-free grid by 2045, sored by AltaSea, a Los Angeles
California has the potential to Port-based technology campus
Full story click HERE Full story click HERE

8 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

NORTH AMERICA

Silicon Ranch brings on AZ solar-plus-storage for a diverse set of partners across

North America. The company is
Independent power produc- in the area and includes the in- Solar Farm. one of the largest independent
er Silicon Ranch and its part- terconnection infrastructure for “The McNeal solar and battery power producers in the country,
ners – a community-focused the solar-plus-storage project. storage project allows SSVEC with a portfolio that includes more
renewable energy company These facilities interconnect to increase the amount of af- than 5GW of solar and battery stor-
and Sulphur Springs Valley the McNeal Solar Farm with the fordable, renewable energy for age systems that are contracted,
Electric Cooperative (SSVEC) – grid so that SSVEC can distribute our members, while supporting under construction, or operating
have brought online the McNeal the solar energy to homes and system reliability and promot- across the US and Canada.
solar-plus-storage project. businesses across its system. ing energy independence,” said SSVEC is a member-owned dis-
The Arizona-based project fea- Silicon Ranch developed and SSVEC CEO Jason Bowling. tribution cooperative providing
tures 20MW of solar and 80MWh funded the project and will also Founded in 2011, Silicon Ranch electricity to more than 60,000
of BESS, as well as a new substa- serve as the long-term owner and is a fully integrated provider of services over some 4,100 miles of
tion, which replaces an existing operator. It invested more than customized renewable energy, car- energized line located in south-
facility serving SSVEC members $70 million to install the McNeal bon, and battery storage solutions eastern Arizona.

El Paso Electric issues RFPs to reach renewable energy goals

El Paso Electric Compa- “At EPE, we continue lar and Storage Project, located
ny (EPE) has issued a request in the Santa Teresa area of Doña
to experience a 2%
for proposals (RFP) to obtain Ana County, New Mexico (PFR,
150GWh worth of renewable en-
customer base growth 9/26). In June, EPE also signed a
ergy resources for New Mexico rate year-over-year, which 20-year power purchase agree-
customers by 2027. inevitably leads to an ment with DE Shaw Renewable
The request will help the state increase in energy usage.” Investments for its 130MW sola
meet its goal to have 40% of en- and 65MW storage project in Luna
Kelly Tomblin, president and chief
ergy sales come from renewable Kelly Tomblin
executive of EPE County, New Mexico (PFR, 6/8).
energy by 2025 and 50% by 2030. The previously public-owned
Under the state’s New Mexi- rate year-over-year, which inevi- dent and chief executive of EPE. utility was purchased by JP
co Renewable Energy Act, EPE tably leads to an increase in ener- Prospective bidders must sub- Morgan Investment Manage-
must comply with the given gy usage and customer demand. mit a Notice of Intent by Novem- ment for $4.3 billion in 2020
deadlines and requirements, Leading environmental sustain- ber 3, 2023. (PFR, 7/24/20). As of 2022, the
reaching 40% renewable gener- ability is one of our strategic an- In September 2023, El Paso EPE is still run on a majority of
ation for its 460,00 customers in chors as we continue to develop Electric inked a 20-year power natural gas and non-renewable
the next four years. and innovate how we reliably purchase agreement with EDF Re- power generation but aims to
“At EPE, we continue to experi- provide energy to our custom- newables to receive 469,500MWh grow its owned-renewable assets
ence a 2% customer base growth ers,” said Kelly Tomblin, presi- annually from EDF’s Milagro So- by four times by 2025.

