September 11 (Renewables Now) - US solar project developer 174 Power Global Corp, an affiliate of South Korea's Hanwha Group, has closed USD 210 million (EUR 191m) in construction financing for the first phase of a solar project in Texas.
The fresh financing is for the Oberon project near Odessa. The 150-MW project entered the construction phase earlier this year, as announced by 174 Power Global in June.
The new construction and term debt comes from Credit Agricole Corporate and Investment Bank and the Korea Development Bank, while JP Morgan Chase Bank NA has agreed to an eight-year solar hedge for a portion of the electricity that will be generated by the plant. Tax equity will be provided by an unnamed investor.
The developer says that this first phase of the project will take up over 1,200 acres, where more than 560,000 Q Cells solar panels will be installed. It is expected to be completed next spring.
(USD 1.0 = EUR 0.910)