While Origis Energy has secured financing for a major solar project in Florida, other companies have acquired significant project portfolios, plus the latest investment and merger news in the sector in this episode of the Solar financing spotlight.
Origis energy closed a $136 million construction financing facility and conversion to a term loan with a global financial group MUFG for the 75 MW Rice Creek Solar project. The project is currently under construction in Putnam County, Florida and will… Florida Municipal Energy Agency and its members.
Now that construction is nearing completion, the Rice Creek Solar project is a solar PV installation contracted by the Florida Municipal Power Agency (FMPA) for its members and is part of one of the largest municipally supported solar initiatives in the country. FMPA will serve as the project coordinator for their member-owners, who will purchase power from the Rice Creek Solar facility. Origis Energy is the builder, owner and operator of the project.
“Origis and MUFG continue to build a strong alliance. MUFG’s deep expertise in this sector and their well-defined underwriting process enable Origis to focus on the speed at which we can bring our business to market and successfully scale it,” said Vikas Anand, Chief Executive Officer of Origis Energy. “Rice Creek Solar is a perfect example of advancing the clean energy transition through joint municipal programs. We thank MUFG for their support and look forward to delivering the project for FMPA.”
Latham & Watkins represented Origis Energy in the transaction, with Akerman LLP acting as Local Counsel. Milbank, LLP served as MUFG’s counsel, while Greenberg Traurig LLP served as MUFG’s local counsel.
Rice Creek Solar is expected to qualify for an Energy Community Adder to Investment Tax Credits under the provisions of the Inflation Reduction Act (IRA). The additional IRA incentive is rare for Florida-based solar projects and is due to its proximity to a recently decommissioned coal-fired power plant in the same census tract.
Nova Clean Energy Acquires 1 GW Clean Energy Asset Portfolio in Texas
Nova Clean Energy has acquired HyFuels, a portfolio of more than 1 GW of mid- to late-stage wind and solar development projects, as well as an earlier-stage green ammonia project. Located on the Gulf Coast of Texas, an area of rapidly increasing energy demand and a leading center for U.S.-produced ammonia, HyFuels is positioned to serve the petrochemical industry, keeping Texas the world leader in this vital industry.
HyFuels, which currently has a project area of approximately 25,000 hectares, has a power supply that is evenly split between wind and solar energy, whose complementary generation profiles will ensure a constant supply of clean local power. The first phase of the project is expected to reach full Notification of Execution (NTP) in 2025 and commercial operations in 2026.
Nova has acquired HyFuels from BNB Renewable Energy, a developer with nearly two decades of experience in developing wind and solar energy projects in the United States and Mexico, including for a range of industrial customers. Nova has entered into a long-term development services agreement with BNB, with development commencing in late 2020, ensuring full alignment towards the successful delivery of the HyFuels project.
“Texas’s electric grid will continue to require a variety of energy sources to meet rapidly growing demand,” said Nova President Ben Pratt. “Wind combined with solar energy delivers a generation profile that both industrial and utility companies increasingly want to see. We are delighted to be working with BNB on this important portfolio.”
Since its founding in 2022, Nova has grown rapidly in the field of wind, solar and battery storage.
Aspen Power acquires commercial solar portfolio in New York and Pennsylvania
Aspen power has acquired eight ground-mounted solar projects in Pennsylvania and New York State from Solar Site Developers.
The projects, with a total capacity of over 41 MWdc, are currently in the technical design phase and construction is expected to start in the coming months. The Pennsylvania projects will be net-metered under the Pennsylvania Alternative Energy Portfolio Standard Act, while the New York projects will provide bill credits to utilities through the Value of Distributed Energy Resources (VDER) program.
“We are proud to contribute to the decarbonization of the economy together with the team at Solar Site Developers, who have been committed partners in bringing these projects to life,” said Dan Gulick, senior VP community solar at Aspen Power. “Building on Aspen Power’s portfolios in the Keystone State and our home state of New York is a key element in achieving our goal of gigawatt scale in the coming years.”
Ridgewood Infrastructure invests in MN8 Energy
Investment company Ridgewood Infrastructure LLC has invested strategically in it MN8 Energy LLC, an independent American solar energy producer. This investment will help facilitate the continued growth of MN8’s portfolio of solar, storage and EV charging projects.
“Ridgewood Infrastructure is committed to investing in companies that are leading the way in sustainability-focused infrastructure. Our investment in MN8 reflects our commitment to supporting renewable energy initiatives that not only benefit the environment but also provide long-term, sustainable solutions for communities,” said Michael Albrecht, managing partner of Ridgewood Infrastructure.
This partnership is expected to deliver significant economic and environmental benefits. “The investment provides MN8 with the financial resources and capital to scale our growth, develop innovative solutions for our customers and deliver greater value to our shareholders,” said Jon Yoder, president and CEO of MN8. The investment will also help create jobs in the green energy sector and promote the use of renewable energy sources, reducing dependence on fossil fuels and reducing greenhouse gas emissions.
Wells Fargo served as exclusive financial advisor to Ridgewood and King & Spalding represented Ridgewood in this transaction.
SolaTrue merges with Southern Solar
Forth Worth, Texas-based SolaTrue has merged with Southern Solar.
“Through the merger of SolaTrue and Southern Solar, we have embarked on a future powered by sustainable innovation,” said Shane Lynch, president of SolaTrue. “This merger strengthens our commitment to delivering advanced solar energy solutions, while staying true to the values of transparency and honesty we cherish at SolaTrue. Together we not only shape an industry; we are pioneering a path where integrity and innovation meet, setting new standards for a better, more sustainable future.”
Effective January 1, but announced in April, SolaTrue merged with Southern Solar, consolidating operations under the SolaTrue name. This strategic decision represents an advancement in its commitment to sustainable energy solutions and a strengthening of its position in the sustainable energy sector.
“This merger brings together the expertise and resources of Southern Solar and SolaTrue, creating a force in the renewable energy sector,” said Lynch. “Our shared vision is to contribute to a greener and more sustainable future by harnessing the potential of solar energy.”
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