Advanced Power Accomplishes Financial Close of 140-MWdc Cutlass Solar project

Apr 29, 2021 12:11 PM ET
  • Advanced Power introduced today that it has successfully closed the funding of Cutlass Solar, a 140-MWdc photovoltaic solar electrical creating facility situated in Fort Bend Region, Texas. Advanced Power, along with its co-investors, ENEOS Firm ("ENEOS") and Fuyo General Lease Co., Ltd. ("Fuyo"), are the owners of the facility.

CIT Bank, N.A., Credit Agricole Corporate & Investment Bank and Amalgamated Bank are offering senior secured credit facilities to Cutlass Solar. CIT worked as working with lead arranger, administrative agent, security agent and depositary bank for the deal.

Advanced Power is an international developer, owner as well as asset manager of modern power infrastructure that has lately made a series of considerable financial investments in the growth and purchase of renewable resource assets.

"Cutlass is just one of the biggest, non-recourse, vendor solar fundings and is the first project of Advanced Power's +1 GW solar development pipe to reach monetary close as well as begin of building," stated Jonathan Winslow, Advanced Power's COO, development. Succeeding monetary closings are arranged for Q3 2021 and Q1 2022.

Advanced Power will certainly act as the construction as well as asset supervisor for Cutlass Solar which, upon achievement of business operations, will sell energy and also renewable energy credits right into the ERCOT market.

"We are broadening as well as expanding Advanced Power's property base by developing, investing and also handling utility-scale solar and other renewables projects throughout the U.S. and also Europe, as well as we are proud to be partnering with ENEOS and also Fuyo," stated Thomas Spang, Advanced Power's Chief Executive Officer.

ENEOS previously bought Advanced Power's 1.1 GW South Area Power project incomplete in eastern Ohio.

"We are very thankful for the assistance of the neighborhood as well as anticipate belonging of it in the years to find," said Collin Brown, project supervisor in charge of the growth of the Cutlass Solar project. "The environmental, economic as well as regional tax-based advantages are clear, and also the project will benefit Texas' power profile and also the people who rely upon it".

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