$675 million to back 500 MW projects: US-based independent power producer (IPP) Sol Systems has secured a $675 million revolving construction finance facility to support the buildout of an initial 500 MW of solar and storage projects, planned to come online by the end of 2026. These facilities are spread across Illinois, Ohio, and Texas. Sol Systems says the finance facility, with a 3-year commitment, will fund construction loans, tax equity bridge loans, and letters of credit. It was arranged with support from KKR Capital Markets and included Banco Bilbao Vizcaya Argentaria, S.A., ING Capital LLC, Intesa Sanpaolo S.P.A., National Australia Bank Limited, NatWest, and Natixis, among the lenders.
Caelux delivers Active Glass: US perovskite solar technology company Caelux has completed the 1st commercial delivery of its proprietary Active Glass technology. Caelux says this shipment to an unidentified silicon solar manufacturer will be used in a project of a leading solar developer. As part of the project plans, Caelux says its Perovskite Active Glass will be coupled with a silicon solar module to create a Hybrid Tandem. This can deliver up to 30% more power density, 20% more energy production, and up to 20% lower project costs, claims Caelux. The company uses a 4-terminal, passively connected architecture where the silicon and perovskite active glass are connected in parallel. It doesn’t require too many process changes in module assembly, according to Caelux.
$575 million for MN8: Renewable energy player MN8 Energy LLC has closed $575 million Senior Secured Notes offering with Natixis Corporate and Investment Banking acting as the Lead Placement Agent. It plans to use the proceeds to repay project debt and fund a distribution to be reinvested across its broader portfolio. MN8 says the notes are backed by a highly diversified portfolio comprising 972 MW of distributed generation and utility-scale PV projects with a 75 MW/4-hour battery energy storage system (BESS).
Hanwha strengthens control over REC Silicon: Norwegian advanced silicon materials supplier REC Silicon says its board has agreed to accept the only realistic financing alternative to keep the company afloat, from Anchor AS, a South Korea-based Hanwha Group-owned company. A mandatory offer will follow next, to seal the deal, much against the desires of several shareholders. Currently, Hanwha Group holds a nearly 33.33% stake in REC, which shut down its polysilicon manufacturing plants in the US after its polysilicon failed qualification tests carried out by Hanwha. With the completion of the latest transaction, it will expand to 43.94% (see Hanwha Proposes To Completely Acquire REC Silicon).
“Since financial support from Hanwha remains the only realistic financing alternative for the Company in this critical situation, the Board has, after the Offeror announced its intention to complete the Offer, entered into discussions with Hanwha to address the Company’s current financial situation. These discussions are ongoing, with the aim of securing necessary short-term financing from Hanwha,” stated REC.
$260 million for 94 MW project: Canadian Solar’s solar and storage development arm, Recurrent Energy, has raised $260 million in project financing and tax equity for Blue Moon Solar. The U.S. Bank has provided both tax equity and construction financing for the project through its subsidiary U.S. Bancorp Impact Finance. The 94 MW Blue Moon Solar facility is currently under construction in Harrison County, Kentucky, US. It is expected to enter commercial operation in 2026. Recurrent will own and operate the project on completion.
$1.2 million contract for Solestial: Space-focused solar technology company Solestial has received a contract worth $1.2 million to develop a novel, fast-to-manufacture, multiorbital solar array wing concept for small satellites. It was selected by SpaceWERX, the innovation arm of the US Space Force. Solestial said it aims to manufacture 1 kW of solar cells and modules within 2 weeks, followed by solar array assembly and integration for another 2 weeks to demonstrate that a complete solar array wing can be manufactured in a month’s time. For this project, Solestial will optimize its low-mass, radiation-hardened silicon solar cells and solar power modules for faster integration and assembly. In the process, the technology company will also develop novel module electrical interconnectors.
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