Sineng Electric Supplies Energy Storage Solution to North Africa’s First Utility-Scale Energy Storage Project

Natixis Corporate & Investment Banking (Natixis CIB) is pleased to announce the closing of $612 million in construction bridge financing in support of a portfolio of three photovoltaic plants facilities constructed by MN8 Energy. This debt financing will support the development of an aggregate capacity of 517MWdc of solar assets across North Carolina, Kentucky, and Illinois. Natixis CIB acted as the Sole Bookrunner and Administrative Agent for this financing.

The $612 million of debt facilities consist of a construction bridge facility, including a tax-credit-transferability-linked bridge loan, and a letter of credit (LC) facility. The financing structure provides MN8 optionality to refinance the loan in the US Private Placement market, a growing source of long-term debt for renewable energy projects.

MN8 Energy was founded in 2017 by Goldman Sachs Asset Management ("GSAM"), as Goldman Sachs Renewable Power LLC ("GSRP"), and in 2022 GSRP re-branded into the standalone entity, MN8 Energy. With approximately 4 gigawatts of operational and under-construction solar projects, 1.1 gigawatt hours of battery energy storage capacity comprised of over 875 projects across 28 states, and high-powered EV charging stations across 10 states, MN8 Energy serves over 200 enterprise customers comprising projects with diverse off-takers including municipalities, utilities, and corporations.

The transaction closed on December 31, 2024, capping off a prolific year for financings of power & renewables assets in the United States, a market where Natixis CIB consistently ranks as a top-tier arranger of project finance debt. The three solar projects are expected to generate significant benefits in their respective communities, including job creation, increased renewable energy capacity, and improved grid stability. Construction is currently underway at various stages across the three projects, with all three projects anticipated to achieve commercial operations by the end of 2025.

"This $612 million construction bridge financing package demonstrates the strength of our development pipeline and represents a significant milestone in bringing these three solar projects to fruition," said Jon Yoder, President and CEO, MN8 Energy. "We value Natixis' partnership in structuring an innovative financing solution that continues our mission to bring decarbonization solutions to enterprise customers, while supporting our continued growth as a leading independent power producer in the U.S." 

"We're grateful to MN8 for trusting our team to deliver a quick, high-quality execution for this financing, which supports the construction of three high quality renewable assets," said Bhuvan Jain, Executive Director at Natixis CIB. "We look forward to further supporting MN8 with innovative capital solutions to meet their financing needs, including on this portfolio.

Natixis Corporate & Investment Banking| cib.natixis.com

MN8 Energy | https://mn8energy.com/

A vital component of the connected vehicle ecosystem is the ability for vehicles and infrastructure to communicate regardless of the type of device or underlying technology. NEMA’s Connected Vehicle Infrastructure – Roadside Equipment Standard (NEMA TS 40010-2024) facilitates better communication among over-the-air wireless safety messages, applications, and cybersecurity measures for our nation’s connected vehicles and the larger transportation ecosystem. The standard will provide better detection and warning systems for drivers when vulnerable road users such as pedestrians are present, reduce accidents and traffic congestion, and decrease carbon emissions.

One example of how connected vehicle technologies are improving roadway conditions can be found in Detroit, where the Michigan Department of Transportation is piloting sensors in vehicles that collect data about roads, and “signal preemption” that enhances communication between ambulances responding to emergencies and roadside controllers. NEMA will continue to work alongside transportation departments to ensure connected vehicle technologies are being integrated into everyday use.

NEMA’s Transportation Management Section developed this standard as a resource for transportation infrastructure owners and operators who procure the equipment for secure communications among vehicles, infrastructure, and personal devices.

“As we electrify and connect the transportation sector, NEMA’s standard will be a valuable tool to transportation leaders to inform their procurement decisions and improve communication on our roadways,” said Patrick Hughes, Senior Vice President, Technical Affairs, NEMA. “Transportation infrastructure is a long-term investment, and today’s decisions will either accelerate or hit the brakes on the transition to an electric, connected transportation sector. Improving safety and reducing emissions is possible using today’s technology, but infrastructure owners and operators must make informed decisions grounded in industry standards like this one.”

