CIP lands tax equity financing for 255-MW solar project in Texas

Solar park in Texas. Image by: Copenhagen Infrastructure Partners P/S.

July 14 (Renewables Now) - Copenhagen Infrastructure Partners P/S (CIP) has secured tax equity commitment for a 255-MW solar photovoltaic (PV) project in Texas, the Danish investor said on Monday.

The tax equity financing arrangement with Bank of America, which CIP sealed through one of its affiliates, covers the under-construction Greasewood project that is slated for commissioning in December 2020.

With direct current capacity (DC) of 347 MW, the solar park is located in Pecos County and already has in place three long-term power purchase agreements (PPAs) with investment-grade municipalities and a hedge contract with an unnamed financial institution in the US. Its construction was initiated in October last year.

“CIP is pleased to have secured this tax equity transaction, particularly in today’s market where we are dealing with such headwinds as the COVID-19 pandemic, the sharp drop in oil and gas prices and unfavorable macroeconomic forecasts,” said Christian Skakkebaek, CIP senior partner.

CohnReznick Capital was the Danish group’s financial advisor in the deal.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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