Renewables company Clēnera has closed a construction and tax equity financing round on a 105MW utility-scale solar project in Montana, US.
Bank of America and the German bank NORD/LB will provide financing for the construction of the project of the Enlight Renewable Energy subsidiary.
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Ohio-based Huntington National Bank will provide long-term financing via sale and leaseback tax equity financing once the solar PV plant reaches commercial operation.
The financing between the Ohio bank and Clēnera is “unique” as the tax benefits and long-term financing will be combined in a single transaction, a practice highly sought in the US utility-scale solar industry, according to Clēnera.
Christiaan Bouhuijs, managing director of renewable energy finance at Huntington National Bank, said: “Our 25-year lease structure enables Clēnera to recognise up-front value while providing long-term low-cost financing certainty. We also look forward to supporting additional utility-scale projects for Clēnera in the near future.”
Moreover, the renewables company has signed a power purchase agreement (PPA) for the solar plant with utility NorthWestern Energy.
This will be the first project for the renewables company in the state of Montana and, once completed, will be one of the largest utility-scale projects in the state.
Clēnera has a pipeline of 12GW of solar PV projects which it is currently expanding along its growing energy storage business, said Clēnera’s CEO, Jason Ellsworth.