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Doral Renewables, a utility-scale renewable energy project developer, <a href="https://cms.mercomindia.com/doral-renewables-secures-funding-for-the-great-bend-solar-project/" target="_blank" rel="noopener">closed</a> tax equity funding for its Great Bend solar project. Fifth Third Bank committed to investing up to $30 million of tax equity into the project. Located in Meigs County, Ohio, the 48 MWac project features a ground-mounted, single-axis PV system and is expected to be operational by Q4 2025. Doral Renewables and Fifth Third are also set to receive proceeds from a tax credit transfer transaction that will be finalized later this year.
Stonepeak, an alternative investment firm focused on infrastructure and real assets, has <a href="https://cms.mercomindia.com/stonepeak-to-acquire-46-3-stake-in-777-mw-solar-and-storage-project-portfolio/" target="_blank" rel="noopener">agreed</a> to acquire a 46.3% stake in Repsol’s 777 MW operating solar and storage portfolio in New Mexico and Texas for $340 million. Repsol is a Spanish energy and petrochemical company. The portfolio comprises the Fyre solar project and the Jicarilla solar and storage project. The transaction is expected to close during the third quarter of 2025, subject to customary regulatory approvals.
Cypress Creek Renewables, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/cypress-creek-secures-150-million-financing-for-ostrea-solar-project/" target="_blank" rel="noopener">closed</a> $150 million in financing to support the development and construction of the 104 MW Ostrea solar project in Yakima County, Washington. The company also announced the beginning of construction of the project. The project is expected to reach commercial operation by mid-2026.
Indian Oil Corporation’s board of directors has <a href="https://www.mercomindia.com/indian-oil-invest-subsidiary-renewables-portfolio" target="_blank" rel="noopener">approved</a> an additional equity investment of ₹10.86 billion (~$129.44 million) in its wholly owned subsidiary, Terra Clean, to develop 4.3 GW renewable energy capacity. This decision adds to the previously approved 1 GW capacity. Terra Clean was incorporated on March 15, 2023. In April 2024, it received an initial equity investment of ₹13.03 billion (~$155.28 million) to develop its first 1 GW renewable energy capacity.
Voltalia, a renewable energy power producer, <a href="https://cms.mercomindia.com/voltalia-secures-over-26-million-financing-for-34-mw-solar-project/" target="_blank" rel="noopener">secured</a> £20 million (~$26.6 million) in debt financing for the 34 MW Eastgate solar project from Triodos Bank UK. The funding will support the construction and development of the project. The financial package comprises a senior debt loan of up to £18.9 million (~$25.11 million) and a Debt Service Reserve Facility (DSRF) of £1.1 million (~$1.46 million), which will provide crucial support during the project’s construction phase.
Click <a href="https://cms.mercomindia.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.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-zelestra-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Doral Renewables Closes Funding for the Great Bend Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-doral-renewables-funding-bend-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Doral Renewables, a utility-scale renewable energy project developer, <a href="https://mercomcapital.com/doral-renewables-secures-funding-for-the-great-bend-solar-project/" target="_blank" rel="noopener">closed</a> tax equity funding for its Great Bend solar project. Fifth Third Bank committed to investing up to $30 million of tax equity into the project. Located in Meigs County, Ohio, the 48 MWac project features a ground-mounted, single-axis PV system and is expected to be operational by Q4 2025. Doral Renewables and Fifth Third are also set to receive proceeds from a tax credit transfer transaction that will be finalized later this year.
Stonepeak, an alternative investment firm focused on infrastructure and real assets, has <a href="https://mercomcapital.com/stonepeak-to-acquire-46-3-stake-in-777-mw-solar-and-storage-project-portfolio/" target="_blank" rel="noopener">agreed</a> to acquire a 46.3% stake in Repsol’s 777 MW operating solar and storage portfolio in New Mexico and Texas for $340 million. Repsol is a Spanish energy and petrochemical company. The portfolio comprises the Fyre solar project and the Jicarilla solar and storage project. The transaction is expected to close during the third quarter of 2025, subject to customary regulatory approvals.
