Enel Green Power Project

MMI advised the commercial and development banks, including BBVA Bancomer S.A., Caixabank S.A., MUFG Bank Ltd., Natixis – New York Branch, Banco Nacional de Comercio Exterior S.N.C., European Investment Bank, Inter-American Investment Corporation and the Inter-American Development Bank in connection with the Enel Green Power portfolio project financing of three solar photovoltaic (PV) plants in Mexico -- Don Jose, Villanueva I and Villanueva III -- with an aggregate project value of approximately $1 billion.  Enel Green Power is the recipient of Project Finance International’s “Americas Solar Deal of the Year” and “Global Sponsor of the Year” awards in recognition of this portfolio of solar facilities.

Sagebrush Battery Storage

Luminate is pleased to have served as independent engineer for Terra-Gen’s 139 MW/460 MWh Valley Center battery energy storage project located near San Diego, California. This project now fully online, is designed to help prevent power outages, stabilize the grid, lower the cost of peak power demand, increase the value of nearby wind and solar installations, and reduce the need for transmission infrastructure investments. Luminate is also serving as independent engineer for Terra-Gen’s 179 MW/518 MWh Sagebrush battery energy storage project located in Kern County, CA, planned to come online in two phases, July 2022 and May 2023. Please refer to Terra-Gen for more information about the company and for further details about the Valley Center project, see this press release from Energy Storage News Terra-Gen Battery Project.

Reccurent Energy - Crimson Storage

The 350 MW Crimson Energy Storage Project is currently under construction in Riverside County, California. The project holds two energy storage contracts with local utilities: a 200 MW / 800 MWh 14 year and 10 month contract with Southern California Edison and a 150 MW / 600 MWh 15 year contract with Pacific Gas and Electric. The Crimson Energy Storage Project is expected to reach commercial operation by the summer of 2022.

Los Alimitos Microgrid

WASHINGTON– The Army executed a 30-year lease with Bright Canyon Energy (BCE) for a privately funded, owned and operated energy resilience project on approximately 100 acres at Joint Forces Training Base – Los Alamitos (JFTB-LA), CA. Construction is expected to begin this summer. The project will provide power to JFTB-LA critical missions for at least 14 days in the event of a grid emergency and also benefit the local community. The project is a collaboration among the Office of the Assistant Secretary of the Army (Installation, Energy and Environment), JFTB-LA, California National Guard, the U.S. Army Corps of Engineers, and BCE, and will generate 26 megawatts (MW) of solar photovoltaics, and include a 20MW/40 MWh battery energy storage system, and 3 MW of backup generators.

JERA El Sauz Ranch Wind

On January 28, 2022, KeyBanc Capital Markets (KBCM) successfully closed $459.8 million of Senior Secured Credit Facilities, comprising a $399.7 million Construction Facility, a $56 million Letters of Credit, and a $4.1 million Working Capital Facility (the Facilities). The Facilities support JERA Americas Inc.’s (JERA) capital requirements associated with its El Sauz Ranch Wind project in Willacy County, Texas (the Project). Proceeds from the Facilities will be used to fund construction costs of the Project and pay transaction related fees and expenses. KBCM acted as a Joint Lead Arranger and Joint Bookrunner.

Daggett 2 Solar + BESS

San Francisco, CA – Clearway Energy Group LLC (“Clearway”) announced the start of full construction today at its Daggett 3 Solar Power + Battery Energy Storage System (BESS) project in San Bernardino County, CA. When completed, the entire Daggett project footprint will encompass 482 MW of solar power and a remarkable 394 MW of energy storage capacity, making it the largest solar + battery storage project currently built in CA. The Daggett 3 and Daggett 2 project phases are already under contract to five different energy customers, including Clean Power Alliance (CPA), East Bay Community Energy (EBCE), Constellation, MCE, and Pacific Gas and Electric Company (PG&E).

DSD Distributed Solar

SCHENECTADY, N.Y. – May 4, 2022 – DSD Renewables (DSD) secured a $70 million tax equity investment from Morgan Stanley Renewables Inc. (Morgan Stanley) to support the development of more than 87 megawatts (MWs) of distributed solar and storage systems to be placed in service this year. The tax equity financing enables DSD to capture the full tax attributes of the systems and optimize value. This marks DSD’s second partnership with Morgan Stanley, who previously contributed to a $250 million fund raised by DSD in 2019 to support a similar portfolio of projects. This funding comes one month after DSD secured a $200 million preferred equity investment from a fund managed by the Infrastructure and Power strategy of Ares Management Corporation to fuel continued strategic growth.