Monthly Report

Clean Energy Connect secures 10.9B yen facility to develop 800 low-voltage solar power plants

September 11, 2024
Goldman Sachs
Clean Energy Connect’s new financing facility was arranged by Goldman Sachs.

Clean Energy Connect raised 10.9 billion yen for its CN Solar No. 4 LLC special purpose vehicle through green project bonds and mezzanine capital arranged by Goldman Sachs, the renewable developer announced on September 6, 2024.

The 10.9 billion yen facility administered by Mitsubishi HC Capital Trust consists of asset-based loans provided by Asahi Mutual Life Insurance, Joyo Bank, The Dai-ichi Life Insurance Company, The Hachijuni Bank, Fukoku Mutual Life Insurance Company, and Hokuriku Bank and mezzanine capital provided by Japan Green Investment Corp. for Carbon Neutrality. It brings the total raised by Clean Energy Connect to date to 51.8 billion yen.

Clean Energy Connect will finance the development, construction, and operation of around 800 low-voltage solar power plants with a combined output of approximately 72MWDC that will be monetized using off-site corporate PPAs. When fully operational, the portfolio is expected to generate 76.1GWh of power and reduce CO2 emissions by 29,644t-CO2 each year.

According to the Japan Energy Hub PPA database, Clean Energy Connect has signed at least 14 corporate PPAs totaling over 225MWDC to date including three 70MW+ deals with Amazon, Google, and NTT Anode Energy.

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