Project Finance Brief: Scout Clean Energy acquires 369 MW of Blue Sky Solar Project from RES

Project Finance Brief: Scout Clean Energy acquires 369 MW of Blue Sky Solar Project from RES

German solar and wind project developer Encavis signed the purchase agreement for two solar projects in Denmark with a total generation capacity of 105 MW from European Energy. The Svinningegarden grid-connected solar project in the north-western part of Zealand has a generation capacity of 34 MW. The Rodby Fjord solar project on Lolland, in the most south-western part of Zealand, has a generation capacity of 71 MW and is to be connected to the grid in Q1 2022.

Colorado-based Scout Clean Energy, a renewable energy developer and Quinbrook Infrastructure Partners portfolio company, acquired the 369 MW Blue Sky utility-scale project in Grundy County, Illinois, from Renewable Energy Systems (RES). The project received approval for a Special Use Permit with Grundy County in December 2020, under the established Grundy County Solar Ordinance. RES began land acquisition and interconnection studies on the site in 2018.  The project will receive its full interconnection agreement in the third quarter of 2022.

Highlights

  • German solar and wind project developer Encavis acquires the remaining minority stake (19.99%) of a 300 MW solar project Talayuela, in the province of Extremadura in Spain from Statkraft. Statkraft developed, built, and sold the project to Encavis and 200 MW La Cabrera, the second-largest PV park of Encavis in Spain.

  • ReneSola, a fully integrated solar project developer, announced that it entered an agreement to sell a 12 MW Caravaca solar portfolio of projects in Spain. The portfolio consists of two ground-mounted projects located in the municipality of Caravaca de la Cruz in the southern region of Murcia. The sale will be consummated at the ready-to-build stage, planned for early 2022.

Sonnedix, an independent solar power producer (IPP), acquired an operating solar PV portfolio in Spain from Kobus Partners. The portfolio comprises 22 solar PV projects totaling 36.8 MW, located in several regions around Spain. All projects are operating under the Spanish regulatory regime. Sonnedix currently has a total capacity of over 1 GW in Spain, including around 415 MW in operations, 65 MW under construction, and a further development pipeline of over 700 MW.

Pine Gate Renewables, a solar project developer, and Irradiant Partners, an alternative investment manager, have secured financing for 56 MW of solar projects under development in Michigan. The funding amount secured for the project was not disclosed. The solar projects are scheduled to be commissioned by early 2022. Once commissioned, the projects will produce electricity for around 6,300 homes. The two projects have a 20-year power purchase agreement with Consumers Energy, the principal subsidiary of CMS Energy. Pine Gate Renewables and Irradiant are developing over 400 MW of projects in Michigan through bilateral contracts with Consumers Energy. Blue Ridge Power provides solar projects with engineering, procurement, and construction services.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s project finance brief.