Jupiter’s $70 Million Funding Boost for 320 MWh Storage Projects
In a strategic move, Modus Asset Management has successfully acquired 55 MW of solar projects in Latvia. Meanwhile, Jupiter Power, a prominent energy storage project developer, secured a $70.4 million construction and term loan financing facility. This funding will drive the development of two standalone battery energy storage projects in Texas, with a combined capacity of 160 MW/320 MWh. The Energy Finance group at First Citizens played a pivotal role as the Coordinating Lead Arranger, while BankUnited and Siemens Financial Services served as Joint Lead Arrangers for the financing facility.
Simultaneously, Modus Asset Management, operating through its Clean Energy Infrastructure Fund, has entered into an agreement with Evecon, a leading solar and wind project developer. This transaction involves the acquisition of a 100% stake in a 55 MW solar PV portfolio. The portfolio, developed by Evecon SIA, spans 10 projects across Latvia, featuring bifacial solar panels.
In another noteworthy development, Greenvolt, a solar and wind project developer, finalized a €107 million (~$118.26 million) deal with Energa Wytwarzanie. The agreement encompasses the sale of two renewable energy projects in Poland: the Opalenica project, consisting of three solar parks with a total capacity of 22 MW, and the Sompolno project, a licensed hybrid project in Poland with 26 MW of wind and 10 MW of solar capacity.
Opdenergy, an independent solar and wind power producer, secured a financing agreement with Banco Santander for the development of five photovoltaic projects in Spain. This includes the Brovales project (comprising Brovales I, Brovales II, and Brovales III) in Badajoz, with a financing amount of €72.7 million ($61.17 million).
In the financial realm, Abu Dhabi Future Energy Company Masdar successfully completed its inaugural green bond issuance, raising $750 million. The oversubscribed offering received significant interest from both regional and international investors. The proceeds will be channeled into supporting green projects within the renewable energy sector, covering solar, wind, renewable power transmission and distribution infrastructure, and battery storage assets.
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