Sabanci Renewables Secures $137M Financing for Solar Project
Sabanci Renewables Secures Investment for Oriana Solar Project
Sabanci Renewables, a notable North American subsidiary of Sabanci Holding, has successfully garnered a $137 million investment commitment from Advantage Capital to support its Oriana Solar Project. This utility-scale project is based in Victoria County and is designed to produce an impressive 232 MWdc of clean energy.
Impact of Advantage Capital's Investment
The investment provided by Advantage Capital will significantly leverage the Investment Tax Credits (ITCs) outlined in the Inflation Reduction Act, offering Sabanci Renewables the necessary funding to finalize construction on this vital project. This marks the second substantial tax equity financing partnership that Advantage Capital has entered into with Sabanci Renewables within the last year, cumulatively enhancing the energy capacity of Sabanci's projects in Texas’s Electric Reliability Council (ERCOT) to surpass 500 MWdc.
Anticipated Benefits for the Community
According to Tom Bitting, Managing Director of Advantage Capital, this partnership aims to enhance the power grid in Texas through reliable and environmentally friendly solar energy. The Oriana Solar Project is set to add substantial clean power to the Gulf Coast region, all while fostering local job creation—expected to generate over 300 jobs during its construction and 10 permanent positions once operational.
Details about the Oriana Solar Project
The Oriana Solar Project is poised to commence operations in the Spring of 2025. With an expansive setup across 1,100 acres—comparable to more than 800 football fields—this project will incorporate 425,000 solar modules. It aims to deliver sustainable electricity to approximately 65,000 homes in the vicinity, thereby playing a crucial role in community energy needs.
Advantage Capital's Broader Commitment to Renewable Energy
Advantage Capital has a robust history of supporting renewable energy projects that foster community access to clean electricity and economic revitalization. Since its inception, the firm has backed more than 100 renewable energy initiatives across the country, currently boasting investments of over $4.2 billion in diverse industries. Such engagements have significantly contributed to job support, boasting over 70,000 jobs facilitated through these efforts.
CEO's Vision for Renewable Energy
Tolga Kaan Do?anc?o?lu, CEO of Sabanci Renewables, expressed enthusiasm regarding the ongoing work on the Oriana Solar Project. He emphasized that this initiative not only showcases their dedication to facilitating clean energy growth across the U.S. but also aligns with their objective of stimulating local economic development. Together with Advantage Capital, Sabanci Renewables is driven to create a sustainable and resilient energy future.
Strategic Collaborations and Legal Support
In navigating the complexities of this transaction, Advantage Capital and Sabanci Renewables enlisted the expertise of prominent legal advisors. A&O Shearman and K&L Gates provided counsel for Advantage Capital, while Troutman Pepper and Husch Blackwell advised Sabanci Renewables. Additionally, Carbon Reduction Capital served as the exclusive financial advisor during this funding process.
Expanding Renewable Ventures
With Cutlass II and Oriana Solar, Sabanci Renewables is strategically targeting the establishment of a 3 GW portfolio encompassing utility-scale solar and onshore wind projects across the U.S. by 2029. Not only has the company detailed plans for the growth of its renewable capacities, but it is also dedicated to fostering dependable energy solutions for future generations.
Frequently Asked Questions
What is the Oriana Solar Project?
The Oriana Solar Project is a utility-scale solar initiative by Sabanci Renewables designed to produce 232 MWdc of clean energy and support local energy needs.
How much investment has Sabanci Renewables secured?
Sabanci Renewables has secured a total of $137 million in investment from Advantage Capital for the Oriana Solar Project.
What are the benefits of the Oriana Solar Project?
This project aims to provide sustainable electricity to around 65,000 homes, create over 300 construction jobs, and establish 10 permanent roles upon completion.
What is the expected operational date for the project?
The Oriana Solar Project is expected to commence operations in Spring 2025.
Who are the key partners involved in the project?
Advantage Capital is a key partner providing financial support, while various legal advisors have facilitated the financing process for the project.
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