Finance News

Ayala Backed Sitara Solar Achieves Financial Closure for 100 MW Rajasthan Project

Sitara Solar, backed by the Philippines based Ayala Solar subsidiary AC Energy and UPC Renewables China Holding, has announced financial closure for its 100 MW project in Rajasthan.

The firm had won the project in SECI's 750 MW solar auction just over a year back, by bidding at a price of Rs 2.48/ KwH. The project was its first major investment in India. The other winners in the auction were Acme Solar, Fortum Solar, and Palimarwar Solar.

With this closure, the firm expects the project to be be online soon, in the first half of 2021 in fact. An interesting aspect of this auction was that all power is being procured for the state of Rajasthan, with the state providing transmission infrastructure land availability. That was cited as a key reason why bids had been lower, relatively for this project at the time. It has been a well established trend for overseas firms now to stick to auctions by mostly central government agencies, especially SECI or NTPC< rather than state government auctions, after the fiasco with Andhra Pradesh in 2019.

Sitara Solar has estimated the project cost at US$67 million. The construction of the solar farm started last year.

Sitara Solar has secured a 20-year loan from the US International Development Finance Corporation (DFC), to be funded through a 75:25 debt-to-equity financing scheme.

The JV between AC Energy and UPC Renewables has about 450MW of projects under development in India, with an initial target of GW for the region.

UPC Renewables formed companies have developed more than 73 operating wind and solar projects with a total installed capacity of 4,500MW and an investment value of over US$8.4 billion. Waaree Energies has been assigned SP1A ranking by ICRA emphasizing strong performance capability and financial strength to undertake solar projects

One of India’s leading solar solutions firms, Waaree Energies has been assigned the highest-ranking of SP1A by the Investment Information and Credit Ranking Agency of India (ICRA) under System Integrator Grading. The ranking SP1A emphasises that the company’s superior performance capability and highest financial strength to undertake solar projects. Valid for two years, it reiterates Waaree’s position as the most efficient and trusted player in the solar manufacturing space.

This also makes the brand one of the most preferred partners among stakeholders owing to its robust project financing caliber and sound technological infrastructure. It assures customers timely completion of projects, well-rounded project development skills, expert rooftop solutions, adept power production and superior ability to orchestrate large-scale solar projects contributing to India's mission of 175 GW by 2022 in the larger scheme of things. Waaree has already executed over 600 MW solar projects and has a record of executing a 50 MW solar project in Vietnam in 100 working days, becoming the first Indian solar company to achieve this feat.

Dr. Hitesh Doshi, CMD, WAAREE Group said, “We are honoured to have been affirmed with the prestigious SP1A ranking by ICRA. We are also thankful to our stakeholders for their trust and confidence has helped us accelerate our growth journey and scale new heights. We will continue to be committed to customercentricity, uncompromised service quality and affordable pricing. These recognitions push us to continuously innovate, improve and thrive.”

The ranking derives its strength from the company’s well-nurtured and established a professional relationship with stakeholders, positive customer feedback on projects executed and excellent aftersales service. It is also reflective of Waaree’s well-trained manpower with exceptional experience in the EPC service.

WAAREE was recently recognized as 'India's Greatest Brand' in Solar Industry by AsiaOne for FY. 2019-20. WAAREE has maintained its position as the Bloomberg Tier 1 manufacturer for the last 24 quarters. WAAREE serves over 5000 customers globally which illustrates the trust gained by the company over a period of 32 years of its existence.

ICRA Accredits Waaree Energies with Highest ‘SP1A’ Ranking

Nexamp Secures $440 Million in Debt Financing

for Solar and Energy Storage Portfolio

Largest financing deal ever for community solar assets, a model that provides equitable access to clean energy

Nexamp, Inc., a leading renewable energy generator and community solar provider, has closed a $440 million senior secured credit facility for a 380-megawatt portfolio of solar and energy storage assets, the largest debt financing of its kind. The diverse portfolio spans five state markets and consists of nearly 100 community solar projects, including energy storage capacity totaling 120MWh. MUFG Union Bank, N.A. served as the Coordinating Lead Arranger for the syndicated financing, which included participation from an expansive group of market-leading lenders.

