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

December 2, 2021
Enel Green Power has named Paolo Romanacci as the new head of its North America division, overseeing all renewables activities in the US and Canada.
December 2, 2021
Renewables developer BayWa r.e. has acquired Beacon Solar, the solar distribution division of Beacon, and will look to “cross-sell” solar and roofing products in the near future as it continues to expand across the US.
December 1, 2021
Major US bank Wells Fargo has closed its maiden tax equity investment into a colocated solar-storage project currently under construction in New Mexico, US.
November 30, 2021
Solar EPC company iSun is investing in US commercial PV project developer Encore Renewable Energy as part of efforts to accelerate its geographic expansion.
November 29, 2021
Commercial and industrial (C&I) solar developer Altus Power will offer distributed renewables and energy storage solutions through a new partnership with energy major Shell.
November 24, 2021
PV Tech sits down with the CEO of Arcadia following the launch of its flagship software, Arc, to discuss data, digitisation and the US transition

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal