This week, I had the privilege of attending Infocast’s Solar + Wind Finance & Investment Summit in Phoenix, Arizona, for the first time. The prestigious, Chatham House Rules-style event is recognized throughout the industry as one of the few where stuff actually gets done, and that’s in part because loudmouths me aren’t typically around to muddy the waters by disseminating quotes that banking types aren’t ready for the public to read.
While I’m not yet prepared to publish anything of length (more discretion and thoughtfulness are required than a red-eye flight into March Madness-type-of-week allows), I return from the desert with sentiments. Here are three, for those of you who appreciate a bulleted list:
- Deal flow in Q1 2026 has been a little slow, but that’s being attributed to a desire to clear out the “superior vintage” of legacy tax credits pre-One Big Beautiful Bill. Things should open up in the second half of the year.
- Well-positioned individuals expect major mergers and acquisitions (M&A) activity soon, perhaps even involving companies with strong credit ratings and robust pipelines. One executive asked rhetorically: “Do we really need 30 different distributed generation solar companies in the United States?”
- The tailwinds of electricity demand are strong enough that renewables will continue to account for most new generation well beyond when the Inflation Reduction Act’s incentives run dry. While we are unly to see a run on offshore wind development any time soon, the Trump administration is softening its stance on solar, and everybody already loves batteries, geothermal, etc.
More to come, I promise. Until then, enjoy a curated assortment of energy project finance and development updates, finagled by the very folks brushing shoulders at the Biltmore. May your weekend start hot from outside the arc and end with a buzzer beater.
Avantus Finishes Texas Solar Project for Toyota
This week, project developer, owner, and operator Avantus put the final bells and whistles on the 159-megawatt (MWdc)/125-MWac Norton Solar project in Runnels County, Texas.
Toyota Tsusho America (TAI) entered into a long-term Virtual Power Purchase Agreement (VPPA) with Toyota Motor North America for the full output of the solar plant, which achieved substantial completion last October.
“Avantus delivered on their promises throughout the construction of the Norton Solar Project,” reflected Akihiro Yoshida, vice president of TAI Norton Solar. “Their collaborative work ethic and rigorous focus on safety, schedule, and budget gave us confidence and comfort every step of the way.”
Avantus oversaw the successful completion of the project, while RES provided engineering, procurement, and construction (EPC) services. Norton created nearly 250 jobs at peak construction and will continue to provide economic benefits to Runnels County and the local community throughout its operating life.
Avantus owns one of the largest pipelines of solar and energy storage projects, with approximately 24 gigawatts (GW) of solar and 75 gigawatt hours (GWh) of energy storage under development across the Western United States.
Doral Flush with Funding
Philadelphia-based utility-scale solar and battery storage developer and independent power producer (IPP) Doral Renewables, known for mega projects such as Mammoth Solar in Indiana, made a pair of potent funding announcements this week.
On Monday, Doral revealed that it has secured approximately $525 million in innovatively structured cross-border Letter of Credit (LC) facilities to support the company’s continued growth. The first transaction is an approximately $385 million Deferred Equity Contribution Guarantee (DECG) Facility, and the second arrangement is a roughly $140 million All Purpose Guarantee Facility (APGF).
The DECG Facility will allow Doral to issue sponsor equity Letters of Credit to project financing (and similar) beneficiaries, while simultaneously preserving liquidity and maintaining higher project-level equity return rates. The APGF, along with existing facilities, will primarily support interconnection and power purchase agreements. Howden Capital Advisory and Placement (CAP) served as the broker for the facilities; DLA Piper served as transaction counsel to the Company, and Norton Rose Fulbright served as counsel to the participating underwriters.
“We are particularly grateful to forge new cross-border financing relationships with the broker for these facilities, Howden CAP, as well as the six different international underwriters that participated collectively across these two facilities,” said Evan Speece, chief financial officer of Doral Renewables.
