Project Funding Sheet: Recurring Energy to Sell 150 MW Firefly Energy Solar Project


From: Mercom Capital Group

Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and photovoltaic cells and modules, announcement its wholly owned subsidiary, Recurrent Energy, has completed a purchase and sale agreement with Appalachian Power for Recurrent’s Firefly Energy solar project located in Pittsylvania County, Virginia. With a capacity of 150 MW, the project will be Appalachian Power’s largest solar power acquisition to date and will help the utility meet its clean energy requirements under the Virginia Clean Economy Act ( VCEA).

Eolus Project Holdings, developer of Swedish wind projects sold a 120 MW battery storage project in California at Aypa Power, an energy storage company and an alternative asset holding company director Blackstone. Financial terms of the transaction were not disclosed. The company sold its Cald autonomous energy storage project in Los Angeles, which is currently in development. The project will be operational in 2024.

Everwood Capital, a Spanish investment manager, acquired a 66 MW solar photovoltaic project in Sicily, Italy. The project will be located in the municipality of Troina, in the Sicilian province of Enna. The project will use bifacial panels mounted on a 1-axis tracking system. The connection rights and the land at Troina have been secured. The fund manager expects to finalize the authorization process by the end of 2023 and start construction immediately.

Alternus Energy, an independent power producer, has acquired 12.9 MW of operational photovoltaic solar assets in Poland. The projects, each 1 MW in size, are located across the country. Alternus partnered with an experienced local developer to develop and build the projects. The commercial exploitation date (COD) of the acquired portfolio was reached in December. This is part of the agreement between Alternus and the developer for a total contracted pipeline of 24 MW. The additional 11 MW are currently expected to reach COD in the first quarter of 2022.

ReneSola, a fully integrated solar project developer, firm the sale of 37 MW of solar projects located in Poland to Obton, an international solar investment company. The 37 MW portfolio is in addition to the 38 MW sale to Obton announced in July 2021, for a combined total of 75 MW. The portfolio includes 37 solar power plant projects across Poland with a capacity of 1 MW each for 33 MW and one project of 4 MW. The projects were awarded to ReneSola Power at the country’s solar energy auction in September 2021. The projects are eligible for a guaranteed 15-year tariff and are expected to be connected to the grid within the next year. The projects are sold at the “Ready to Build” (RtB) stage. Upon closing of the sale, ReneSola Power will be responsible for EPC management, project financing and final delivery to Obton.

The operator of wind and solar farms listed on SDAX Encavis sign the purchase contract for two solar projects in Denmark with a total production capacity of 105 MW. Without a subsidy and already connected to the grid, the Svinningegarden solar project in North West Zealand has a generation capacity of 34 MW. The Rodby Fjord solar project on Lolland, in the most southwestern part of Zealand, has a generation capacity of 71 MW and is due to be connected to the grid in the first quarter of 2022. European Energy has developed, built and sold both solar parks in Encavis. The electricity produced is sold directly to respectable tech companies over ten years under long-term power purchase agreements (PPAs) based on a pay-per-production structure.

The operator of wind and solar farms listed on SDAX Encavis is to acquire Statkraft’s remaining minority stake (19.99%) in the 300 MW Talayuela solar project in the Spanish province of Extramadura. Statkraft developed, built and sold the project to Encavis.

Sonnedix, an independent solar energy producer, has completed the acquisition of an operational portfolio of 100 MW in Spain from ACS Servicios, Comunicaciones y Energia. The portfolio includes two 50 MW ground-based solar PV projects located in Castilla la Mancha and Cáceres, which have been in operation since December 2019 and November 2021, respectively.

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Read last week’s project funding brief.


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