AES Corporation closes secures US$301 million debt facility for US community solar portfolio

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Image: AES Corporation

Energy technology company AES Corporation has secured a US$301 million debt facility to finance the development of a community solar power project portfolio totalling 215MWdc capacity.

AES will develop 30 community solar projects across Illinois, New York and Massachusetts over the next few years.

It is the second financing round AES has conducted to build out its community solar portfolio. The company has raised more than US$600 million over the past two years from lenders such as Silicon Valley Bank, KeyBank and Nomura.

The solar projects will provide renewable energy for corporations, utilities, municipalities and schools throughout the three states, and will also play into regional renewable deployment schemes the NY Community Solar Program and the Solar Massachusetts Renewable Target (SMART) initiative, which was recently adjusted in the state’s Climate Bill to provide incentives for entities to serve more lower-income areas with clean power.

AES Clean Energy’s chief financial officer, James Marshall, said the additional US$301 million “showcases” the company’s ability to fund a “wide range of renewable energy solutions designed to meet our customers’ needs, equitably benefit communities and achieve a carbon-free future.”

The group said last November it will merge its US clean energy arm with independent power producer sPower, creating a platform with a 12GW project pipeline in the country. Its Indiana-based subsidiary, meanwhile, is working with developer Invenergy to deploy a 195MW solar power project in the state.

Read Next

April 9, 2021
The US’ fleet of solar and wind generation capacity is set to almost triple over the next decade, but even this is not enough to meet President Biden’s ambitious decarbonisation targets, according to a recent BloombergNEF report.
April 9, 2021
Solar and storage provider Sunworks has acquired installer Solcius in a deal worth US$51.8 million.
April 8, 2021
Utility group Black Hills Energy has signed a 15-year power purchase agreement (PPA) with solar energy company 174 Power Global for its first large-scale solar power project in Colorado, US.
April 7, 2021
A round-up of the latest news from the US and Canada, including updates from distributor and developer BayWa r.e., construction group iSun and tracker specialist Arctech.
April 6, 2021
Japanese power company J-Power is to convert a retired coal plant in the US into a 240MW solar-plus-storage facility through its local subsidiary.
April 1, 2021
Solar specialist NovaSource, which is owned by Canadian investor Clairvest, has completed its acquisition of US manufacturer First Solar’s operations and maintenance (O&M) business.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET