In This Article:
Invenergy has successfully closed a $1.1bn debt financing facility for three utility-scale solar projects in the US states of Ohio, Indiana and Tennessee.
The financing package consists of a construction/bridge loan facility and a letter of credit facility.
The funds will support the development of the 240MW Cadence Solar Energy Center in Ohio, the 200MW Trade Post Solar Energy Center in Indiana and the 150MW Yum Yum Solar Energy Center in Tennessee.
The three projects will be operational in 2026 and collectively generate 590MW of power.
They will bring significant economic benefits to their local communities, including construction jobs and $390m in taxes and landowner payments over their lifespans.
Invenergy Finance & Capital Markets senior vice-president Brian Bortman stated: “As Invenergy continues to develop world-class energy solutions that address growing electricity demands across the country, it is important to partner with premier financial institutions that share our commitment to strengthening the grid with cleaner energy.”
“This is a significant transaction, and we thank our lending partners for their continued confidence in Invenergy and our ability to build top-of-the-line energy centres.”
Co-ordinating lead arrangers, green loan co-ordinators, bookrunners and approved hedge providers for the financing were Natixis Corporate & Investment Banking, the Canadian Imperial Bank of Commerce, Nomura, Rabobank and Wells Fargo.
Natixis CIB served as documentation agent, with CIBC as administrative agent and Rabobank as diligence co-ordinator. CIBC, Rabobank and Wells Fargo are the issuing banks.
In a separate development, Invenergy and Avangrid Renewables secured two lease areas each in the Gulf of Maine in an offshore wind lease sale run by the Bureau of Ocean Energy Management.
This was the sixth offshore wind lease sale under the Biden-Harris administration and the first commercial sale of floating offshore wind on the US Atlantic coast.
Invenergy also signed four agreements with Meta Platforms to supply 760MW of renewable energy from four solar energy centres being developed across the US.
"Invenergy closes $1.1bn for Ohio, Indiana and Tennessee solar projects" was originally created and published by Power Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.