Financing for solar recycling factory: OnePlanet Solar Recycling has raised $7 million in a seed financing round to accelerate the development of its industrial-scale solar panel recycling factory, the River City Project in Florida. This round was led by Khasma Capital, a circular economy-focused investment fund. Additionally, the project was awarded a $14.5 million Investment Tax Credit (ITC) under the Department of Energy’s Section 48C Advanced Energy Project Program under the Inflation Reduction Act (IRA). The $90 million factory is designed to process more than 2 million end-of-life PV modules annually once commissioned in 2027. Planned expansions aim to further expand its capacity to 6 million modules by 2030. It will produce high-grade critical minerals such as silicon, aluminum, copper and silver.
261 MW DC project online: TPG Rise-backed Matrix Renewables and rPlus Energies have commissioned the Pleasant Valley Solar 1 project in Ada County, Idaho, US. It has close to 261 MW DC/200 MW AC capacity, which makes it the largest operational solar facility in Idaho Power’s system, they add. The project is contracted by Meta under a power purchase agreement (PPA).
TPG & Altus Power deal closes: Blackstone and CBRE-backed Altus Power has now become a part of the global alternative asset management firm TPG after TPG Rise Climate Transition Infrastructure completed its acquisition. Altus is now a privately held company. The deal values Altus at approximately $2.2 billion, including outstanding debt, representing a 66% premium to its unaffected closing price on October 15, 2024 (see TPG Rise Climate To Acquire Altus Power For $2.2 Billion).
Financial close for solar+storage project: EDF Renewables North America and Power Sustainable Energy Infrastructure Inc. (PSEI) have achieved a financial close on their Desert Quartzite Solar+Storage Project in the US. Located in Riverside County, California, the project with a total capacity of 375 MW DC solar and 150 MW AC/4-hour battery energy storage system (BESS) has been operational since December 2024. The long-term debt financing was raised from KfW IPEX-Bank, together with MUFG Bank Ltd, Export Development Canada, Korea Development Bank, and 4 other participating banks. EDF Renewables says this is its 1st project leverage application in the US in over a decade.
Green Solar Energy IPO: Australia-based distributed generation solar PV and storage solutions company Green Solar Energy has filed its initial public offering (IPO) papers with the US Securities and Exchange Commission. According to IPO-focused Renaissance Capital, the Aussie company aims to raise up to $19 million via this offering by offering 3.8 million shares priced within $4.00 to $6.00/share. At the midpoint of the proposed range, Green Solar Energy would have a market value of $85 million. It will be listed on the Nasdaq under the ticker GLSA.
Solar power for Ford: DTE Energy has started construction on the 100 MW Cold Creek Solar Park in Michigan, US. The project is among the 1st of several DTE parks worth 650 MW capacity that it says will help Ford Motor Company reach its goal of attributing 100% carbon-free and renewable energy to its Michigan manufacturing facilities. Ford has enrolled in CleanVision MIGreenPower, a voluntary renewable energy program of DTE that enables businesses and residential customers to attribute their electricity use to Michigan-made renewable energy. It will fund the development of new solar and wind parks, including the Cold Creek project.