As Origis Energy secures financing for a significant photo voltaic venture in Florida, different firms purchase important venture portfolios, together with the most recent funding and merger information within the trade on this installment of Solar Financing Spotlight.
Origis Energy has closed a $136 million building funding facility and time period mortgage with international monetary group MUFG for the 75 MW Rice Creek Solar venture. Currently underneath building in Putnam County, Florida, the venture will serve the Florida Municipal Power Agency and its members.
Nearing building completion, the Rice Creek Solar venture is a photo voltaic PV facility contracted by the Florida Municipal Power Agency (FMPA) for its members and is a part of one of many largest municipally sponsored photo voltaic initiatives in nation. FMPA will function venture coordinator for its member-owners, who will buy electrical energy from the Rice Creek Solar facility. Origis Energy is the builder, proprietor and operator of the venture.
“Origis and MUFG proceed to construct a powerful alliance. MUFG’s deep experience on this sector and their well-structured underwriting course of allow Origis to give attention to market agility and success scaling our enterprise,” stated Vikas Anand, Chief Executive Officer, Origis Energy. “Rice Creek Solar is an ideal instance of shifting the clear power transition ahead by collaborative applications in municipality. We thank MUFG for his or her assist and stay up for delivering the venture for FMPA.
Latham & Watkins represented Origis Energy within the transaction, with Akerman LLP serving as Local Counsel. Milbank, LLP acted as counsel to MUFG, with Greenberg Traurig LLP serving as Local Counsel to MUFG.
Rice Creek Solar is anticipated to qualify for an Energy Community Adder to Investment Tax Credits, underneath the provisions of the Inflation Reduction Act (IRA). The extra IRA incentive is uncommon for photo voltaic tasks based mostly in Florida and is because of its proximity to a just lately decommissioned coal energy plant in the identical census tract.
Nova Clean Energy acquires 1 GW clear power asset portfolio in Texas
Nova Clean Energy acquired HyFuels, a greater than 1 GW portfolio of mid- to late-stage wind and photo voltaic growth tasks in addition to an early-stage inexperienced ammonia venture. Located on the Texas Gulf Coast, an space of quickly rising electrical energy demand and a number one heart for US-produced ammonia, HyFuels is positioned to serve the petrochemical trade, making certain that Texas stays a worldwide chief. on this essential trade.
HyFuels, with a present venture footprint of about 25,000 hectares, has an electrical energy provide equally divided between wind and photo voltaic, whose complementary era profiles will guarantee a relentless provide of unpolluted native energy. The first section of the venture is anticipated to succeed in full notification of progress (NTP) in 2025 and business operation in 2026.
Nova acquired HyFuels from BNB Renewable Energy, a developer with an almost 20-year monitor file in growing wind and photo voltaic tasks all through the United States and in Mexico, together with in numerous industrial shopper. Nova has entered right into a long-term growth providers settlement with BNB, which begins growth in late 2020, making certain full alignment with the profitable supply of the HyFuels venture.
“The Texas grid will proceed to require quite a lot of energy sources to serve quickly rising demand,” stated Nova president Ben Pratt. “Wind paired with photo voltaic gives a era profile that trade in addition to utility clients wish to see. We are excited to work with BNB on this essential portfolio.
Since its formation in 2022, Nova has grown quickly in wind, photo voltaic and battery storage.
Aspen Power acquires business photo voltaic portfolio in New York and Pennsylvania
Aspen Power has acquired eight ground-mounted photo voltaic tasks in Pennsylvania and New York State from Solar Site Developers.
Totaling greater than 41 MWdc, the tasks are at the moment within the engineering design section, with building anticipated to start within the coming months. The Pennsylvania tasks are net-metered underneath Pennsylvania’s Alternative Energy Portfolio Standard Act, whereas the New York tasks will present invoice credit to utility clients by the Value of Distributed Energy Resources (VDER) program.
“We are proud to advance decarbonization with the Solar Site Developers crew, who’ve been companions within the preliminary levels of bringing these tasks to life,” stated Dan Gulick, senior VP, neighborhood photo voltaic, Aspen Power. . “Building Aspen Power’s portfolios within the Keystone state in addition to our New York state is a key component in attaining our gigawatt-scale objective within the coming years.”
Ridgewood Infrastructure invests in MN8 Energy
Investment agency Ridgewood Infrastructure LLC has made a strategic funding in MN8 Energy LLC, an impartial US photo voltaic power producer. This funding will assist speed up the continued development of MN8’s portfolio of photo voltaic, storage and EV charging tasks.
“Ridgewood Infrastructure is dedicated to investing in main infrastructure firms targeted on sustainability. Our funding in MN8 demonstrates our dedication to supporting renewable power initiatives that not solely profit the atmosphere but additionally provide long-term, sustainable options for communities,” stated Michael Albrecht, managing companion of Ridgewood Infrastructure.
This partnership is anticipated to generate important financial and environmental advantages. “The funding gives MN8 with the monetary means and capital to speed up our development, engineer new options for our shoppers, and ship extra worth to our shareholders,” stated Jon Yoder, president and CEO. in MN8. The funding may also contribute to job creation within the inexperienced power sector and promote the usage of renewable power sources, decreasing dependence on fossil fuels and decreasing greenhouse fuel emissions.
Wells Fargo acted as Ridgewood’s unique monetary advisor and King & Spalding represented Ridgewood on this transaction.
SolaTrue merges with Southern Solar
Forth Worth, Texas-based SolaTrue has merged with Southern Solar.
“By bringing collectively SolaTrue and Southern Solar, we’re ushering in a future powered by sustainable innovation,” stated Shane Lynch, president of SolaTrue. “This merger reinforces our dedication to ship essentially the most progressive photo voltaic options whereas staying true to the values of transparency and honesty we maintain at SolaTrue. Together, we’re not solely -shape an trade; we’re pioneering a path the place integrity meets innovation, setting new requirements for a brighter, extra sustainable tomorrow.”
Effective January 1 however introduced in April, SolaTrue is merging with Southern Solar, consolidating operations underneath the SolaTrue identify. This strategic resolution signifies a rise in its dedication to sustainable power options and strengthening its place within the renewable power sector.
“This merger brings collectively the experience and assets of Southern Solar and SolaTrue, making a powerhouse within the renewable power trade,” Lynch stated. “Our shared imaginative and prescient is to contribute to a greener and extra sustainable future by harnessing the potential of solar energy.”
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