Aera Energy preps first CCS project The state’s plan for achieving
carbon neutrality by 2045 calls
Californian energy produc- after the Canada Pension Plan and accounts for nearly 25% of for the adoption of CCS to reduce
er, Aera Energy, is preparing Investment Board (CPP Invest- the state’s production. carbon emissions from industrial
first large-scale carbon capture ments) agreed to acquire a 49% “The energy landscape is processes, calling for 100 MM Mt
and storage project (CCS) – Car- stake in Aera from international transforming, and Aera’s strate- of storage per year.
bonFrontier. asset management group IKAV. gy is coexistence - ensuring Cal- Aera envisions CarbonFrontier
Once operational in the late The deal was set to “accelerate ifornians have the energy they as a cornerstone to developing a
2020s, CarbonFrontier will cap- Aera Energy’s ability to further need today as we work toward a Kern County “carbon park,” po-
ture up to 1.6 million metric tons reduce carbon intensity and sup- lower carbon future,” said Aera tentially attracting other busi-
(MM Mt) of CO2 per year from port the development of carbon Energy president and CEO Erik nesses that need storage to de-
Aera’s operations for permanent capture and storage and other Bartsch. “This strategy matches carbonize their operations. This
storage at its Belridge oil field, emerging technologies”. the state’s ambitious policy ob- follows an Aera subsidiary being
reducing Aera’s carbon foot- Aera was created as a joint jectives with our proven ability selected by the Department of
print by the equivalent of 30,000 venture between Shell and Exx- to bring innovative energy solu- Energy to study the feasibility
households. onMobil. It is California’s sec- tions on paper to operational re- of a direct air capture hub last
The move comes seven months ond-largest oil and gas producer alities in the field.” month (September 2023).

9 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

NORTH AMERICA

Leeward begins construction on 240MW solar and wind projects

Leeward Renewable Ener- erate native desert ecosystems Fargo to develop its Big Plain
Southern
gy (LRE) has begun the construc- located on the project’s land. Solar and Oak Trail Solar Company
tion of two projects, GSG Wind The two projects are expected to (North Carolina) projects (PFR, partners with
and White Wing Ranch Solar, as come online in December 2023 11/29/22). Verizon also signed a
Novelis on
well as reaching commercial op- and fall 2024, respectively. power purchase agreement with
erations for Big Plain Solar. 196MW Big Plain Solar, located the 100MW Oak Trail Solar proj- decarbonization
All three projects have power in Madison County, Ohio, has com- ect, which commenced opera-
purchase agreements with Veri- menced commercial operations. tions in August 2023 (PFR, 8/18). Energy provider South-
zon for a total of 450MW of re- LRE has partnered with Clark In July 2023, LRE was revealed ern Company has part-
newable energy. State College to support job cre- to be the preferred applicant for nered with aluminum busi-
GSG Wind, located in Lee and ation and training in the area. a BLM utility-scale solar land ness Novelis to decarbonize
Lasalle Counties, Illinois, is an “This impressive collective of parcel auction (PFR, 7/5). Silver its operations – including the
80MW farm that launched con- project announcements high- Star Solar, a subsidiary of Lee- construction of two onsite
struction, aiming to replace sev- lights our dedication to protect- ward, received Parcel 2, a 6,520- 80MW solar farms.
eral dozen turbines and increase ing our planet and enabling a acre plot in the Amargosa Desert, Novelis will work with
capacity and reliability. LRE will sustainable energy transition Nevada, for $2.3 million. The Ne- Southern Company sub-
recycle or use all of the wind tur- in the United States. Innovative vada solar auction was the high- sidiary Alabama Power to
bine blades from the decommis- companies like LRE help us de- est-yielding onshore renewables provide the Bay Minette,
sioning sections of the project. liver on these goals,” said Jim auction in BLM history. Alabama, aluminum recy-
At White Wing Ranch Solar, in Gowen, the chief sustainability A portfolio company of OMERS cling and rolling plant with
Yuma County, Arizona, LRE also officer at Verizon. Infrastructure, Leeward owns renewable energy to reduce
began construction on its new In November 2022, LRE and operates 26 wind, solar, and its scope 2 greenhouse gas
160MW facility. LRE will use land closed a $615 million financing energy storage facilities totaling emissions.
management strategies to regen- from MUFG Bank and Wells 2.7GW across the US.
Full story click HERE
Greenbacker grows private equity investment team
Greenbacker Capital Manage- dia scaled developer platforms associate, while Nahar recently
ment has hired Rahul Bhalo-
dia as the managing director of
across geographies, grew ven-
ture investment businesses, and
worked at Riverbend Energy
Group on the energy transition
Wren
the Greenbacker development op- managed power generation port- team in Houston. House hires
portunity (GDEV) strategy. Bhal- folios. In August 2022, GDEV made a former GE
odia will lead origination, execu- Bhalodia joined Greenbacker strategic growth investment in
tion, investment management, in March 2023 as a senior advisor Boston-based distributed gener- Renewables
and capital raising for his group. and led the equity investment ation, microgrid, and energy effi- exec as MD
Bhalodia’s addition reflects deal with Telyon, a Connecti- ciency company Renew Energy
Greenbacker’s interest in meet- cut-based C&I solar developer, Partners (PFR, 8/03/22). GDEV Global infrastructure in-
ing the growing activity in the in August. Being a member of Fund I provided growth equi- vestment manager Wren
middle-market sustainable in- the developer’s board, Bhalodia ty capital for Renew to scale its House has appointed Anne
frastructure sector. The GDEV helped negotiate Greenbacker’s platform and complete its proj- McEntee as managing direc-
group invests in sustainable in- purchase of a minority stake in ect pipeline, establishing a part- tor in its New York asset man-
frastructure platforms, specifi- Telyon. nership between the two firms. agement team.
cally green energy generation, Bhalodia joins the GDEV strat- Greenbacker closed its financ- Prior to her new role, McEn-
storage, and grid services. egy group alongside two new ing for Greenbacker Develop- tee worked as chief executive
Before joining Greenback- associates, Lea Beylot-Lac- ment Opportunities Fund I in officer of digital services and
er, Bhalodia was the principal roix and Rushabh Nahar, who March 2022 at $142 million (PFR, onshore wind during her 25-
of sustainable energies at CPP will support the team’s search 3/8/22). While the 2020-found- year career with General
Investments, the principal of to identify, partner, fund, and ed company had already made Electric (GE) Renewable
technology ventures for seven scale development teams into eight investments across renew- Energy.
years at Constellation Energy, mature platforms. Beylot-Lac- able energy tech, the fund al-
and six years in sustainable in- roix comes from Cohneznick lowed the company to focus cap-
vestments at Goldman Sachs. Capital, where she worked as an ital exclusively on sustainable Full story click HERE
Throughout his career, Bhalo- investment banking analyst and infrastructure.