NEMA’s standard contains key guidance that enables agencies and other transportation infrastructure owner/operators to procure and deploy connected vehicle roadside units to: 

• Reduce crashes and roadway fatalities as the highest priority 
• Reduce traffic congestion, fuel consumption, and emissions 
• Provide automated vehicles with situational awareness to supplement onboard sensors 

The Connected Vehicle Infrastructure – Roadside Equipment Standard (NEMA TS 40010-2024) is available in NEMA’s Standard Store. 

National Electrical Manufacturers Association | www.nema.org

New Jersey Board of Public Utilities announced that it would not proceed with an award in its fourth offshore wind solicitation. In response to this development, Liz Burdock, founder and CEO of Oceantic Network, issued the following statement:

“Today’s decision by the New Jersey Board of Public Utilities to cancel its fourth offshore wind solicitation is not surprising given political headwinds and the uncertainty across the U.S. economy driven by recent federal actions. We applaud New Jersey, Governor Murphy, and Atlantic Shores for their forward commitment to developing offshore wind energy, and the fundamental economic benefits it has already brought to area residents and businesses. 

“Our confidence remains in American offshore wind and its ability to deliver energy and economic security for our communities and our country. A 40-state supply chain is delivering homegrown energy and well-paying American jobs, backed by $25 billion dollars of local investment. Three commercial-scale projects are currently under construction along the East Coast, served by Gulf vessels and shipyards, Midwestern steel mills, and deep-water ports in the Northeast. We must continue to advance all forms of domestic energy to meet rising demand and support the buildout of this industry.” 

Despite this news, it remains true that offshore wind is creating jobs across the country, strengthening the American economy through a 40-state supply chain, and delivering reliable power to our grid. That supply chain has seen over $25 billion in investment, over 64% of which has gone to Republican districts. Three projects are under construction right now, and seven more have completed their environmental reviews. The first substation for the Coastal Virginia Offshore Wind Project recently arrived, and the Maryland Public Service Commission awarded additional Offshore Renewable Energy Certificates to US Wind for its Maryland Offshore Wind Project. The industry continues to move forward. 

Oceantic Network extensively showcased the offshore wind industry’s impact on American ports, manufacturing, and shipbuilding in its recent report, "Offshore Energy at Work," as well as other materials provided below: 

• Fact Sheet: Offshore Energy at Work
• Video (3 min): American Manufacturing for Offshore Wind
• Video (2 min): Building America’s Offshore Wind Fleet  
• Video (5 min): Offshore Wind Jobs Tour: The Empire State Supply Chain   

Oceantic Network | https://oceantic.org/

Quinbrook Infrastructure Partners (“Quinbrook”), a specialist global investment manager focused exclusively on the infrastructure needed for the energy transition, announced it has acquired the 350 MW solar PV project, Mallard Pass. The project, located on the Rutland-Lincolnshire border in the East Midlands, England, represents Quinbrook’s second nationally significant infrastructure project (“NSIP”) after Cleve Hill Solar, the UK’s first NSIP project which is in final stages of construction.

Construction of Mallard Pass is expected to begin in 2026 with commencement of operations in 2028. Quinbrook will leverage its experience from the comparably sized Cleve Hill project, which is due to commence generation of solar power this quarter. Cleve Hill was the first NSIP to secure a Contract for Difference (“CfD”) in July 2022 as part of the UK’s Allocation Round 4. Quinbrook announced in November 2024 that Cleve Hill had secured the UK’s largest ever solar corporate PPA with Tesco.

“Renewable power projects of the scale of Cleve Hill and Mallard Pass help accelerate the UK’s energy transition and decarbonisation along with enhanced resilience of energy supply,” said Keith Gains, Managing Director and UK regional leader for Quinbrook. “Mallard Pass represents another value-add investment opportunity for Quinbrook in large scale solar. Quinbrook plans to leverage our extensive global experience in large-scale renewables development, construction and operations to bring high-quality solar technology and innovation to Mallard Pass including its demand-side capacity potential.”

