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					</table>From: <a href="https://www.mercomindia.com/project-finance-brief-ipx-power-closes-4-95-billion" target="_blank" rel="noopener">Mercom Capital Group</a>
Bankinter Investment and Plenium Partners have <a href="https://mercomcapital.com/bankinter-and-plenium-secure-617-million-for-130-mw-solar-portfolio/" target="_blank" rel="noopener">secured</a> €530 million (~$617 million) in financing for a 130 MW solar portfolio owned by Helia Renovables IV. Helia Renovables IV was launched in 2020 by Bankinter Investment, an alternative investment arm of the Spanish financial group Bankinter, and Plenium Partners, an investment company focused on power and sustainable infrastructure in Europe.
Vesper Energy, a utility-scale solar and battery storage project developer, has <a href="https://mercomcapital.com/vesper-energy-secures-236-million-financing-texas-solar-project/" target="_blank" rel="noopener">reached</a> financial close on $236 million in debt financing for its 201 MW Nazareth Solar project in Swisher County, Texas. The financing package includes a construction-to-term loan and a letter of credit facility.
Renewable energy company Avaada Group has <a href="https://www.mercomindia.com/avaada-group-secures-950-million-for-renewable-energy-projects" target="_blank" rel="noopener">secured</a> $950 million in financing from a consortium of global and domestic banks for renewable energy projects in India. The financing covers the financial closure of its firm and dispatchable renewable energy (FDRE) project in Bikaner, Rajasthan.
Mumbai-headquartered renewable energy solutions provider Clean Max Enviro Energy Solutions (CleanMax) <a href="https://www.mercomindia.com/cleanmax-secures-575-million-for-1-gw-solar-wind-projects" target="_blank" rel="noopener">announced</a> that it secured nearly $575 million to expand its solar and wind projects in India. The financing will support large-scale, Central Transmission Utility-connected renewable energy projects across Rajasthan and Karnataka.
Solar solutions company Evolve Green Energies has <a href="https://www.mercomindia.com/evolve-green-secures-%E2%82%B91-billion-debt-from-aseem-infra-for-solar-expansion" target="_blank" rel="noopener">secured</a> a debt capital commitment of ₹1.05 billion (~$11 million) from Aseem Infrastructure Finance to fund the development of its 30 MW rooftop and group captive solar portfolio across India. Evolve will use this funding to accelerate the expansion of its distributed solar portfolio across government, industrial, and commercial client segments, focusing on high-credit offtakers and long-tenor power purchase agreements.
SolarAfrica, an independent renewable power producer, has <a href="https://mercomcapital.com/solarafrica-acquire-315-mw-nyakallo-solar-storage-project/" target="_blank" rel="noopener">signed</a> an agreement to acquire the 315 MW Nyakallo solar and battery storage project in Limpopo, South Africa, from Norsk Renewables, a Norwegian renewable energy project developer. The companies said they will continue to develop the project toward financial close and construction.
Kyivstar Group, a subsidiary of digital operator VEON, has <a href="https://mercomcapital.com/kyivstar-acquires-105-mw-solar-project-portfolio-in-ukraine/" target="_blank" rel="noopener">acquired</a> six solar power projects totaling 105 MW in Ukraine’s Lviv region for $80.8 million. The acquisition expands Kyivstar’s renewable energy generation portfolio nearly ninefold.
Eelpower Energy, an energy storage project developer backed by Equitix, Aware Super, and the National Wealth Fund, has <a href="https://mercomcapital.com/eelpower-energy-acquires-50-mw-battery-storage-project-in-uk/" target="_blank" rel="noopener">acquired</a> the 50 MW/100 MWh Stoneworthy battery storage project in Great Britain from renewable energy company RES. The Stoneworthy project is located on land south of the Pyworthy substation in Devon.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s project finance <a href="https://www.mercomindia.com/project-finance-brief-ipx-power-closes-4-95-billion" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Bankinter and Plenium Secure $617 Million for Solar Portfolio