10 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

LATIN
NORTHAMERICA
AMERICA

HIF Global moves forward with

$830m e-fuel project in Chile
E-fuel producer HIF Global is is set to become operational 26
“We are taking a
planning a $830 million large- months after construction starts.
scale e-fuel project in Chile. substantial step “We are taking a substantial step
The company submitted the towards making the towards making the hydrogen
Cabo Negro project located in the derivatives industry a reality in
Magallanes region in southern
hydrogen derivatives Chile: this will be the first commer-
Chile for environmental review. industry a reality in cial-scale plant for the production
The project is set to produce of carbon neutral e-fuels at com-
Chile.”
173,600 tons of e-methanol per petitive costs,” said HIF Global
year. The e-methanol may be Cesar Norton, HIF Global president president and CEO Cesar Nor-
exported as is or transformed to Cesar Norton ton. “Our HIF Cabo Negro project
and CEO
produce e-gasoline and e-lique- leverages all the experience gained
fied gas for a maximum produc- sources. The facility will use de- ted with a battery energy storage at our Haru Oni e-fuels plant.”
tion of 70,000 ton/year and 8,030 salinated water for the produc- system to store excess energy. The HIF Global started producing
ton/year, respectively. tion process and a recycling sys- 325MW project was submitted for e-fuels in its Haru Oni facility in
The e-methanol will be created tem to avoid sea discharge. permitting last year (PFR, 8/4/22) Magallanes last December. The
through hydrogen and carbon The Cabo Negro project will be but was eventually retracted and company is also working on a $4
dioxide obtained from either powered by renewable energy has yet to be submitted again. billion e-fuels project in Uruguay
biomass conversion, direct air from the Faro del Sur wind project The sponsor is expecting to expected to generate 256 million
capture or maritime imports of that Enel Green Power is devel- start construction on the facility liters of eFuels per year (PFR,
cryogenic carbon from biogenic oping in the region and will be fit- by the end of 2024. The facility 6/15).

