Invenergy Locks Construction Finance for Ohio 300-MW Solar

• Invenergy’s Ohio 300-MW solar project lands construction financing, moving from late-stage development to bankable execution—covering land, permitting, interconnection, EPC contracts, and major equipment procurement.

Invenergy has secured construction financing for a 300-MW utility-scale solar project in Ohio, clearing a major step toward moving from late-stage development to a bankable construction schedule. The financing milestone signals that key project components needed by lenders—such as land and permitting progress, interconnection readiness, and contracted work for EPC and major equipment procurement—have largely been addressed.

With funding in place, the project will shift to execution, including civil construction, solar racking and electrical installation, commissioning, and efforts to reach commercial operation on the timeline assumed in project debt models. The company will also manage schedule and stakeholder risks that can vary across Ohio’s permitting and grid conditions.

How does Invenergy’s Ohio 300-MW solar financing move it into bankable construction execution?

• Secures non-recourse-style project construction funding, which is the gating item lenders typically require to transition from “late-stage development” to “bankable construction”
  
• Demonstrates that site control is sufficient for lending—typically meaning land/lease arrangements are in place or sufficiently secured to support long-term project duration and collateral value
  
• Shows permitting readiness beyond development-level progress—moving toward permits and approvals that lenders can underwrite, reducing the risk of schedule slippage tied to regulatory approvals
  
• Confirms interconnection posture needed for debt underwriting—e.g., that the project has advanced to a level where grid studies, queue position, and/or interconnection agreements support realistic delivery and commissioning milestones
  
• Converts conceptual procurement into contracted scope—having EPC and major equipment work aligned with lender expectations for fixed-price/guaranteed maximum price structures or clearly defined commercial terms
  
• Enables procurement of long-lead components under lender-compatible milestones, improving the probability of meeting the commercial operation date assumed in the credit agreement
  
• Improves construction risk allocation—lender-led requirements for schedule controls, contingency planning, and performance obligations make the project more “financeable” during execution
  
• Establishes contractor and supplier accountability—through warranties, milestone-based deliverables, and acceptance/commissioning frameworks that lenders use to manage technical completion risk
  
• Aligns cashflow timing with construction draws—financing schedules and draw conditions are set up so funds release as work is completed, which reduces the likelihood of underfunded or stalled construction
  
• Strengthens oversight and reporting—construction lenders typically require enhanced monthly reporting, budget-to-actual tracking, and notice provisions tied to schedule, permitting, and procurement developments
  
• Positions the project to reach COD within debt-model assumptions—by tying construction execution steps (civil works, racking, electrical installation, commissioning) to lender-monitored milestones
• Reduces refinancing/restructuring risk—once financing is in place, the project is less likely to rely on continued development equity to cover early-stage uncertainty, making the execution plan more stable
• Supports Ohio-specific execution planning—bankable schedules require credible sequencing around local permitting processes, utility coordination, and grid-condition realities, which lenders factor into completion risk