Clenera announced the closing of construction and tax equity financing for the 105 MWdc Apex Solar project located in Beaverhead County, Montana.
The energy generated by the solar facility will provide NorthWestern Energy’s Montana customers with additional carbon-free power through a long-term power purchase agreement. The Renewable Energy Credits generated by the project will be sold separately, providing additional revenues to the project.
Bank of America, one of the largest global banks in the U.S. and a leader in financing renewable energy projects in the U.S., and NORD/LB, a German bank active in renewable energy financing in Europe and the U.S., will fund the project through a construction loan.
“This transaction demonstrates another important milestone in solar and clean energy development and is an integral part of Bank of America’s broader $1.5 trillion sustainable finance commitment by 2030,” said Omer Farooq, Managing Director in the Global Sustainable Finance Group at Bank of America.
“Clenera has a robust pipeline of future renewable projects, and we look forward to growing our relationship with them,” said Nicolai Dillow, Head of Structured Finance Originations for NORD/LB’s New York Branch.
Huntington National Bank, one of the largest U.S. regional banks and a highly experienced lender in sale-leaseback financing, will provide long-term financing via sale and leaseback tax equity financing for Apex Solar following commercial operations.