11 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

LATIN AMERICA

MSU Energy issues green bonds for solar in Argentina

Power producer MSU Energy is
News in
issuing green bonds for a 137MW
portfolio of solar projects the com-
Numbers:
pany is developing in Argentina.
The company is planning two
dollar-denominated issuances
this week for a total of up to $115
million with a 3-year and 10-year
maturity respectively. $830m
The bond proceeds will be used
to finance the construction, in- HIF Global submitted a
stallation, operation and main- $830 million e-fuel project
tenance of 12 projects, of which in Chile for environmental
Together, the projects represent an investment of $120 million
nine are located in the province permitting.
of Chaco and three in the prov- gether, the projects represent an • Puente Hnos
ince of Formosa. investment of $120 million. • Invertir en Bolsa
The projects are: The projects contracted 15- • Balanz Capital Valores
• Villa Angela II - 9MW year power purchase agreements • Itaú Valores
• Villa Angela III - 10MMW with CAMMESA in the RenMDI Bruchou & Funes de Rioja is
• Villa Angela IV - 11MW renewable energy auction held acting as legal advisor to MSU
• Charata I - 15MW earlier this year. Energy while Tavarone, Rov-
• Charata II - 15MW
• Charata III - 10MW
Banco de Galicia, Banco Su-
pervielle, Banco Itaú and Ban-
elli, Salim & Miani are advis-
ing the placement agents on the
400MW
• Saenz Pena I - 9MW co Santander are acting as transaction.
• Saenz Pena II - 11MW structuring agents and place- MSU Green Energy has anoth- Engie and Opdenergy
• Castelli - 10MW ment agents on the issuances. er two solar projects under con- are planning to develope
• Ing. Juarez - 15MW Other placement agents include: struction, the 37MW Las Lomas a solar and wind project
• Laguna Yema -15MW • Banco de Servicios y Transac- solar project located in La Rioja respectively totaling more
• Laguna Yema II - 7MW ciones and the 130MW Pampa del In- than 400MW together.
Construction on the projects is • Banco de la Provincia de Bue- fierno in Chaco for which the
set to begin this month (October) nos Aires company contracted a power
with a commercial operation • Facimex Valores purchase agreement last month
date set for January 2025. To- • Allaria (PFR, 9/10).

Voltalia offloads 420MW solar farm in Brazil 12

French renewable company Vol- developing high-quality energy The company has 2.6GW of
Enel Americas is in
talia has agreed to sell a 420MW projects. It not only adds to our projects in operation and under
talks with Actis to sell
solar project in Brazil to Newave future project pipeline of sites to construction and an additional
its generation portfolio
Energia for an undisclosed be built but also lets our partners 13.6GW development pipeline. In
comprising 12 projects in
amount. contribute to renewable energy Brazil, Voltalia owns several so-
Peru
The project, which will gener- growth. We’re delighted to be lar and wind projects including
ate enough power for the energy joining forces with Newave Ener- the 2.4GW Serra Branca complex
use of around 1.3 million people, gia,” said Sébastien Clerc, chief in Rio Grande do Norte.
is part of the 1.8GW Arinos com- executive of Voltalia. Newave Energia is a renewable
plex that Voltalia is developing Voltalia signed several part- developer owned by investment
in the state of Minas Gerais. The nerships with third parties to manager Newave Capital Bra-
company will provide construc- acquire part of the complex once zilian steel manufacturer Ger-
tion and maintenance services the development phase is com- dau which acquired 33.33% of
Read more on these stories at
to the project. pleted including with China the platform following a R$1.5 www.powerfinancerisk.com
“Our success with the Arinos Three Gorges’s Brazilian sub- billion investment last year
cluster demonstrates our skill in sidiary last year (PFR, 6/27/22). (PFR, 11/28).

12 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

LATIN AMERICA

EDF pulls plug on 50MW Colombian solar farm focosta and Ecopetrol on the
development of a 25MW biomass
EDF Renewables has pulled the Girardot, in the Cundinamarca competitiveness of projects since project (PFR, 1/25).
plug on the development of a department, a project the com- the auction was held as reasons Earlier this year, Italian utili-
50MW solar project in Colombia, pany originally won together for withdrawing from the project. ty Enel Green Power suspended
due to delays in permitting and with another solar project in a The company will remain in the construction of the 205MW
environmental licenses from lo- 2021 auction (PFR, 10/27/21) that Colombia with the Bosques So- Windpeshi wind farm located in
cal entities. would have added 145MWp to lares de los Llanos 6 solar project the Colombian department of La
The French utility was de- the national grid. located in the Meta department. Guajira due to opposition from
veloping the Pubenza project EDF also cited regulatory and EDF is also partnering with envi- indigenous communities result-
located in the municipality of fiscal changes impacting the ronmental services company Re- ing in construction delays.

