US-based independent power producer (IPP) sPower has closed a US$350 million tax equity commitment from banking giant Wells Fargo to support its Spotsylvania Solar Energy Center project.
Asset manager secures funding for California’s Springbok 3 and eyes commercial debut in June, eight months after buying the project.
The solar investment tax credit (ITC) has survived a major round of tax reform in the US but demand for credits generally could fall.
Residential solar service provider Sunnova Energy announced Tuesday that it has secured US$80 million in tax equity funding commitments from US Bancorp Community Development Corporation (USBCDC), a division of US Bank.
Salt Lake City-headquartered IPP sPower has completed a US$434 tax equity investment and construction loan for a combined 183MW of solar projects in Kern County, California.
Neo Solar creates a new IPP for PV projects, Vivint Solar secures US$200m in tax equity, OneRoof closes new fund, and Mexico to small-medium-scale residential solar t by 71%.
Tax equity has been hailed the ‘biggest hold back for the market so far’ according to Sunnova CEO John Berger, and other finance experts.