EIG, Modern Energy invests in Industrial Sun
EIG and Modern Energy will invest US$90 million in Industrial Sun, a Texas-based developer of large-scale solar projects for industrial clients in the ERCOT energy market. The investment aligns with EIG’s strategy of supporting the transition from fossil fuels to sustainable energy sources globally. EIG had previously announced its commitment to providing a US$100 million debt facility to Modern Energy to fund clean energy asset development.
Industrial Sun was launched in November 2021 with an initial investment of US$30 million from Modern Energy. The latest funding will enable Industrial Sun to continue its growth trajectory with the support of Modern Energy.
As a result of this investment, Modern Energy will continue to manage and provide a range of services to support Industrial Sun’s growth. The move is expected to contribute to the expansion of renewable energy capacity in Texas, which is currently the largest energy-consuming state in the US.
Country updates
-
-
February 28, 2023
Entergy signs 150 MW PPA for solar PV project in Texas
Entergy Texas has signed a Power Purchase Agreement (PPA) with Longroad Energy to purchase all the energy generated by the 150 MWac (202 MWdc) Umbriel solar project in Texas, USA. The solar farm prod...
Read more -
February 28, 2023
RGreen Invest, Echosys achieve first closing for investment fund
Rgreen Invest and Echosys have announced the first closing of their new Afrigreen Debt Impact Fund, aimed at financing solar power production across Africa. The first closing, totaling EUR87.5 million...
Read more -
February 27, 2023
Lightsource bp, AEP Energy sign PPA for 188 MW solar PV project in Indiana
Lightsource bp and American Electric Power (AEP) have signed a power purchase agreement (PPA) for a 188 MWdc Honeysuckle solar photovoltaic (PV) project in New Carlisle, Indiana, USA. The solar farm,...
Read more -
February 27, 2023
NN Group, Rivage Investment launch EUR300mn sustainable infrastructure debt fund
NN Group and Rivage Investment have jointly launched the Rivage Private Debt – Fund for Infrastructure Climate Solutions to finance infrastructure projects that address climate change issues. Th...
Read more -
February 24, 2023
X-Elio plans 60 MW battery energy storage project in Houston
X-Elio is planning to build a 60 MW battery energy storage system that will be located near its 72 MW Liberty 1 solar photovoltaic project in Texas, USA. The energy storage project will be used to st...
Read more
