€200 million for CTGIL: China Three Gorges International Ltd. (CTGIL) has secured a green loan of €200 million from Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria (BBVK). It is aimed at refinancing its overseas renewable energy projects. CTGIL will use the 1-year loan to refinance its previous loan that it used to acquire 2 portfolios of solar and wind assets in Spain, comprising 11 PV projects, and a wind farm. These projects represent a combined 405 MW capacity.
Trina Solar bags €150 million credit facility: A subsidiary of Chinese solar PV manufacturer Trina Solar, Trina Solar (Luxembourg) Holdings has landed a €150 million revolving credit facility. It will use the proceeds from Banco Santander to accelerate the growth of its downstream project development arm, Trinasolar International System Business Unit (Trinasolar ISBU), and support its transition to an independent power producer (IPP). It will primarily fund projects in Italy, Spain, the UK, France, and Germany out of the 15 countries it operates in.
“We are delighted to support Trina Solar with this revolving financing that will boost their growth in Europe. Trina's sizeable renewable pipeline will make a meaningful contribution to energy transition targets in Europe, while also supporting Trinasolar ISBU's transformation into an IPP. This transaction is another step in Santander's global commitment to facilitate €220 billion euros in green financing until 2030,” said the Head of Energy EMEA, Structured Finance at Santander, Bart White.
Neoen wins in Irish auction: French renewable energy company Neoen is among the winners of close to 170 MW solar PV capacity in the recent RESS 4 auction round in Ireland. It will be developing the 29 MW Johnstown North Solar Project in County Wicklow, and the 141 MW Garr Solar in County Offaly with commissioning due in 2027 and 2028, respectively. Neoen is among the provisional winners EirGrid announced for the auction (see Ireland Concludes RESS 4 Auction Round With Over 2 GWh Capacity).
Ørsted lands 55 MW in Ireland: Denmark-based renewables developer Ørsted has won 55 MW solar PV capacity in the RESS 4 Irish auction. According to the list of provisional winners announced, the Danish company has secured approval for the Ballinrea Solar Project. It is scheduled to enter commercial operations in 2026.
Ørsted’s Director Ireland and UK, TJ Hunter commented, “Stable, iterative recurring auctions are a key feature of successful energy markets. RESS 3 was challenging as it lacked clarity on price and volume, however RESS 4 gave more transparency on the price cap if not volume, and clear terms and conditions for operators, so we welcome the Government’s progress on this.”
Ellomay raises €110 million: Israel-based and Europe-focused renewable energy projects company Ellomay Capital has raised €110 million to fund its Italian solar PV projects portfolio of 198 MW. Ellomay subsidiary Ellomay Holdings Luxembourg secured the commitment letter and term sheet for this financing from an unidentified European institutional investor. The deal carried a final repayment date of 23 years following financial closing. The proceeds are intended to finance or refinance the construction and related expenses of the Italian PV portfolio.
Engie’s Romania project: Engie Romania has commissioned its maiden hybrid power plant with 57 MW of wind and solar power capacity. It added 9.3 MW of solar PV capacity to its existing 47.5 MW wind farm in Gemenele commune in Brăila county. Both the assets are connected to the same network, thus becoming one of the 1st hybrid renewable energy power plants in Romania. This increases Engie’s Romanian wind and solar installed capacity to 211 MW.
500 MW solar & storage project in the UK: Island Green Power (IGP) in the UK has proposed to develop a 500 MW solar and battery energy storage system (BESS) project in South Norfolk in England. It is expected to deliver electricity over 60 years of operation, according to the East Pye Solar Project website. Recently, IGP secured state approval for its 600 MW AC Cottam Solar Project which will be accompanied by a 600 MW BESS (see Europe Solar PV News Snippets: ConfirmWare’s Martin Ma At US RE+ Event & More).
Encavis gets finance for German project: German wind and solar power projects operator Encavis AG has signed a non-recourse project financing agreement for €60.7 million for its 114.2 MW Borrentin project from Bayerische Landesbank. The largest solar power plant it owns in Germany, the Borrentin project is located in Borrentin, south of Demmin, Mecklenburg-Western Pomerania. It is currently nearing construction completion with commercial operations scheduled for the end of September 2024. Encavis expects the project to generate 121 GWh annually. Nearly 74% of its annual electricity production is fixed under a long-term power purchase agreement (PPA) with a corporate offtaker.