Advanced Power closed on the financing of Cutlass Solar, a 140-MWdc PV solar facility located in Fort Bend County, Texas. Advanced Power, together with its co-investors, ENEOS Corporation and Fuyo General Lease Co., are the owners of the facility. Bechtel will act as EPC contractor.
CIT Bank, N.A., Credit Agricole Corporate & Investment Bank and Amalgamated Bank are providing senior secured credit facilities to Cutlass Solar. CIT acted as coordinating lead arranger, administrative agent, collateral agent and depositary bank for the transaction.
“Cutlass is one of the largest, non-recourse, merchant solar financings and is the first project of Advanced Power’s +1 GW solar development pipeline to reach financial close and start of construction,” said Jonathan Winslow, Advanced Power’s COO, development. Subsequent financial closings are scheduled for the third quarter 2021 and first quarter of 2022.
Advanced Power will act as the construction and asset manager for Cutlass Solar which, upon achievement of commercial operations, will sell energy and renewable energy credits into the ERCOT market.
“We are broadening and diversifying Advanced Power’s asset base by developing, investing and managing utility-scale solar and other renewables projects throughout the U.S. and Europe, and we are proud to be partnering with ENEOS and Fuyo,” said Thomas Spang, Advanced Power’s CEO.
ENEOS previously invested in Advanced Power’s 1.1 GW South Field Energy project under construction in eastern Ohio.
“We are very grateful for the support of the local community and look forward to being a part of it in the years to come,” said Collin Brown, project manager responsible for the development of the Cutlass Solar project. “The environmental, economic and local tax-based benefits are clear, and the project will benefit Texas’ energy portfolio and the people who rely on it”.