Project finance brief: Goldman Sachs’ revolving arm to finance 216 MW solar projects

CS Energy, an integrated energy company that designs and builds optimized projects in the solar, storage and emerging energy sectors, has in partnership with Goldman Sachs Renewable Power Group and the New York State Energy Research and Development Authority to develop and build 216 MW of new utility-scale solar projects across New York City. The projects represent more than $ 160 million in private investment and are expected to generate more than $ 80 million in benefits for local communities and regions.

Tri Global Energy, developer of utility-scale renewable energy projects, has Between in a sale agreement for two renewable energy projects – the 180 MW Hoosier Line Wind Project and the 400 MW Honey Creek Solar Project – to Leeward Renewable Energy, a renewable energy company that owns and operates a portfolio of approximately 2,000 MW of generating capacity. The wind and solar energy projects, located in White County, northwest Indiana, are expected to be operational by 2023. Great Bay Renewables, a joint venture between certain funds managed by subsidiaries of Apollo Global Management , and Altius Renewable Royalties, are providing royalties to support Tri Global Energy, which completes and funds the development of these projects until construction begins.

Clime Capital, the Singapore-based investment management company, ad he has invested in the development phase of a floating solar and storage project in Dong Nai province, Vietnam, under development by Blueleaf Energy. The development includes a state-of-the-art floating and storage solar power plant with a target capacity of 500 MW floating photovoltaics with a Battery Energy Storage System (BESS) with a capacity of up to 200 MWh.

Advanced Power, a global developer, owner and asset manager of modern power infrastructure closed the financing of the Cutlass solar project, a 140 MWdc photovoltaic solar power plant located in Fort Bend County, Texas. Advanced Power, together with its co-investors, ENEOS Corporation and Fuyo General Lease Company, are the owners of the facility. CIT Bank, NA, Credit Agricole Corporate & Investment Bank and Amalgamated Bank provide senior secured credit facilities to Cutlass Solar. CIT acted as lead coordinator, administrative agent, guarantee agent and custodian bank for the transaction.

Origo Energia, the Brazilian solar energy company, closed BRL 106 million (~ $ 19.3 million) mezzanine financing agreement for new solar projects. The loan, granted by Blue as an Orange Sustainable Capital Fund, will be used to support the growth of Origo Energia in the decentralized solar generation sector, the lender announced last week. Specifically, Origo Energia will use the funds to develop new projects for residential consumers as well as for small and medium businesses.

For reports and follow-ups on M&A financings and transactions in solar energy, energy storage, smart grids and efficiency, click on here.

Read last week’s project funding note.



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