Engie, Opdenergy plan large-scale renewable assets in Chile

France’s Engie and Spain’s Op- The $250 million project is ex- and the 185MW El Rosal project 2026 and to become operational
denergy are planning to develop pected to break ground in Decem- in Biobío. in July 2027. The sponsor is ex-
wind and solar projects in Chile. ber 2028 and to start commercial Opdenergy submitted the pected to invest $240 million for
Engie submitted the Los Por- operations in December 2030. Don Carlos project for review, a the project to be completed.
tones project for environmen- Last month, Engie landed 235MW solar project in the region Opdenergy has close to 1GW of
tal review, a 167MW wind farm approval for its Pampa Fidelia of Atacama. The project includes projects in operation and anoth-
in the region of Los Lagos. The project, a $645 million wind and a 64MW/320 MWh energy storage er 15GW of projects in construc-
project comprises a battery en- storage project in Antofagasta system and a substation that will tion or development across geog-
ergy storage system (BESS) and a (PFR, 9/27). The company is be connected to the existing Nue- raphies. Last year, the developer
23km transmission line that will awaiting permitting on several va Maitencillo substation. brought online its largest Chil-
interconnect the project through other projects including 136MW The project is scheduled to ean project to date, the 104MW
the existing Pargua substation. Loma Verde project in Los Lagos start construction in February Sol de los Andes (PFR, 2/10/22).

Petrobras, Vale partner on decarbonization in Brazil

Brazil’s Petrobras and mining green technologies during a two- cial agreements that will see Vale bras president, Jean Paul Prates.
company Vale are partnering to year period. use the low-carbon fuels pro- Since the change in leader-
develop low-carbon solutions in- The pair will jointly study decar- duced by Petrobras. ship at the beginning of the year,
cluding sustainable fuel oppor- bonization opportunities includ- “Petrobras’s partnership with Petrobras has been working on
tunities. ing the production of sustainable Vale will be strategic in driving the the decarbonization of its activi-
The pair signed a memoran- fuels like hydrogen, green metha- country’s energy transition. These ties and diversifying its portfolio.
dum of understanding (MoU) nol, ammonia, renewable diesel as are the two biggest Brazilian pow- Last month, the oil giant agreed to
that will see them share their re- well bio-bunkers, carbon capture ers joining forces around a com- partner developer Casa dos Ven-
spective technical expertise and technologies and storage facilities. mon purpose: to develop the most tos Holding and France’s To-
join forces to develop sustain- The initiative also contem- modern solutions to reduce green- talEnergies on offshore wind
able fuel alternatives and other plates the possibility of commer- house gas emissions,” said Petro- generation in Brazil (PFR, 9/15).

Enel to sell generation business in Peru

Enel Americas is looking to lar and wind power plants total- • Moyopampa - 69MW, hydro 340MW Malacas power plant in
sell its Peruvian power gener- ing close to 2GW of installed ca- • Huampani - 30MW, hydro the Piura department.
ation businesses, Enel Gener- pacity to investment firm Actis. • Callahuanca - 85MW, hydro Enel announced its intention
ación Perú, Enel Generación Enel Generación’s portfolio in- • Ventanilla - 485MW, gas-fired to exit Peru and Argentina last
Piura and Compañía Energética cludes: • Santa Rosa - 103MW, gas-fired year. In April, Enel offloaded its
Veracruz. • Matucana - 140MW, hydro • Rubi - 180MW, solar distribution business and Enel X
The Italian energy company is • Chimay - 152MW, hydro • Wayra I - 132MW, wind to China Southern Power Grid
in negotiations to sell a portfolio • Yanango - 43MW, hydro Enel Generación Piura oper- International (CSGI) (PFR,
comprising gas-fired, hydro, so- • Huinco - 270MW, hydro ates a gas-fired power plant, the 4/11).