As it did with Cleve Hill, Quinbrook will prioritise local and regional benefits Mallard Pass can bring to the community. This includes scope for local residents to access employment opportunities associated with construction and operation. Preliminary analysis indicates that over the project’s anticipated lifetime, Mallard Pass could support more than 2,000 direct and indirect jobs and generate upwards of GBP 124 million in local socio-economic1 contributions.

Mallard Pass is estimated to produce over 14 million MWh of renewable power over its lifespan and reduce CO2 emissions by 665,000 tonnes, equivalent to CO2 emissions from 738,691,906 pounds of coal burned. Quinbrook also aims to deliver a 71% biodiversity net gain at Mallard Pass, combining natural capital enhancement and creation initiatives and leveraging its experience from implementing 67% biodiversity net gain at Cleve Hill.

“Solar projects of this scale play an important role in the decarbonisation of the UK grid and our country’s energy security,” said Rosalind Smith-Maxwell, Director for Quinbrook. “The investment in Mallard Pass is another excellent example of Quinbrook’s focus on holistic and impactful investment in the infrastructure needed to advance the energy transition.”

Quinbrook and affiliate, Private Energy Partners, will now proceed with detailed design, procurement and construction planning.

Quinbrook Infrastructure Partners | http://www.quinbrook.com

1 Comprised of community benefit payments, business rates and lease payments

GridStor, a developer and operator of utility-scale battery energy storage systems, announced that it has acquired a 150 MW / 300 MWh battery storage project in Texas from Balanced Rock Power (BRP).

GridStor’s acquisition and plan to expand its operations into the Lower Rio Grande Valley region in Texas comes during a critical time. Driven by rapid growth in power demand in the state from large industrial customers, the Electric Reliability Council of Texas (ERCOT) now forecasts an approximately 50% increase in the state’s peak load by 2030. Over 8 GW of battery energy storage has been deployed on the ERCOT power system to date.

“Battery storage is the fastest, scalable solution to provide reliability in the near-term to the Texas power system and its largest industries,” said Chris Taylor, CEO of GridStor. “Batteries provide energy that stabilizes the ERCOT electric grid and supplies its hours of greatest demand every day. Our acquisition demonstrates GridStor's commitment to roll up our sleeves and build facilities that help Texas sustain its historic economic expansion.”

GridStor’s project will be built in Hidalgo County, Texas, and is expected to come online by the summer of 2026. At its height of construction, the project is expected to sustain over 100 jobs including skilled tradespersons and apprentices. Once operating, the project will increase the resilience of the Lower Rio Grande Valley region of the ERCOT power system, helping mitigate stress on transmission infrastructure while supplying power daily to support economic growth among critical Gulf Coast industry sectors.

"BRP is proud to continue supporting GridStor in their efforts to support industrial expansion with utility scale battery storage,” said John Knight, CEO of Balanced Rock Power. "Together with GridStor, we are building reliable and affordable energy solutions today for a powerful tomorrow.”

The successful close of the project marks GridStor’s fourth project acquisition in the past twelve months and its second transaction with BRP. GridStor’s Hidden Lakes project, its initial acquisition from BRP, is under active construction and expected to come online this summer.

GridStor develops and operates battery facilities directly integrated with American power infrastructure, storing electricity to deliver when it is most needed. GridStor is backed by Goldman Sachs Asset Management and comprises a team of seasoned energy professionals with a record of past accomplishments in energy storage and clean energy project acquisition, development, finance and operations. GridStor’s target markets include regions with rapidly growing energy demand and increasing need for grid reliability.

GridStor | www.gridstor.com 

Balanced Rock Power | www.balancedrockpower.com

Cadeler has signed two contracts with undisclosed clients for the utilisation of its newbuild wind installation vessel, Wind Mover. The vessel, currently under construction at Hanwha Ocean Shipyard in Korea, will support operations and maintenance (O&M) activities, along with potential installation work, in Europe.