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					</table><a href="https://solarafrica.com/" target="_blank" rel="noopener">SolarAfrica</a>, an independent renewable power producer, has signed an agreement to acquire the 315 MW Nyakallo solar and battery storage project in Limpopo, South Africa, from <a href="https://norskrenewables.com/" target="_blank" rel="noopener">Norsk Renewables</a>, a Norwegian renewable energy project developer.
The companies said they will continue to develop the project toward financial close and construction. With financial close anticipated within the next 12 months, the project is expected to begin evacuating power by the second half of 2028.
Norsk Renewables originally developed the project with development support from Green Soll. The companies said the project has advanced through early-stage milestones, including grid connection, permitting, and initial design.
David McDonald, CEO of SolarAfrica, said, “Nyakallo is a highly attractive project that aligns well with SolarAfrica’s strategy of building a diversified portfolio of utility-scale renewable energy assets across South Africa. Its strong grid position and advanced development status make it an important addition to our pipeline as we continue expanding renewable energy supply to the commercial and industrial market.”
Under the transaction structure, SolarAfrica will act as the long-term owner and funding sponsor, while Norsk Renewables will continue to support the project through development, financing preparation, and commercialization activities.
The companies said the project is located within one of Eskom’s key transmission corridors and can connect directly to existing grid infrastructure, enabling it to proceed without relying on long-lead transmission upgrades.
The project is expected to supply grid-connected renewable power to South African businesses, serving commercial and industrial customers as the country’s power market shifts toward more decentralized procurement models, including trading and wheeling.
Limpopo has historically been associated with coal-based generation. The companies said Nyakallo would contribute to South Africa’s Just Energy Transition by adding renewable energy capacity in the province.
Founded in 2011, SolarAfrica is developing a utility-scale renewable energy portfolio of about 1.5 GW, already in advanced stages of development. This acquisition is a part of its plan to expand grid-connected renewable power supply to commercial and industrial customers. Previously, in 2026, the company’s subsidiary, Commercial Energy South Africa, <a href="https://mercomcapital.com/solarafrica-energy-secures-39-million/" target="_blank" rel="noopener">closed</a> an investment of R635 million (~$39 million) from Vantage Capital, Africa’s mezzanine debt fund manager, alongside co-investor Greenpoint Capital.
According to Mercom’s Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, approximately 18.4 GW of solar projects were acquired in the first quarter of 2026, compared to 13.6 GW in Q1 2025.

SolarAfrica to Acquire 315 MW Nyakallo Solar and Storage Project

<a href="https://solarafrica.com/" target="_blank" rel="noopener">SolarAfrica</a>, a South Africa-based solar energy company, secured financial close on R1.5 billion (~$94 million) for the development and construction of the 114 MW SunCentral 2 utility-scale solar project in the Northern Cape.
RMB and Investec Bank provided the funding, which will enable boosting access to affordable and clean energy for South African businesses.
SunCentral 2 will follow SunCentral 1, which reached financial close at the end of 2024, also with a capacity of 114 MW. Together with SunCentral 3, these projects have a combined capacity of 342 MW. At full scale, SunCentral is planned to reach 1 GW.
A portion of the funding from each SunCentral project is allocated directly to the development of the project’s main transmission substation.
David McDonald, CEO at SolarAfrica, says, “Businesses want power they can trust – clean, affordable, and predictable – and SunCentral is being built exactly for that purpose. It’s encouraging to see the confidence from our funding partners as we move into the next stage of delivery.
“More than a big solar project, SunCentral is a long-term infrastructure investment that gives companies the ability to manage their costs, cut emissions, and reduce their reliance on utility power that is often vulnerable to unpredictable tariff hikes. This next step gets us closer to bringing that value to even more South African businesses.”
Large-scale project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>.
Previously, in 2024, Mulilo, a South Africa-based renewable energy developer and independent power producer, <a href="https://cms.mercomindia.com/mulilo-secures-financing-for-75-mw-ukuqala-solar-project/" target="_blank" rel="noopener">secured</a> financial closure for the 75 MWac (105 MWdc) Ukuqala solar project near De Aar in the Northern Cape, South Africa. Nedbank, SBSA, and ABSA provided the debt financing. The Ukuqala Solar Project will power Air Product’s Air Separation Units across South Africa, delivering electricity via wheeling to various locations.

SolarAfrica Raises $94 Million for SunCentral 2 Solar Project

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