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Arevon Energy, Inc. has successfully secured over $1 billion in financing commitments for its #Eland 2 Solar-plus-Storage Project in Kern County, #California. Combining a 374-megawatt solar installation with 150 MW/600 megawatt-hours of #energystorage, the project is in the early stages of construction, targeting operation by Q1 2025. The financial support includes a $431 million tax equity commitment from Wells Fargo and $654 million in debt financing, encompassing a construction-to-term loan, a tax equity bridge loan, and letter of credit facilities. This significant investment will further propel the project towards its #cleanenergy goals. #ArevonEnergy #Eland2Project #SolarEnergy #EnergyStorage #RenewableFinance #SustainableDevelopment #CaliforniaSolar #CleanEnergyInvestment #WellsFargo #RenewablePower #California Read more: https://lnkd.in/dJpUmX7U

Ørsted Secures $680 Million Tax Equity Financing for Solar and Storage Projects in Texas and Arizona Renowned renewable energy developer Ørsted has announced the successful procurement of a $680 million tax equity financing for a portfolio of solar and storage assets located in Texas and Arizona. The project portfolio comprises the Eleven Mile Solar Center, a 300 MW solar and 300 MW / 1200 MWh storage project situated in Pinal County, Arizona, and the Sparta Solar project, a 250 MW solar installation located in Mineral, Texas. The tax equity investment, facilitated by J.P. Morgan, includes production tax credit (PTC) and investment tax credit (ITC) assets made available through the Inflation Reduction Act (IRA). With over 1.8 […] Read the full story here: https://lnkd.in/g6QPdnib #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #america #financing #northamerica #orsted #renewableenergy #solarenergy #solarprojects

Recurrent Energy Closes $103 Million Tax Credit Deal with Bank of America for North Fork Solar Project Recurrent Energy, part of Canadian Solar Inc., has made a $103 million deal with Bank of America for its North Fork Solar Project near Oklahoma City. The 160 MW solar project is now operational.OMPA, which supplies electricity to 42 communities in Oklahoma, will buy all the energy from North Fork Solar under a 15-year agreement. Recurrent Energy will continue to manage and own the project for the long term. This deal with Bank of America is the first time Recurrent Energy has transferred tax credits, allowing it to get funding faster. At its peak, the project provided jobs for about […] Read the full story here: https://lnkd.in/dCjsBzqS #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #america #canadiansolar #northamerica #recurrentenergy #renewableenergy #renewableenergy #solarenergy #taxcredits #usa

Israel's Ashtrom Renewable Energy has achieved a groundbreaking milestone in the US solar market. They secured $270 million in #financing for their impressive 400MW Tierra Bonita PV array in West Texas. What's truly groundbreaking is their sale of federal production tax credits (PTCs) for an estimated value of $300 million over 10 years, marking the first such deal publicly announced for solar projects. This innovative financing, structured as a green loan, adheres to #environmental #sustainability standards. With a total investment of $435 million, the project, developed by Ashtrom and OnPeak Power, is currently under construction and set to commence commercial operations in Q4 2024. CPS Energy, the largest municipal electric utility in the US, will purchase 60% of the project's electricity over 20 years, highlighting the growing demand for clean energy in Texas, the fastest-growing grid-scale #solarmarket in the US. This achievement is made possible by the Inflation Reduction Act, creating a market for renewable energy tax credits, aligning with the US's commitment to combating climate change. Ashtrom's pioneering deal sets a promising precedent for the future of solar energy in the country. 🌍💡 #renewableenergy #solarpower #greenfinance #sustainability #texassolar #innovation #solar #solarenergy

Matrix Renewables Secures Financing and Tax Credit Transfer for 260MWDC Solar Project in Ada County, Idaho, Advancing Renewable Energy Initiatives Matrix Renewables, the TPG Rise-backed global renewable energy platform, has announced the successful closure of construction to term loan financing totaling $283 million for its Pleasant Valley Solar project in Idaho. Additionally, the company has executed a production tax credit (PTC) transfer agreement. Led by MUFG as Coordinated Lead Arranger, the debt transaction includes a construction loan, term loan, and LC support, with HSBC, SMBC, National Bank of Canada, Commonwealth Bank of Australia, and Mizuho acting as Mandated Lead Arrangers. The tax credit transfer agreement involves a property/casualty insurance company as the tax credit buyer and Stonehenge Capital as the […] Read the full story here: https://lnkd.in/dxpXHv_t #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #america #idaho #matrixrenewables #northamerica #solarenergy

