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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-encavis-non-recourse-financing/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>ENCAVIS, a solar and wind project developer, has </strong><a href="https://mercomcapital.com/encavis-secures-157-million-non-recourse-project-financing/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closure of a non-recourse project financing of €135 million (~$157.10 million) </strong>for the acquisition of the 199 MW Aragón portfolio. The portfolio is in northern Spain near Zaragoza, and consists of three wind projects with a combined capacity of approximately 142 MW and two solar projects totaling 57 MW.</p>
<p><strong>Altus Power, an independent developer, owner, and operator of commercial-scale solar projects, </strong><a href="https://mercomcapital.com/altus-power-acquires-105-mw-of-solar-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of 105 MW of solar projects</strong> from Cordelio Power, an independent solar, wind, and energy storage power producer. Already under construction, the acquired projects comprise four ground-mounted solar installations across the state of New York.</p>
<p><strong>egg Power, Liberty Global’s investment vehicle to develop, build, own, and operate renewable energy projects, providing low-cost clean energy to customers</strong>, <a href="https://mercomcapital.com/egg-power-secures-536-million-for-solar-and-wind-projects/" target="_blank" rel="noopener">secured</a> up to £400 million (~$536 million) in debt financing from NatWest Group to accelerate its development of large-scale renewable energy projects across Europe.</p>
<p><strong>IREDA Global Green Energy Finance IFSC (IGGEFIL), a wholly owned subsidiary of the government-owned lender, Indian Renewable Energy Development Agency, </strong><a href="https://www.mercomindia.com/ireda-subsidiary-approves-first-overseas-solar-project-loan" target="_blank" rel="noopener">approved</a> its first international green energy loan, marking the formal start of its overseas financing operations. IGGEFIL approved a loan of $22.5 million to Swarna Solar for the development of a 100 MW solar project in the Serenje District of Zambia’s Central Province.</p>
<p><strong>Aquila Clean Energy, a developer of integrated and hybrid clean energy solutions, </strong><a href="https://mercomcapital.com/aquila-clean-energy-sells-100-mwh-battery-storage-project/" target="_blank" rel="noopener"><strong>sold</strong></a><strong> a ready-to-build 50 MW/100 MWh battery energy storage project</strong> in Lithuania to Energy Gates, an investment management firm focused on developing large-scale renewable energy projects across the Baltic countries. The battery storage project is designed with a two-hour storage capacity, providing flexible services to the Lithuanian power systems, supporting grid stability, renewable energy integration, and energy security across the Baltic region.</p>
<p><strong>Swift Current Energy, a company that develops, commercializes, owns, and operates utility-scale solar, wind, and energy storage projects</strong>, <a href="https://mercomcapital.com/swift-current-energy-sells-150-mw-battery-storage-project/" target="_blank" rel="noopener">announced</a> the sale of the 150 MW/600 MWh Prospect Power battery storage project. The project is in Rockingham County, Virginia, and was acquired by Elevate Renewables, a renewable energy development company.</p>
<p><strong>Greenbacker, an independent power producer and energy transition-focused investment manager, </strong><a href="https://mercomcapital.com/greenbacker-sells-237-mw-of-solar-and-storage-portfolio/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of a 237 MW portfolio of solar and storage projects</strong> to Altus Power, a developer, owner, and operator of large-scale solar projects. The portfolio consists of more than 100 projects across 18 states. KeyBanc Capital Markets, the corporate and investment banking arm of Cleveland-based KeyCorp, served as the exclusive financial advisor to Greenbacker on the transaction.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-treaty-oak-secures-solar-projects/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: ENCAVIS Secures $157 Million in Non-Recourse Financing


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					</table><p><a href="https://www.aquila-clean-energy.com/" target="_blank" rel="noopener">Aquila Clean Energy</a>, a developer of integrated and hybrid clean energy solutions, sold a ready-to-build 50 MW/100 MWh battery energy storage project in Lithuania to Energy Gates, an investment management firm focused on developing large-scale renewable energy projects across the Baltic countries.</p>
<p>The battery storage project is designed with a two-hour storage capacity, providing flexible services to the Lithuanian power systems, supporting grid stability, renewable energy integration, and energy security across the Baltic region.</p>
<p>The project has secured all the key development milestones, clearing the way for near-term construction and operation. The transaction was completed on December 31, 2025.</p>
<p>EY Parthenon served as the financial advisor, and Esteem and COBALT acted as the legal advisors to Aquila Clean Energy. WIDEN provided legal counsel to Energy Gates.</p>
<p>&#8220;This acquisition further strengthens Energy Gates renewable projects&#8217; development in the Baltics. The project is the third BESS asset in our portfolio and an important milestone reflecting our confidence in the Lithuanian market and our ability to develop, invest in, and realize value from high-quality storage assets that support grid flexibility, renewable integration, and long-term energy security.&#8221; Energy Gates CEO, Arminas Petraitis.</p>
<p>Aquila Clean Energy EMEA also commenced <a href="https://www.aquila-clean-energy.com/news/aquila-clean-energy-emea-begins-construction-on-major-battery-storage-project-in-northern-germany/" target="_blank" rel="noopener">construction</a> in November 2024 on a new 56 MW/112 MWh battery energy storage system in Wetzen, Lower Saxony, Germany. This project is part of the company&#8217;s larger portfolio of 14 battery storage projects in Germany, with a combined capacity of more than 900 MW.</p>
<p>According to Mercom&#8217;s 9M and Q3 2025 Funding and M&amp;A Report for Energy Storage <a href="https://cms.mercomindia.com/product/9m-and-q3-2025-funding-and-ma-report-for-storage/" target="_blank" rel="noopener">report</a>, there were 45 energy storage project M&amp;A transactions in the first nine months of 2025 compared to 22 transactions in the same period of 2024.</p>
<p>In January 2026, Swift Current Energy, a company that develops, commercializes, owns, and operates utility-scale solar, wind, and energy storage projects, announced the <a href="https://cms.mercomindia.com/swift-current-energy-sells-150-mw-battery-storage-project/" target="_blank" rel="noopener">sale</a> of the 150 MW/600 MWh Prospect Power battery storage project. The project is located in Rockingham County, Virginia, and was acquired by Elevate Renewables, a renewable energy development company.</p>


Aquila Clean Energy Sells 50 MW/100 MWh Battery Storage Project

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