US solar developer Pine Gate Renewables and alternative investment manager Irradiant Partners LP have secured financing for 56 MW DC/40 MW of solar parks that are currently being built in Michigan.
US bank provided tax equity for the MacBeth and Lyons Road photovoltaic (PV) projects, while KeyBank extended construction and permanent financing, North Carolina-based Pine Gate said on Monday. The amount of the obtained financing was not disclosed.
Being under construction in the communities of Montague in Muskegon County and Owosso in Shiawassee County, the solar farms are scheduled to be commissioned by early next year. Once up and running, they will be capable of producing electricity for around 6,300 homes. The two plants’ output will be sold to utility Consumers Energy, the principal subsidiary of CMS Energy (NYSE:CMS), under a 20-year power purchase agreement (PPA).
Construction company Blue Ridge Power is the engineering, procurement and construction (EPC) contractor for the projects.
Pine Gate Renewables and Irradiant are developing over 400 MW of projects in Michigan through bilateral agreements with Consumers Energy. The partners have already put into operation 14 such schemes, of 40 MW in total, to serve the utility.
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