The North American renewables arm of Turkish conglomerate Sabanci Holdings has secured a USD 185 million (EUR 169.3m) tax equity investment backing the construction of a 272-MW DC solar park in Texas.
The financing commitment was made by impact investor Advantage Capital, the latter said on Monday, adding that the investment leverages federal Investment Tax Credits (ITCs).
With the fresh funds in place, Sabanci Renewables Inc will complete the financing of its Cutlass Solar II project currently under construction in Fort Bend County. To be located around 40 miles southwest of Houston, in the Electric Reliability Council of Texas (ERCOT) market area, the photovoltaic (PV) farm should go online in April 2024. Its roughly 500,000 panels,covering over 1,000 acres of land, are expected to generate electricity that will meet the demand of more than 80,000 homes in Texas.
Sabanci Renewables’ goal is to build up a 1-GW portfolio of utility-scale solar onshore wind projects in the US by end-2025. Including Cutlass II, its first renewable venture in the US, and the recently acquired 232-MW Oriana PV project in Texas, the company already has 500 MW of capacity under construction.
Sabanci bought Cutlass II from Advanced Power AG, a Switzerland-based power infrastructure developer, in October 2022.
(USD 1.0 = EUR 0.915)
Source: renewablesnow