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

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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.

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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.

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