February 18, 2025
In the latest edition of the Solar financing SpotlightWe look at taking out a loan from White Pine Renewables from a loan to finance two solar projects in California. Plus, Bluewave secures $ 118 million for a project portfolio in Maine, and Encore Renewables get $ 389 million to promote the portfolio of solar and energy projects.
White pines renewable energy sources Closed on a loan with useful state bank and energetic capital to finance two operational solar projects in California.
The projects, which meet the local power needs of the Feather Water District in Sutter County and the Kettleman City Community Services District in Kings County, offer long -term energy savings to the districts without prior costs.
“This transaction helps White Pine to fulfill his mission to deliver value for our customers through reduced energy bills and prize in the long term,” said Michael Kremer, co-founder of White Pine and Managing Partner. “Moreover, we are pleased to announce a new relationship between White Pine and useful state bank and energetic, all of which bring deep industrial expertise and local experience in California.”
The two projects also show the dedication of White Pine to use advanced technology to help its customers achieve their energy goals. White Pine has used an increased carport solution on the Feather Water project to maximize energy generation, while the district could retain full access to its irrigation ponds. White Pine has included a high-density racking system of planted solar sun on the KettleMan project to maximize energy generation on a small footprint.
“These projects would not have worked without innovative technological solutions,” said Evan Riley, co -founder of White Pine and Managing Partner.
Bluewave protects $ 118.2 million to support Maine Solar Portfolio
BlueWave has secured a new large financing round to support its community portfolio in Maine. The financing of $ 118.2 million includes a debt increase of $ 48.2 million with City National Bank and a tax statement of $ 70 million with First American Commercial Bancorp, Inc., which support equipment and infrastructure that are used at four community project locations.
“As a certified B Corp, our work is rooted in an obligation to use our company as a power forever,” said Bluewave CEO and co -founder Trevor Hardy. “This new portfolio of projects in Maine helps us achieve our goal, so that renewable energy and utility companies the communities in which we work and work every day. The support of our new financial partners and continuous support from our parent company, Axium Infrastructure, also enables us to promote the goals of the clean energy consumption of the state. ”
This Bluewave portfolio consists of four solar stands that are qualified for Maine Energy Billing Program, with which Community -Zonne projects are able to save utility accounts to residents and companies of Maine who register. In addition to Bill Savings, the program supports the production of Clean of Clean The production of Clean Energie that helps the schedule to decrease.
Bluewave has developed 46.4 MWDC in Maine and add these projects 22.7 MWDC that feed directly in the grid as part of the net energy billion system. The projects deliver credit savings on solar energy to 43 small companies in Maine that participate in the program. Based on the average annual consumption of Maine’s living customers, the Arrays produces sufficient energy to support an estimated 4,685 households. The construction of the projects was completed in 2024.
The completion of this Solar Port Folio comes on a successful financing round with which five new projects can be built and start operation in the state of Massachusetts. They are part of the Solar Massachusetts Renewable Target (Smart) program and deliver credit savings of solar energy bill to households with a low income. Bluewave was advised by Novogradac, KPMG and Foley Hoag, LLP.
Encore secures $ 389 million to promote the solar and energy storage portfolio
Encore renewable energy Closed on a financing solution of $ 389 million from Brookfield, via his infrastructure debt platform. This transaction will accelerate the growth of Encore as an independent power producer (IPP) by financing a portfolio of community scale storage projects on solar energy and batteries, while the further expansion and progress of the company’s development frame is supported.
This deal uses a groundbreaking approach that meets the full capital requirements for building and expanding a distributed generation portfolio through combined non-dilative debt and tax permit facilities. The financing structure integrates the construction-to-term debt and a tax bridges in a single debt facility, supplemented by a preferred facility that focuses on tax stock financing.
“This is a transformational moment for encore while we are introducing the next phase of our strategic transition to an IPP,” said Blake Sturcke, co-CEO of Encore Renewable Energy. “With this financing, we are now ready to meet the fast -growing energy demand on various American markets with clean, reliable and cost -efficient solutions for power generation and storage.”
Vinson & Elkins LLP served as a legal adviser to have renewable energy and Norton Rose Fulbright LLP served as a legal adviser for Brookfield Asset Management.
Standard Solar acquires Churchill Street Solar Farm in Massachusetts
Standard solar energy The Churchill Street Solar Farm of Sunfarm Solar injured and grew his Activaportfolio in Massachusetts. The 3.2 MW project, located in Pittsfield, is one of the largest solar systems mounted on the ground in the northeast, consisting of five separate arrays.
