Renewable energy developer and independent power producer (IPP) Linea Energy has closed project debt financing for a 109MWdc utility-scale solar PV power plant in Wilcox County, Georgia, in the US.
The Pineview Solar project, developed in collaboration with the Municipal Electric Authority of Georgia (MEAG Power), a statewide non-profit generation and transmission company, commenced construction in October 2024. MEAG Power will offtake the energy generated from the PV plant via a 15-year power purchase agreement (PPA).
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The solar PV plant employs bifacial modules and is scheduled to begin commercial operations in December 2025.
Linea Energy confirmed that the debt financing comprises a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility. Several groups, led by First Citizens Bank and Norddeutsche Landesbank Girozentrale (NORD/LB), have provided the financing.
Cassidy DeLine, CEO of Linea Energy, said the project financing is a critical step in the project’s development and the decarbonisation of the state of Georgia.
“The financing is a critical step in the advancement of the Pineview project. The capital provided by First Citizens and NORD/LB will enable us to supply clean, reliable solar power to Georgia while contributing to the local economy,” DeLine said.
Headquartered in San Francisco, California, Linea has a range of renewable energy and energy storage projects within its US portfolio including solar PV, wind and battery energy storage systems (BESS).
To help fund the organisation’s renewable energy pipeline, Linea secured a US$145 million corporate revolving credit facility from a consortium of lenders, including First Citizens Bank, which also participated in the financing for Pineview. Other lenders included Santander Bank, Macquarie Group, and ICBC Standard Bank.
Specifically, this funding would be allocated to a 4GW project pipeline being explored by Linea.
It is also worth noting that Linea acquired a 490MW solar PV power plant from Horus Energy, an international developer based in London, UK, in June 2023. The site marked the company’s entry into the Texas market, with the project located in the Houston zone of ERCOT.