Nexamp has emerged as the largest owneroperator of community solar assets across the sector's fastest growing markets, and this financing reflects the company's position as a market leader with a proven track record of renewable energy financing and asset deployment. Equitable access to clean energy is a hallmark of Nexamp's mission; this announcement affirms the success of the company's innovative community solar platform that makes solar an option for anyone, with no credit checks for individuals, no up-front fees, nothing to install and no long-term commitment. "The strong lender interest in response to this portfolio demonstrates the momentum behind the renewable energy industry and is a clear validation of Nexamp's approach," noted Peter Tawczynski, Chief Financial Officer, Nexamp. "We have built the most progressive and accessible community solar model available today, removing many of the traditional barriers and making it simple for customers to partner with Nexamp. As we bolster our solar portfolio with energy storage solutions, we look forward to launching new products in more geographies and delivering savings to our expanding customer base."

The financing arrangement, combined with Nexamp's integrated business model, positions the company for accelerated growth in the coming year. Nexamp develops, acquires, builds, owns and operates its solar and storage projects, while securing and managing a rapidly growing customer subscriber base of more than 25,000 homes and businesses. With nearly 300 new solar and storage projects in the pipeline, this financing recognizes Nexamp's unrivaled capacity to make clean energy accessible quickly to more communities.

Nexamp CEO Zaid Ashai said that "This financing enables Nexamp to double down on our own urgent mission to deliver sustainable energy options for our customers in an equitable manner." "Distributed power generation—and community solar in particular—is a growing segment of the renewable energy market that plays a vital role in reducing carbon emissions with the participation of a wide range of community members, and Nexamp is a reputable market leader in this field," says Takaki Sakai, Managing Director of MUFG's Project Finance team that led the financing. "MUFG is honored to help Nexamp advance its continued growth through the successful closing of this landmark debt financing—one of the largest to have been provided to a community solar portfolio—and we look forward to continuing our strong partnership."

Israeli Solar Cleaning Firm Airtouch Raises $18 Million in IPO

Israel-based cleaning solutions provider for solar panels, Airtouch Solar has joined the Tel Aviv Stock Exchange. It completed an Initial Public Offering (IPO). It raised USD 18 million at a company post-money valuation of USD 124 million, primarily from leading institutional investors in the Israeli capital market.

The company said that the IPO was led by Poalim IBI Underwriters, the law firm of Goldfarb Seligman and its accounting firm was BDO.

Recounting their achievements, the Founder and Chairman of the Board, Yanir Alloush stated, "We are proud of the company's revenues and achievements this far but believe that the market is just getting started. Robotic cleaning for the PV panels is a game-changer, bringing important advancement to the solar energy world. Airtouch will continue to develop smart and precise robotic solutions for solar developers." Speaking of stepping into the stock market, the CEO of Airtouch, Nick Lanir Brown said, "The company's IPO represents an important milestone in the company's development. With the funds raised, we plan to continue investing in R&D, to enter additional global markets, and to significantly increase sales and services in light of the growing demand for the company's products. We thank our investors, partners, and growing customer circle for choosing Airtouch Solar as the preferred system for cleaning solar panels."

Alongside founder Allouche, the company's shares are held by its strategic partner, the Meshek Energy Holdings Ltd., by Kibbutz Revivim, and by a company affiliated with Alpha Investment Fund, and by Poalim I.B.I Underwriters Ltd, the release noted. Airtouch IPO

The company claims that the solar panel efficiency decreases by 30 percent in dusty areas making it a true pain point for utility-scale PV solar field developers. However, Airtouch recognizes and addresses this problem by developing innovative, environmentally friendly, and economical cleaning solutions that ensure maximum solar panel output.