On Thursday, Doral Renewables announced that its Great Bend Solar project, located in Meigs County, Ohio, had completed final funding as of February 20. The 48 MW project will generate clean electricity sufficient to power more than 9,000 American homes and will contribute more than $400,000 annually in new tax revenue.
To complete financing on the endeavor, Fifth Third Bank finalized Substantial Completion funding, bringing the total tax equity investment in the project to more than $27 million. In addition, $35 million of investment tax credits generated by the project were sold to a third-party buyer. More than $38 million of construction debt was repaid, and approximately $33 million of term debt with HSBC and KeyBank was issued. HSBC has also provided an approximately $8 million LC credit facility to support the project.
“Final funding at Great Bend is an exciting milestone and a testament to the strength of our partnerships,” summarized Dario Abramskiehn, director of portfolio finance at Doral Renewables. “We view this milestone not as an endpoint, but as the foundation for decades of reliable operation and continued growth across Doral’s portfolio.”
Italian Solar and Storage, Anyone?
European Investment Bank (EIB), Natixis Corporate & Investment Banking (Natixis CIB), and Sunprime Holdings S.r.l. have signed a project‑finance operation worth up to €507 million ($585.6 million) to support Project Sophocles, a major investment combining rooftop and ground‑mounted solar photovoltaic (PV) plants with battery energy storage systems (BESS) across Italy.
Project Sophocles will finance the construction and operation of approximately 200 PV plants totalling 290 MWp alongside 350 MW of BESS capacity. By pairing distributed solar generation with large‑scale battery storage, the program will enhance grid flexibility, support renewable energy integration, and strengthen the resilience of the Italian electricity system. The EIB is making up to €271 million in financing available.
Once operational, the total project is expected to generate 416 GWh of renewable electricity each year, equivalent to powering more than 160,000 Italian households. The project portfolio will be structured into six to 12 cross‑collateralised clusters, supported by the necessary grid‑connection infrastructure. Revenues are expected to stem from Italy’s Fer‑X Contract for Difference mechanism for solar generation, tolling agreements, and capacity‑market participation for the BESS assets, complemented by wholesale electricity market revenues for PV. The BESS component will provide critical services such as frequency regulation, peak‑shaving, and congestion management, reducing reliance on gas‑fired capacity and improving air quality. Most installations will be located on industrial rooftops and existing commercial surfaces, ensuring efficient land use and minimal environmental impact.
“Italy is rapidly scaling up decentralised solar and storage, and Project Sophocles is a landmark example of how solar photovoltaic plants and batteries can work together to create a cleaner, more flexible and more secure electricity system. With the support of InvestEU and in line with the REPowerEU objectives, the EIB is able to mobilise significant long‑term financing to accelerate the green transition while crowding in private capital,” said EIB Vice‑President Gelsomina Vigliotti.
Form Energy Takes Iron-Air Abroad
U.S.-based next-generation storage company Form Energy is teaming up with Irish clean energy developer FuturEnergy Ireland to jointly deploy a 10 MW/1,000 megawatt-hour (MWh) iron-air battery system in the northwest of Ireland. The project sets out to demonstrate the value of multi-day energy storage in helping Ireland meet its energy targets while ensuring grid reliability, affordability, and security.
Anticipated to come online in 2029, this is the first international deployment of Form Energy’s iron-air, multi-day batteries to be announced. The agreement was signed on St. Patrick’s Day at a ceremony held at Form Energy’s headquarters in Somerville, Massachusetts. The event brought together key Irish and U.S. officials (pictured below), including Helen McEntee, Ireland’s Minister for Foreign Affairs and Trade and Minister of Defence, Massachusetts Lieutenant Governor Kim Driscoll, and Mayor of Somerville Jake Wilson.
The Irish government’s 2024 Electricity Storage Policy Framework identified long-duration energy storage as a key tool for building a clean and reliable electricity grid by 2030. Analysis from Form Energy indicates that integrating multi-day energy storage into Ireland’s portfolio could reduce curtailment and lower energy generation costs by more than 25% annually.
