Advanced Power reaches fin close on 140-MW solar project in Texas

Swiss renewable project developer Advanced Power has secured all needed funds to build a 140-MW DC solar park in Texas, it said on Wednesday.

The Cutlass photovoltaic (PV) farm will be installed in Ford Bend County, 40 miles (64 km) southwest of Houston. The project is co-owned by Advanced Power, Eneos Corp and Fuyo General Lease Co.

Financing for the scheme, in the form of senior secured credit facilities, is being provided by CIT Bank NA, Credit Agricole Corporate & Investment Bank and Amalgamated Bank. CIT, through its Power and Energy business, served as coordinating lead arranger for the transaction and is itself extending USD 84 million (EUR 69.6m) in debt.

"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 chief operating officer, development. More financial closings will follow soon in the next few quarters.

Advanced Power will be the construction and asset manager for Cutlass, with Bechtel acting as the engineering, procurement and construction (EPC) contractor. Once up and running, the plant’s output and renewable energy credits will be sold into the ERCOT market.

Advanced Power, which is doing business in Europe and North America, has over 7 GW of capacity under development, construction or in operation. It is currently building a 1.1-GW solar farm in Ohio, together with Eneos.

(USD 1.0 = EUR 0.828)

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