Project Finance Brief: Altus Power Closes €36.2 Million Sale Leaseback Solar Funding

From: Mercom Capital Group
Altus Power, a clean energy firm, has completed a sale leaseback tax equity financing worth €36.2 million (~$42 million) for several unspecified solar projects in Minnesota and Massachusetts. Fifth Third Bank, National Association, has been a financing partner of Altus Power. The funding relationship with Fifth Third Bank led to an additional opportunity to partner on this sale leaseback financing transaction, which helped to fund projects across Minnesota and Massachusetts.
Arevon, a renewable energy company, has acquired from RAI Energy International and Apex Energy Solutions the Vikings Energy Project, a solar-plus-storage power plant under development. The Vikings Energy project is among the first solar peaker plants in the U.S. The facility’s 1:1 configuration – 150 MW of solar, coupled with 150 MW/600 MWh of battery energy storage – will allow it to shift daytime solar production to late afternoon and evening hours, providing on-peak energy whenever necessary.
ILI Group has sold the 50 MW Fordtown battery storage project in Kintore, Aberdeenshire, to Eelpower for an undisclosed price. The transaction increases ILI’s developed and funded battery projects to 200 MW, with a further 800 MW being prepared for the market over 2021-2022.
ERG, through its subsidiaries ERG Eolienne France SAS and ERG Windpark Beteiligungs, has signed two agreements with NAEV Austria Beteiligungs and NAEV Austria & co. OG to acquire 100 % of the capital of 15 companies that own a 152.4 MW renewable portfolio in France and Germany. A German pension fund owns the sellers, and the assets are managed by KGAL through a Separately Managed Account (SMA). The portfolio consists of seven solar PV and three wind projects in France for a total installed capacity of 56.7 and 40.6 MW, respectively, and five wind projects in Germany for a total of 55.1 MW. The transaction value in terms of enterprise value is €202 million (~$234 million) (with an expected net financial position of €48 million (~$55 million) at closing).