“Form Energy’s battery solution is set to fill a critical gap in Ireland’s power system,” predicted Peter Lynch, CEO of FuturEnergy Ireland. “The technology is modular, scalable, and locationally flexible, enabling it to simultaneously solve local grid congestion and the linked issue of wasted renewable power. We are delighted to be signing this agreement today and look forward to collaborating with Form Energy in the years ahead to demonstrate the full potential of this technology in Ireland’s energy system.”
Form Energy launched commercial production at its first high-volume manufacturing facility in Weirton, West Virginia, and delivered its first pilot system to Great River Energy in Minnesota last year. The company has more than 65 GWh of commercial projects under agreement, including two recent ones that are among the largest battery energy storage projects by energy capacity in the world: a 30 GWh project with Xcel Energy and Google, and an 8.5 GWh project with the U.S. DOE, the State of Massachusetts, and other New England states. FuturEnergy Ireland boasts a portfolio of more than 20 onshore wind projects at various stages of development, as well as a growing portfolio of long-duration energy storage projects.
Community Solar Arrives in New Mexico
Forefront Power, Standard Solar, and New Mexico-based Pluma Construction have announced that teamwork does, indeed, make the dream work, particularly if the dream is an eight-project, 48.4 MW community solar portfolio across New Mexico.
Developed by Pluma with support from ForeFront, the projects were acquired by Standard Solar, the long-term owner and operator of the portfolio. Solstice, now wholly owned by Perch Energy, is leading subscriptions and customer acquisition.
The projects are among the first community solar facilities to be delivered through New Mexico’s Community Solar Program, which we wrote about in October 2024. Several are located on New Mexico State Land Trust land in partnership with the New Mexico State Land Office, complementing privately sited facilities and expanding community solar access across the state. Across all eight sites, the portfolio is expected to generate 103,287 MWh in its first year upon completion.
“Making New Mexico’s Community Solar Program a reality will greatly benefit residents across the state,” predidcted Chris Pacheco, founder of Pluma Construction. “This is a major step forward in the pursuit of a clean, affordable energy future in New Mexico.”
As these projects begin delivering savings to ratepayers, households still have an opportunity to join and benefit from clean energy while space remains available. Solstice predicts room for 2,500 new subscribers right now, with more capacity on the way. Residents can check their eligibility and enroll here.
GSPP Closes on Capital Raise
Connecticut-HQ’d distributed IPP GS Power Partners (GSPP) has announced the close of a $250 million capital raise provided by Deutsche Bank. The debt facility will be used to establish a centralized corporate capital platform that will support GS Power’s development pipeline and long-term growth strategy.
“It will enable us to fuel continued, responsible growth,” summarized Jason Kuflik, founder and CEO of GSPP, in a quick conversation with Factor This. “It’s a pretty flexible use of capital for us.”
“We’ve built a management team with deep experience driving growth in the distributed generation solar sector, enabling us to execute with financial rigor and discipline and earn the trust of leading global financial institutions,” Kuflik continued. “The commitment from Deutsche Bank validates the strength of the platform we’ve built and reflects a strong alignment around partnering with best-in-class capital providers and teams.”
GSPP president Nick Sangermano recognizes the deal as an endorsement of his team’s work, calling it a “landmark transaction.”
“A group Deutsche Bank is smart, super experienced, seasoned,” he surveyed. “They’re very picky and good at choosing platforms, and they chose us. To me, that’s validation, and it’s humbling. Now we can accelerate our growth and execute.”
Deutsche Bank acted as Lead Lender and Arranger and is responsible for syndicating the transaction. Deutsche Bank Trust Company Americas (DBTCA) is serving as Administrative Agent, and Wilmington Trust, N.A., is serving as Collateral Agent. Marathon Capital acted as GSPP’s financial advisor. Morgan, Lewis & Bockius LLP served as legal counsel to GS Power Partners. White & Case LLP acted as legal counsel to Deutsche Bank.
Sumber Artikel:
Renewableenergyworld.com
