A provision under the US Inflation Reduction Act allowing for federal tax credit transfers for solar projects is creating whole new market, giving developers flexibility to sell such credits to third parties to capture maximum value or reduce risk, says a legal and commercial advisor.
Property insurance for a solar project, having been an easy “check the box” issue 10 years ago, is fast becoming a top credit item for securing financing from banks, according to the head of a data analytics and insurtech firm.
Latin America-focused solar developer Atlas Renewable Energy has secured a US$210 million loan from the Brazilian Development Bank (BNDES) to finance its 438MW Boa Sorte solar project in Brazil.
Renewables developer Econergy Renewable Energy has finalised a €150 million (US$157.7 million) loan agreement with Phoenix Insurance to support its pipeline of solar PV projects in Romania and Poland.
Enfinity Global, a renewable energy developer and service provider, has reached financial close on 112MW worth of solar PV projects in Italy, representing €142 million (US$150 million) in VAT and long-term financing.
Global solar developer Lightsource bp has firmed up AU$540 million (US$365 million) in green financing to fund the development of two Australian PV projects in Victoria and New South Wales.
IDB Invest and South American financial group Bancolombia will provide developer Solarpack with a COP656 billion (US$133 million) loan to support the development of two solar PV projects in Colombia.
The Asian Infrastructure Investment Bank (AIIB) has joined a partnership agreement with the Egyptian government, expected to mobilise US$10 billion in investments to deploy 10GW of solar and wind by 2028.