Cypress Creek Renewables, a solar and energy storage project developer, <a href="https://mercomcapital.com/cypress-creek-secures-150-million-financing-for-ostrea-solar-project/" target="_blank" rel="noopener">closed</a> $150 million in financing to support the development and construction of the 104 MW Ostrea solar project in Yakima County, Washington. The company also announced the beginning of construction of the project. The project is expected to reach commercial operation by mid-2026.
Indian Oil Corporation’s board of directors has <a href="https://www.mercomindia.com/indian-oil-invest-subsidiary-renewables-portfolio" target="_blank" rel="noopener">approved</a> an additional equity investment of ₹10.86 billion (~$129.44 million) in its wholly owned subsidiary, Terra Clean, to develop 4.3 GW renewable energy capacity. This decision adds to the previously approved 1 GW capacity. Terra Clean was incorporated on March 15, 2023. In April 2024, it received an initial equity investment of ₹13.03 billion (~$155.28 million) to develop its first 1 GW renewable energy capacity.
Voltalia, a renewable energy power producer, <a href="https://mercomcapital.com/voltalia-secures-over-26-million-financing-for-34-mw-solar-project/" target="_blank" rel="noopener">secured</a> £20 million (~$26.6 million) in debt financing for the 34 MW Eastgate solar project from Triodos Bank UK. The funding will support the construction and development of the project. The financial package comprises a senior debt loan of up to £18.9 million (~$25.11 million) and a Debt Service Reserve Facility (DSRF) of £1.1 million (~$1.46 million), which will provide crucial support during the project’s construction phase.
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.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-zelestra-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://stonepeak.com/" target="_blank" rel="noopener">Stonepeak</a>, an alternative investment firm focused on infrastructure and real assets, has agreed to acquire a 46.3% stake in <a href="https://www.repsol.com/" target="_blank" rel="noopener">Repsol’s</a> 777 MW operating solar and storage portfolio in New Mexico and Texas for $340 million. Repsol is a Spanish energy and petrochemical company.
The transaction values the solar and battery energy storage portfolio at approximately $735 million. Previously, Repsol raised $60 million in tax equity proceeds for this portfolio, bringing the total value to approximately $795 million.
The portfolio comprises the Fyre solar project and the Jicarilla solar and storage project. The 632 MW Fyre solar project is located in Swisher County, Texas, and was completed in 2024. The Jicarilla complex, with 125 MW solar and 20 MW/80 MWh battery storage capacity, is located in Rio Arriba County, New Mexico.
The transaction is expected to close during the third quarter of 2025, subject to customary regulatory approvals.
Latham &amp; Watkins provided legal counsel, and Nomura Greentech served as Repsol’s exclusive financial advisor. Vinson &amp; Elkins acted as legal counsel, and Greenhill &amp; Co., a Mizuho affiliate, served as the exclusive financial advisor to Stonepeak.
Anthony Borreca, Senior Managing Director at Stonepeak, said, “This investment represents another important step in delivering much-needed cost-effective and sustainable electricity to our domestic power grid at a time when communities need it most. Repsol is an extremely well-respected company globally, and we look forward to deepening our partnership with them in the coming years.”
In April, Apex Clean Energy, a renewable energy project developer, entered into an agreement with Electricity Generating Public Company Limited (EGCO Group) to <a href="https://mercomcapital.com/apex-clean-energy-sells-49-stakes-in-solar-and-wind-project/" target="_blank" rel="noopener">sell</a> its 49% ownership interest in the Pinnacle II project portfolio, which consists of two projects totaling 251 MW in the U.S.
According to Mercom’s Q1 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, about 13.6 GW of solar projects were acquired in Q1 2025 compared to 10.8 GW in Q1 2024.

Stonepeak to Acquire 46.3% Stake in 777 MW Solar and Storage Project Portfolio

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