Tax equity closed for Innergex's 200-MW Amazon Solar Farm Ohio

First Solar PV plant. Source: First Solar Inc

November 17 (Renewables Now) - Canada-based Innergex Renewable Energy Inc (TSE:INE) today announced completion of the tax equity funding of the 200-MW Amazon Solar Farm Ohio – Hillcrest in Brown County, Ohio, which has been in commercial operation since May this year.

The project, previously known as just Hillcrest, is selling its power and environmental attributes under a long-term corporate power purchase agreement (PPA) with “an investment grade rated US corporation.”

Hillcrest, which reached financial close in May 2020, has a long-term capital structure that includes a USD-74.9-million 7-year term loan provided by a lender group led by CIT Group, a USD-112.7-million tax equity investment by Wells Fargo's Renewable Energy and Environmental Finance group and USD 120.1 million in sponsor equity.

The facility is currently Ohio’s largest operating solar farm, according to the announcement. It uses more than 600,000 First Solar Series 6 thin film photovoltaic (PV) solar panels and is expected to generate an average of 413.3 GWh a year.

Innergex acquired the project in October 2018 from the original developers, Open Road Renewables LLC and Eolian.

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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