> ## Content Index > Fetch the complete content index at: https://blog.financely.io/llms.txt > Use this file to discover other available public pages before exploring further. # Project Finance News: Solar Refinancing, BESS & Equity - URL: https://blog.financely.io/project-finance-news-solar-refinancing-bess-equity/ - Published: 2026-09-28T10:27:49.000Z - Updated: 2026-09-28T10:27:49.000Z - Description: September 28, 2026: Noor Energy 1 refinances $2.7bn, Mortlake signs its EPC contract, and Norfund commits up to $100m to AMPIN. Financing terms examined. - Author: Financely Debt Advisors ## Project Finance News: Noor Energy Refinancing, Mortlake Construction, and AMPIN Equity September 28, 2026 · Project finance briefing Noor Energy 1 has completed a USD 2.70 billion refinancing. Gamuda has secured the AUD 790 million EPC contract for Mortlake Energy Hub’s first stage. AMPIN has announced an equity investment of up to USD 100 million from Norfund. The transactions cover three separate financing stages: refinancing an operating asset, preparing construction drawdown, and capitalizing a development platform. Their relevance to sponsors lies in debt-service capacity, completion obligations, and the timing of equity contributions. ## Noor Energy 1 Completes USD 2.70 Billion Refinancing Announced September 27, 2026 · Dubai, United Arab Emirates Dubai Electricity and Water Authority announced the successful refinancing of Noor Energy 1, the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park. According to [Emirates News Agency’s account of the announcement](https://www.wam.ae/en/article/c2ghq9j-dewa-announces-270-billion-refinancing-noor?ref=blog.financely.io), the USD 2.70 billion transaction was completed ahead of the targeted date. The 950 MW project combines concentrated solar power and photovoltaic generation, with up to 15 hours of thermal storage. DEWA reported financing-cost savings over the operating life of the asset. The published announcement leaves the margin, amortization schedule, maturity, and reserve requirements unspecified. For sponsors assessing an operating-asset refinancing, the first calculation is the net present value of debt-service savings after arrangement fees, prepayment costs, hedge termination or restructuring, and reserve funding. A lower loan margin can be partly absorbed by transaction expenses or changes to the repayment profile. Debt sizing should start with cash flow available for debt service, or CFADS. Actual generation, plant availability, operating expenditure, and payment receipts provide the basis for updating the lender model. The remaining power purchase agreement term then constrains the repayment period and the contractual tail beyond debt maturity. Thermal storage requires its own operating assumptions. Dispatch availability, storage losses, maintenance outages, and auxiliary consumption affect the timing and volume of delivered energy. A refinancing model should reconcile those assumptions with operating records and the independent engineer’s assessment. Sponsors should also compare distribution conditions. A revised debt-service coverage ratio, cash-sweep provision, or debt-service reserve account can change the timing of equity cash flows even where aggregate financing costs fall. ## Mortlake Signs AUD 790 Million EPC Contract Ahead of Targeted Financial Close Announced September 28, 2026 · Victoria, Australia Gamuda has secured an AUD 790 million engineering, procurement, and construction contract for the first stage of Mortlake Energy Hub. [Business Today’s report of the announcement](https://www.businesstoday.com.my/2026/09/28/gamuda-wins-rm2-28-billion-epc-contract-for-energy-hub-in-australia/?ref=blog.financely.io) describes a 300 MW hybrid facility comprising 435 MWp of solar generation and 1,449 MWh of battery storage. A limited notice to proceed is scheduled for September 29\. Full notice to proceed depends on financial close, targeted for the fourth quarter of 2026\. The parties also expect to sign a separate AUD 45 million operations and maintenance contract. The financing sequence makes early-works exposure a specific diligence item. Sponsors and lenders need an agreed limit on expenditure authorized before financial close, together with provisions for ownership of procured equipment, cancellation liabilities, and incorporation of early works into the full EPC scope. For solar-plus-storage construction debt, completion testing must cover the interfaces between the photovoltaic plant, battery system, power conversion equipment, and grid connection. The lender’s technical adviser should reconcile the EPC completion tests with the revenue contract’s availability and delivery requirements. Battery underwriting also requires a funded augmentation schedule. Usable energy capacity, round-trip efficiency, cycling assumptions, warranty limits, and degradation affect both dispatch revenue and future capital expenditure. Any mismatch between the operating strategy and the warranty envelope should enter the downside case. Before first drawdown, the financing package should allocate delay liquidated damages, performance liquidated damages, contractor liability caps, and sponsor cost-overrun support. The construction model should carry interest during construction through a delayed commissioning scenario, with sufficient contingency to reach completion. ## Norfund Equity Supports AMPIN’s Renewable Energy Expansion Announced September 21, 2026 · India AMPIN Energy Transition announced an equity investment of up to USD 100 million from Norfund through the Norwegian Climate Investment Fund. The [company’s announcement](https://ampin.energy/companynews/ampin-energy-transition-secures-equity-investment-of-100-million-from-norfund-to-accelerate-renewable-energy-transition-in-india/?ref=blog.financely.io) identifies commercial and industrial generation, utility-scale projects, and its energy-transition value-chain businesses as intended growth areas. AMPIN says the transaction brings its total equity raised to nearly USD 1 billion. The financing adds capital at the company level, from which funding can be allocated across development and investment requirements. For project lenders, the relevant evidence is the equity committed to each borrowing SPV, its funding schedule, and the conditions governing release. A platform equity commitment becomes useful to a construction financing when the sponsor can demonstrate available funds and an enforceable obligation to contribute them. Where capital reaches the SPV through shareholder loans, senior lenders will examine payment subordination, permitted interest accrual, repayment restrictions, and enforcement standstill provisions. These terms affect the cash waterfall and the senior creditors’ control during a default. Commercial and industrial power portfolios introduce additional underwriting questions around customer concentration, payment security, contract termination, and replacement offtake. Debt sizing should reflect the contracted revenue attributable to each project, together with the costs and timing of replacing a customer under the applicable supply structure. ## Financing Terms Sponsors Should Prepare for Lender Review For an operating project, prepare a refinancing comparison showing outstanding principal, hedge position, prepayment costs, reserve balances, and the proposed amortization profile. Present the effect on minimum DSCR, loan-life coverage, and permitted distributions. For a construction project, reconcile the EPC payment schedule with equity injections, debt drawdowns, contingency, and interest during construction. Identify the conditions precedent attached to first utilization and each subsequent draw, including technical certification and evidence of remaining funds sufficient to complete the works. The security package should address SPV shares, project accounts, material contracts, insurance proceeds, and relevant project assets. Direct agreements with key counterparties should establish notice, cure, and lender step-in arrangements, subject to the governing law and negotiated contract terms. Financely’s [project finance deal packaging services](https://www.financely-group.com/project-finance-deal-packaging?ref=blog.financely.io) cover the integrated model, debt-sizing case, contractual risk allocation, and supporting credit materials. The objective is to give lenders a consistent set of assumptions across the financial model, technical reports, and transaction documents. Through its [project finance advisory services](https://www.financely-group.com/projectfinance?ref=blog.financely.io), Financely supports sponsors with capital structuring, debt and equity sourcing, and financing coordination for energy, infrastructure, and industrial assets. ## Prepare Your Project for Financing Submit the project location, total capital expenditure, debt requirement, committed equity, development status, revenue contracts, and target financial-close date. Include the financial model and available EPC, grid-connection, and technical documentation. [Request a Quote](https://www.financely-group.com/requestaquote?ref=blog.financely.io) Financely provides advisory and arrangement services. Financing terms and approvals are determined by capital providers following diligence and documentation.