UK company Novuna Business Finance has provided a £10 million funding package to support Aura Power in its plans to develop a pipeline of large-scale solar PV and energy storage projects. “Supporting businesses that can make a real difference to the UK’s net-zero goals is extremely important to Novuna Business Finance,” said Matt Andrews, Senior Relationship Manager for the Sustainability and Green Infrastructure team at Novuna Business Finance. “It has been an absolute pleasure to work alongside Aura Power to provide them with a £10 million facility to fund their project development costs, bringing each of them a step closer to the ready to build stage. “This deal is further proof of Novuna Business Finance’s commitment to supporting utility-scale solar PV and battery storage projects. It not only represents a significant step towards reducing carbon emissions and reliance on fossil fuels but also serves as a stepping stone to a future powered by clean, renewable energy.”  Aura Power carries a development pipeline of solar and BESS projects totalling 12 GW in the UK, Europe, and North America. Simon Coulson, CEO and co-Founder at Aura Power, added: “We are delighted to partner with Novuna Business Finance to secure this funding, especially as the company’s ethos aligns with our own when it comes to sustainability. “Aura has been successful in expanding its development business over the last 5 years and we now have a large number of projects progressing through the later stages of development. Late-stage assets are naturally more capital intensive, and this funding will form a critical part of ensuring these projects reach RTB in a timely manner. Ensuring we can help deliver global net-zero ambitions.” #cleanenergy

Ørsted has secured a $680 million tax equity financing package from J.P. Morgan for a portfolio of solar PV and energy storage projects in Texas and Arizona. Ørsted’s latest renewables portfolio involves the Eleven Mile Solar Center, a 300 MW solar and 300 MW /1200 MWh energy storage project in Pinal County, Arizona, and Sparta Solar, a 250 MW solar project in Mineral, Texas. The two projects are slated to come online in 2024. “Ørsted is an experienced developer and operator of renewable energy projects in the U.S., including offshore and onshore wind, solar, and battery storage, all of which will generate tax credits valuable to investors,” noted James Giamarino, Chief Commercial Officer for the Americas at Ørsted. “With this new market unlocked by the IRA, we’re excited to continue our tax equity partnership with J.P. Morgan and bring on new entities looking to advance the U.S. renewable energy industry, support job growth, and promote local economic development.”  Ørsted said the deal represents one of the largest solar and storage tax equity transactions that uses a combined production tax credit (PTC) and investment tax credit (ITC) structure since the passage of the Inflation Reduction Act (IRA) in August 2022. The Eleven Mile Solar Center will receive a one-time investment tax credit for its battery storage system while the solar farm will generate production tax credits over a ten-year period.  The tax equity partnership with J.P. Morgan includes the option for tax credit transferability. This new tax credit transfer option, created by the IRA, opened a new market for any corporate buyer to support clean energy projects and optimise their federal tax bill through the purchase of tax credits.  J.P. Morgan has previously invested in 1.8 GW of Ørsted’s total 5.7 GW onshore portfolio in the US. Ørsted added that it is on track to have a 2 GW portfolio of operational solar projects in the US by 2024. Latham & Watkins LLP served as legal counsel for Ørsted and Milbank LLP served as legal counsel for J.P. Morgan. #cleanenergy

Arevon Energy, Inc. Secures $1.1 Billion Financial Close for Eland 2 Solar-plus-Storage Project Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, today announced it has secured more than $1 billion in aggregate financing commitments for its Eland 2 Solar-plus-Storage Project in Kern County, California. The 374 megawatt (MWdc) solar project coupled with 150 MW/600 megawatt hours (MWh) of energy storage, is under early-stage construction and is anticipated to come online in Q1 2025. Wells Fargo provided a $431 million tax equity commitment. Arevon obtained $654 million of debt financing including a construction-to-term loan, a tax equity bridge loan, and a letter of credit facilities. The Canadian Imperial Bank of Commerce […] Read the full story here: https://lnkd.in/dPd79irW #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #cibc #energystorage #financing #northamerica #renewableenergy #solar storage #solarenergy #usa #wellsfargo

DLL and Sunstone Credit Team Up to Promote Renewable Energy Adoption in the US through Accessible Solar Financing DLL partners with Sunstone Credit, Inc., a commercial solar loan platform facilitating businesses’ transition to clean energy, to offer solar financing solutions, accelerating renewable energy adoption in the United States. Founded in 1969, DLL is a global asset finance company with a managed portfolio exceeding EUR 44B, dedicated to supporting the shift towards cleaner energy and decarbonization. DLL will provide Sunstone Credit with financing solutions for energy-producing and infrastructure assets, including solar and battery storage. This collaboration allows Sunstone Credit to leverage DLL’s global reach, exceptional customer service, and extensive product offering to introduce innovative financing solutions to the U.S. […] Read the full story here: https://lnkd.in/dxYNctE8 #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #america #dllgroup #greenenergy #renewableenergy #solarenergy #solarfinancing #sunstonecredit