The contracts, which are part of a combined agreement, will cover the entire period from Wind Mover’s arrival in Europe following its delivery from the shipyard, up until the vessel's next scheduled installation project. The total estimated contract value is up to EUR 75 million, depending on the final delivery and redelivery date of the vessel and the scope of work, which may include both O&M and installation services.

Wind Mover will be the second of two state-of-the-art M-class wind installation vessels in Cadeler’s newbuild portfolio, each engineered and equipped to install the next-generation offshore wind turbines currently being deployed across the globe. Wind Mover is scheduled for delivery in Q4 2025. Its sister vessel, Wind Maker, was delivered to Cadeler in January 2025.

Cadeler | www.cadeler.com

Hecate Energy LLC ("Hecate") and Greenbacker Renewable Energy Company ("Greenbacker") announce that the 500-megawatt (MW) Cider Solar Farm is moving forward with construction as approved by the New York Office of Renewable Energy Siting and Transmission ("ORES").

Hecate is a leading developer of renewable power projects and energy storage solutions across the United States. Greenbacker is an energy transition-focused independent power producer and investment manager; the company finalized its acquisition of the Cider Solar Farm project from Hecate in 2024, becoming its long-term owner and operator.

Greenbacker secured $950 million in aggregate financing to support the acquisition, construction, and operation of Cider Solar Farm, which is its largest clean energy project to date. When complete, it will be the largest solar project in the state of New York.

With the ORES Siting Permit and a formal notice to proceed with construction with this flagship project, Hecate and Greenbacker reaffirm their commitments to powering New York's clean energy future. The utility-scale photovoltaic (PV) solar project, spanning approximately 2,500 acres near the towns of Elba and Oakfield in Genesee County, is poised to bring transformative benefits to the region and help advance New York state's renewable energy goals.

Construction of the Cider Solar Farm will generate hundreds of construction jobs. All recruiting efforts for the craft labor workforce prioritize Western New York. The construction of Cider Solar Farm will contribute tens of millions of dollars in wages to the local economy.

Beyond the immediate economic impact, this project will deliver dedicated, long-term revenue to fund essential services, including local governments, schools, and fire departments, enhancing the community's resilience and prosperity. Hecate and Greenbacker signed Host Community Benefit Agreements with both Elba and Oakfield, committing to invest in local development initiatives and creating job opportunities for residents, ensuring that both towns directly benefit from the project's long-term economic impact.

"As New York's largest solar energy project, Cider Solar Farm will be instrumental in delivering reliable, emissions-free power to meet the state's rising electricity demand," said Harrison Luna, project developer for Cider Solar Farm at Hecate Energy. "We are proud to work alongside Greenbacker in bringing this landmark project to life and contributing to a cleaner, more sustainable energy infrastructure for New York."

Initially receiving siting approval by ORES in 2022, Cider Solar Farm recently completed required pre-construction filings and received notice to proceed from ORES, paving the way for construction to commence. The project is expected to generate 920,000 megawatt-hours of homegrown electricity per year—enough to power over 120,000 New York households. According to U.S. Census data, this output could power all households in Genesee County (26,013 homes), as well as those in neighboring counties including Livingston, Orleans, Wyoming, and Allegany. The electricity produced by Cider Solar Farm will diversify New York's energy mix and boost America's energy independence.

This significant project highlights Hecate Energy's capabilities in managing complex renewable energy developments and delivering on large-scale infrastructure. Together with Greenbacker's energy transition investment expertise, Cider Solar Farm exemplifies the collaboration needed to drive impactful, sustainable energy solutions. This project also marks the third clean energy collaboration between Greenbacker and Hecate. Over the past several years, Greenbacker has acquired more than 70 MWac of utility-scale solar in New York from the developer.

"Greenbacker is thrilled to partner once again with Hecate to bring this landmark solar farm to life—a true milestone in advancing New York's clean energy future," said Charles Wheeler, CEO of Greenbacker. "This achievement highlights how collaboration is accelerating the energy transition with projects that will deliver sustainable power for years to come."

Cider Solar Farm | www.cidersolarfarm.com

Hecate Energy | https://www.hecateenergy.com/

Greenbacker Capital Management | https://greenbackercapital.com