Independent power producer (IPP) Energix Renewables has secured US$520 million for six utility-scale solar projects with a combined capacity of 416MW.
With the new funding, Energix Renewables will construct and operate these solar projects in Virginia and Pennsylvania. The total construction and term-loan amount committed by lenders, led by Santander CIB, was US$260 million, while the total tax equity commitment was US$260 million.
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After the latest transaction, Energix Renewables’s total investment in energy infrastructure in the US will be close to US$1 billion.
Morgan Stanley Renewables was the tax equity investor in this transaction, marking the third tax equity deal Energix had closed with Morgan Stanley. The prior two deals were closed in 2020 and 2021 and were associated with eight projects in Virginia with a total capacity of 200MW.
“Through partnerships like this, Energix can develop utility scale solar projects and produce clean electricity for the benefit of the communities in Virginia and Pennsylvania,” said Itamar Sarussi, country manager of Energix US.
Currently, Energix Renewables has nine facilities with a capacity of 224MWdc across the Mid-Atlantic region. Combined with the latest additions, Energix Renewables will have 640 MWdc of operational projects by the end of 2023.
Energix Renewables entered the US market in 2016 and recently inked a deal with solar tracker company Nevados to add trackers to three solar power plants.