Sabanci raises US$185 million in tax equity funding to complete Cutlass II solar project

December 20, 2023
Facebook
Twitter
LinkedIn
Reddit
Email
The 163MW Elm Branch project in Texas. Image: Lightsource bp

Sabanci Renewables, the North American subsidiary of Turkish conglomerate Sabanci Holdings, has raised US$185 million in tax equity funding to complete the financing of its Cutlass Solar II project in the US state of Texas.

The company raised the funding from Advantage Capital, a US investor, and the money will be used to complete construction at the 272MW project in Fort Bend County. Sabanci Renewables expects to start commercial operations at the project in April 2024, and power generated at the project will be distributed by the grid operated by the Electric Reliability Council of Texas (ERCOT), the utility that manages 90% of the state’s electricity.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Sabanci Renewables purchased the project in on 22 October from US renewables developer Advanced Power, ahead of another deal between the companies that saw Sabanci Renewables acquire the 232MW Oriana solar-plus-storage project, also in Texas. This facility, at which Sabanci Renewables expects to begin construction in the first quarter of next year, will have a 60MW/120MWh battery storage facility, and the moves reflect Sabanci Holdings’ growing interest in developing renewable power projects in the US.

Advantage Capital noted that its funding would benefit from federal Investment Tax Credits (ITC), a system where financiers can deduct a percentage of investment costs from taxes, in order to encourage more investment in businesses, and legislative support for new investment is a key component of the US’ solar sector.

Earlier this month, the US Treasury announced guidance for complying with the 45X Advanced Manufacturing Production Credit, to encourage more US-based renewables manufacturers to benefit from the credits, and much has been made of the role of the Inflation Reduction Act (IRA) in encouraging new investments into the US renewables sector.

2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

Premium
October 29, 2025
Damage to solar from so-called Natural Catastrophe events is increasing as the technology expands its reach and weather conditions worsen.
October 29, 2025
Greenvolt and European Energy have finalised financial deals for solar-plus-storage projects in Denmark and Latvia.
October 29, 2025
NextEra Energy Resources added 3GW of new renewable energy generation and storage capacity to its portfolio in the third quarter of 2025.
October 28, 2025
GreenYellow plans to invest US$116 million in Poland over the next three years to expand its installed capacity and customer base.
Premium
October 28, 2025
BESS are 'the new player that everyone is talking about,' in Europe’s power purchase agreement (PPA) space, according to LevelTen.
October 28, 2025
GoldenPeaks Capital secures EUR114 million (US$132 million) financing package for two solar PV Portfolio in Poland.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany