The latest renewable energy news includes announcements from Infinity Power, HAU Energy, Pivot Energy, EDP, IFC, Nefer Minya solar and battery project in Egypt, and others.
Infinity Power and HAU Energy Secure $566 Million for 1.2 GW Solar and 600 MWh Battery Project in Egypt
Infinity Power and HAU Energy have secured debt financing of up to $566 million for the Nefer Minya solar and battery project in Egypt. Announced October 20, the development combines 1.2 GW of photovoltaic capacity with 600 MWh of battery storage. The European Bank for Reconstruction and Development arranged up to $265 million, including $160 million from its own resources, $75 million mobilised from Bank of Jordan and up to $30 million from the Clean Technology Fund. DEG, FMO and Proparco are providing additional financing. Electricity will be sold under a 25-year power purchase agreement. The project is expected to supply more than 1.4 million homes and avoid over 1.5 million tonnes of carbon dioxide emissions annually.
Pivot Energy Secures $500 Million Credit Facility for US Solar and Battery Storage Expansion
Denver-based renewable-energy developer Pivot Energy has closed a $500 million corporate credit facility with Nuveen Energy Infrastructure Capital. Announced October 20, the three-year financing will support late-stage solar and battery project development, equipment procurement and expansion of the company’s operating portfolio. Pivot, backed by ECP, develops and operates distributed solar generation and storage installations across the United States. Its activities extend across more than 100 communities in 15 states, with over 200 MWdc of solar projects in operation. By the end of 2029, Pivot expects to operate more than 1 GW of solar capacity and 700 MWh of battery storage. The financing will also support projects in areas experiencing electricity grid constraints.
EDP and IFC Announce $301 Million Investment in Mexican Solar and Brazilian Electricity Grids
Portuguese utility EDP and the International Finance Corporation have announced two investments totalling $301 million to expand renewable generation and electricity infrastructure in Latin America. Disclosed October 19, the package includes a $222 million loan for a 200 MW solar photovoltaic project in Mexico. The financing forms part of a $444 million arrangement, with Spain’s Instituto de Crédito Oficial providing the remaining half. In Brazil, IFC is investing approximately $79 million to modernise the electricity distribution network operated by EDP Espírito Santo. The Brazilian investment will improve electricity services for more than 1.8 million customers. Together, the projects are expected to support over 4,400 jobs and avoid approximately 297,000 tonnes of carbon dioxide equivalent annually.
