January 14 (Renewables Now) - Chicago-based renewables developer Invenergy said on Thursday it has secured the needed construction financing for the 160-MW Southern Oak solar park in Georgia, its largest photovoltaic (PV) project to date.
US cooperative bank CoBank was the sole lender, issuing bank, collateral agent and administrative agent for the deal.
The 160-MW solar park is currently being built in Georgia’s Mitchell County and is expected to become operational by the end of this year. Invenergy launched its construction last September with PV panels by LONGi Solar Technology US Inc and NEXTracker single-axis trackers. Renewable Energy Systems Ltd (RES) is responsible for building the plant.
The project has in place a power purchase agreement (PPA) with utility Georgia Power (NYSE:GPJA) for its entire output, environmental attributes and electrical products through 2049. The generated electricity is expected to be enough to supply over 30,000 households.
Also last week, Invenergy completed construction financing for the 302.4-MW Santa Rita East Wind Farm in Texas, which it says is the largest such project it has financed to date. The plant is expected to be completed by mid-2019.