“The Churchill Street Solar Farm Project is an example of Standard Solar’s strong appetite and expertise for acquiring high -quality operational assets that stimulate the acceptance of clean energy,” said Megan Byrn, VP of Business Development, Standard Solar. “Massachusetts remains a growing market for us, and this acquisition emphasizes our focus on expanding our portfolio of operational projects, while they deliver meaningful benefits to the communities we serve.”
Massachusetts has long been a leader in renewable energy, with progressive policy that stimulates the development of solar projects throughout the state. Standard Solar is proud to be part of this success, where 11 storage projects on solar energy and Solar + are already active in Massachusetts, which contributes to the ambitious goals of the state.
Desri, Ranger Power closes financing and starts construction on 250 MWAC in Missouri
Desri, in collaboration with Ranger Power, announced that the Show Me State Solar Project Financial Close has reached with its project korgers and initiated construction. Show Me State Solar is a 250 MWAC solar facility in Callaway County, Missouri.
“Starting the construction at Show Me State Solar is an exciting milestone for Desri and our partners at Ranger Power,” said Thomas De Swardt, Chief Commercial Officer of Desri. “This is the third project of Desri in Missouri to start construction, and we appreciate all stakeholders and supporters of the project while we continue to expand our portfolio.”
Show me that State Solar has a electricity purchase agreement with an affiliated meta and is expected to hire more than 300 people during the peak construction. The project is expected to start commercial activities in 2026.
Financing for the construction of the project was provided by a consortium of lenders, including the Canadian Imperial Bank of Commerce (CIBC) as a left lead, plus Nord/LB, Royal Bank of Canada and Bank of America.
Gridstor acquires Texas Bess Project from Balanced Rock Power
Gridstor has taken over a battery storage project of 150 MW / 300 MWh in Texas from Balanced Rock Power (BRP).
The acquisition of Gridstor and are planning to extend its activities to the Lower Rio Grande Valley region in Texas during a critical time. Driven by rapid growth of the electricity demand in the state of large industrial customers, the electrical reliability council of Texas (ERCOT) is now predicting an increase of approximately 50% in the peak load of the state by 2030. More than 8 GW storage of battery energy has been used The Ercot current system so far.
“Battery storage is the fastest, scalable solution to offer reliability to the Texas Power System and the largest industries in the short term,” said Chris Taylor, CEO of Gridstor. “Batteries offer energy that stabilizes the Ercot -Electric grid and delivers hours of the biggest demand every day.”
The Gridstor project will be built in Hidalgo County, Texas, and is expected to be online by the summer of 2026. At its peak of the construction, the project is expected to maintain more than 100 jobs, including skilled trade and students. As soon as the work is, the project will increase the resilience of the LOWER RIO Grande Valley region of the ERCOT energy system, which limits the stress on transmission infrastructure, while it delivers electricity
The successful closure of the project marks the fourth project acquisition of Gridstor in the past 12 months and the second transaction with BRP. Gridstor’s Hidden Lakes project, the first acquisition of BRP, is under active construction and is expected to come online this summer.
Convergent concludes $ 584.5 million loan from US DIY
Convergente Energy and Power provided a guaranteed Loan facility of $ 584.5 million from the US Department of Energy Loan Programs Office (LPO) to build a photovoltaic solar system (PV) with an integrated battery storage system and three upcoming battery storage systems in Puerto Rico.
The solar PV and battery storage systems from Convergent will play a crucial role in improving the energy benefit and affordability of Puerto Rico, while Puerto Rico is being helped to achieve ambitious clean energy and climate goals.
“Convergent has a long history of supporting an energy landscape that is cheaper, more reliable and increasingly sustainable,” said CFO and co -founder Frank Genova of Convergent. “As a leading developer of energy storage and solar PV systems, we have the expertise and capital to bring the electric schedule of Puerto Rico into the future.”
Convergent’s Solar + Storage installation In the municipality of Coamo, a 100 MW Solar -PV system will be combined with a battery storage system of 55 MW / 55 MWh. Three independent battery storage systems are planned for the municipalities of Caguas, Peñuelas and Ponce. These systems would generate direct capacity to the schedule of Puerto Rico and offer energy storage benefits that are needed for Puerto Rico’s goal to reach 100% clean energy sources by 2050.
Convergent cooperates with the Puerto Rico Department of Economic Development and Commerce to draw up an integrated apprenticeship and recruitment plan that will adjust to the municipal, Commonwealth and the Federal Goals to give priority. The systems are expected to create around 540 building tracks. The closure of this Doe -Gegarandeed Loan Facility follows on receipt of a Conditional dedication on December 18, 2024.
Tags: Financing