13 | No. 42 / October 16, 2023 © Power Finance & Risk 2023

Power Finance & Risk  www.powerfinancerisk.com

NEWS ANALYSIS

Fintech platforms attempt to

democratize tax equity
A raft of emerging fintech plat- quirements, extended by the IRA through transferability.” a clear timeline and simple pro-
forms are seeking to democra- until 2025. Solar, geothermal, Experts believe that transfer- cess,” said Matthew Coleman,
tize the tax equity marketplace tidal, and wind qualify for both ability will end the traditional chief executive of Davis Hill Devel-
through pairing buyers and sell- credits, while storage and other tax equity monopoly, allowing opment, a renewables developer
ers of clean energy tax credits. technology are only eligible for investors of different sizes and and Skyview Ventures subsidiary.
This week Evergrow has com- one or the other. sectors to purchase tax credits As an Evergrow customer, Da-
pleted the first funding of a clean In August, American Electric (PFR, 9/21). vis Hills Development was able
energy tax credit transfer on its Power (AEP) sold 1.365GW of “There’s a certain tax equity to sell its generated tax credits
platform as new players emerge wind and solar projects to a con- monopoly on the partnership from its Connecticut solar farm,
in the tax equity space. sortium of Ivenergy, Blackstone, side; I can personally tell you that estimated from the 100KW to
Founded in 2021 and backed by and CDPQ, Canada’s second-larg- is dead. It doesn’t exist anymore 1.9MW range, directly to Ever-
venture capital firms First Round est pension fund, for $1.5 billion because, at the end of the day, grow for cash. Given the small
Capital, XYZ Venture Capital, Ev- (PFR, 8/16). In the transaction, you have $200 billion of buyers project size, such a deal would
ergrow is one of several newly es- the consortium sold $580 mil- for tax credits,” the advisor, who not exist under the traditional
tablished platforms that focus on lion worth of tax credits to Bank has brokered numerous tax equi- tax equity structure.
selling clean energy tax credits in of America and put those funds ty deals, told PFR at REFF Wall Evergrow is not alone in creat-
the wake of the Inflation Reduc- into purchasing the 14 projects Street 2023 (PFR, 9/21). ing a platform to make transfer-
tion Act (IRA). spanning 11 states. In August, Peregrine Energy ability easier.
On June 14, 2023, nearly a year The deal was the first large- Solutions agreed to sell its multi- A number of other tax transfer
after the IRA was passed, the US scale tax transfer agreement year PTCS from its 80MW wind platforms have emerged to con-
Treasury released the long-await- since the US Treasury published farm to Greenprint Capital (PFR, nect buyers and sellers of renew-
ed guidance on tax equity provi- the guidance. Bank of America, 8/15). Avangrid sold $100 million able energy tax credits. In Septem-
sions, most notably transferabili- along with other major banks of PTCs to oil and power multi- ber, Basis Climate launched its
ty (PFR, 6/26). Instead of having such as JP Morgan and US Wells national Vitol (PFR, 9/28). While digital exchange, aimed to close
to invest in actual renewable Fargo, are traditional tax equity Vitol is a significant energy play- transfer deals quickly, and closed
projects, which complicates the players, having the teams and er, its transfer deal demonstrates a $100 million transfer of PTCs
deal and limits the number of in- capital to get into the weeds of how large corporations can easi- from a portfolio of wind projects
vestors, transferability allows de- project financing and asset in- ly purchase credits without using (seller unnamed). Crux launched
velopers to sell their Production vestments. banks or becoming involved in in April 2023, raising over $8 mil-
Tax Credits (PTCs) and Invest- But the traditional tax equity projects. The tax equity changes lion in venture capital funding,
ment Tax Credits (ITCs). market, which has been in the are attracting oil and gas inves- and brought its platform, which
The new Treasury guidance range of $18 to $20 billion over tors, who have been on the edge connects developers, buyers, and
will help new investors interest- the past few years, is somewhat of the sector, to participate. intermediaries, online in Septem-
ed in reducing their taxes and tapped out. Evergrow aims to include play- ber.
aligning with their ESG goals “We’re going to need a lot more ers of varied sizes, including com- While traditional tax equity will
without entering complicated, than $20 or $22 billion of tax eq- munity solar, DG renewable as- remain, transferability opens the
equity-required deals. The cred- uity,” said David Burton, partner sets, and small storage developers. space to new players. Just a mat-
its consist of a 30% ITC base and at Norton Rose Fullbright US, “We’re thrilled to have partnered ter of months after Treasury pro-
PTC of ¢27.50 or ¢28 per KWh, as during PFR’s Tax Equity Round- with Evergrow on this ground- vided the necessary guidance are
long as projects over 1MW meet table (PFR, 8/3). “I think over breaking transaction. Evergrow transferability deals of all scales
wage and apprenticeship re- that much of it is going to come gave us certainty of funding with being agreed.

14 | No. 42 / October 16, 2023 © Power Finance & Risk 2023