Encavis and badenova announce 500 MW JV for German RE market; EGP sells 50% stake in Greek business to Macquarie GIG; Cero acquires Univergy Solar’s stake in Nara Solar to become the sole owner; Sunflow South to build 3 MW solar plant in Serbia’s Vranje; Modus raises €58 million for 93 MW solar in Poland.
Encavis JV with badenova: German renewable energy developer Encavis will float a joint venture (JV) with Freiburg based energy supplier badenova AG & Co KG to establish 500 MW renewable capacity in the country. The JV Encavis Energieversorger I GmbH (EEV) will be tasked with building a portfolio of wind and solar PV plants for a total €200 million by 2027. It will be owned by Encavis and a badenova group company Kommunale Energiewende GmbH & Co KG (KEW) with 51% and 49% shareholding, respectively. Based out of Hamburg, EEV will also explore battery storage and marketing of the electricity generated. The duo is also open to other partners for long-term investment in wind and solar PV. Earlier this month, Encavis announced its goal to become a net zero carbon emitter under Scope 1 and 2 by 2030 and achieve climate neutrality by 2040.
Enel gets Macquarie partnership for Greek RE: Enel Green Power (EGP) has sold 50% of its stake in Enel Green Power Hellas (EGPH) in Greece to Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2) of Macquarie Asset Management. EGPH operates 482 MW of wind, solar and hydro projects in Greece, and counts another 84 MW solar capacity under construction at present. The partners now aim to take joint control of EGPH.
Cero takes over Nara Solar: Independent portfolio company of Macquarie’s Green Investment Group (GIG), Cero Generation has become the 100% owner of Europe’s Nara Solar. Cero acquired 50% stake of the company from its 50:50 JV partner Univergy Solar. The duo launched Nara Solar as a utility-scale early-stage PV developer for projects in Europe back in 2019. Nara currently has 1 GW of solar in development and an early-stage pipeline of more than 1 GW in its portfolio, spread across Spain, France, and the Netherlands. Cero says its portfolio is, at present, over 11 GW strong.
3 MW solar plant in Vranje: Serbia’s Sunflow South, a local subsidiary of US based Sunflow Energy Corporation, will build a 3 MW solar power plant in the Vranje municipality. The Gornje Livade Solar Project will be built under a contract signed with the local administration. According to the latter, the city will receive compensation in the amount of 1% of the gross revenue from the sale of power generated by the solar plant.
Modus bags €58 million loan: A Lithuania based Modus Asset Management managed solar fund has raised €58 million loan from a group of lenders comprising BNP Paribas Bank Polska and PKO Bank Polski. Modus Poland Solar Fund I will use the debt financing to acquire a 93 MW operational solar PV portfolio in Poland. A closed-end investment fund, Modus Poland Solar Fund I said the loan will be used by the companies it controls that act as electricity suppliers under corporate power purchase agreements (PPA) and contracts for difference (CfD). Modus Asset Management CEO Povilas Pečiulis said the company plans to acquire more solar PV and onshore wind projects in Poland.