Sonnedix Japan, the Japanese subsidiary of the independent global solar power producer Sonnedix, has achieved financial close of 172 million euros (~ 209 million dollars) for the refinancing of a 55 MW solar project – Sonnedix Hitachi Juo, MUFG Bank, Joyo Bank and seven regional co-financing banks. The project, located in Ibaraki Prefecture, was acquired in December 2020. It started operations in August 2017 and is currently subject to a feed-in tariff until August 2037.

ACWA Power, developer, investor, co-owner and operator of a power generation portfolio, has raised the financial close of ZAR 11.6 billion (~ $ 824.6 million) for the construction of a 100 MW power plant Redstone Concentrated Solar Power Project in South Africa. The company has secured financing from major international and South African financial institutions including the African Development Bank, ABSA Bank, Development Bank of Southern Africa and CDC Group, among others. ACWA Power’s co-shareholders in the project include the Central Energy Fund, Pele Green Energy and the local community.

The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and PROPARCO, a subsidiary of the French Development Agency, provided 87.4 million euros (~ $ 106 million) financing of the construction of Total Eren’s solar projects in Uzbekistan. The funds will be used to build and commission a 100 MW solar photovoltaic project near the city of Samarkand. The set will be supplied to the developer of the project, which is wholly owned by Total Eren, an independent power producer based in France from renewable energy sources around the world. It will consist of an EIB loan of € 43.7 million (~ $ 53.2 million) and two loans of approximately € 21.8 million (~ $ 26.5 million) each of the EBRD and PROPARCO.

Amarenco, developer of solar projects, secured Debt financing of Berenberg Green Energy Junior Debt Fund II for the acquisition of the 50 MW Las Naranjillas solar project in Spain. The fund provides Amarenco with junior debt for the construction and operation phases of the plant for a period of five years. Berenberg private bank is the fund’s investment adviser. The Las Naranjillas project is located in Carmona, Seville, with an area of ​​137 hectares covered by 121,800 photovoltaic modules.

Enlight Renewable Energy, a company in the development, financing, construction and operation of renewable energy production projects, with Prime Green Energy Infrastructure Fund, reached a financial closing of 300 million euros (~ $ 363 million) for the 372 MW Björnberget wind farm in Sweden. The financing was led by DekaBank, KfW IPEX-Bank and the Swedish Export Credit Corporation. Funding for the project, at an estimated cost of 430-440 million euros (~ $ 521-533 million), will be provided through non-recourse project funding. The financing agreement includes a long-term facility of 210 million euros (~ $ 254 million) and additional facilities for guarantees, debt service reserve and value-added tax payments for a total amount of 90 to 95 million euros (~ 109 to 115 million dollars).

Ilmatar Energy, the developer of wind projects based in Finland, has secured € 42 million (~ $ 51 million) of senior debt commitments for two large-scale onshore wind projects in Finland. Under the agreement, Ilmatar remains the sole owner of the 25.8 MW Voimamylly and 48 MW Rasakangas projects. The construction of Voimamylly, located in Humppila and Urjala, and of Rasakangas, located in Kurikka. Wind farms are expected to be grid-connected and will start producing clean wind power in early 2022.

BayWa re, a renewable energy company, ad the successful sale of its 62 MW Furuby wind farm in Sweden to ERG, a wind farm operator in Europe. Located in southern Sweden, the Furuby wind farm will consist of 10 Siemens Gamesa 5.X turbines with a peak height of 220 meters. This is BayWa re’s third contract in Sweden with Siemens Gamesa and will cover a 25-year service contract with the leading turbine manufacturer.

Apex Clean Energy, developer of large-scale wind and solar projects in North America, ad the closing of the sale of the Isabella Wind I and II projects to DTE Energy, producer of renewable energy. The wind farms, totaling 383 MW, were developed and managed by Apex, will be operated by DTE. The projects were supported by a construction loan from KeyBank and CoBank, ACB as coordinating lead arranger, Rabobank as joint lead arranger and Sumitomo Mitsui Trust Bank as lender.

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Read last week’s project funding brief.