Renewables Firm Closes Financing on 105 MW Montana PV Project

September 26, 2022 by Dan McCue
Renewables Firm Closes Financing on 105 MW Montana PV Project
(Enlight Renewable Energy photo)

BOISE, Idaho — Renewable Energy developer Clēnera, a subsidiary of Enlight Renewable Energy, has closed a construction and tax equity financing round on a 105 MW utility-scale solar project in Beaverhead County, Montana.

Bank of America, a leader in financing renewable energy projects in the U.S., and NORD/LB, a German bank active in renewable energy financing in both Europe and the U.S., will fund the project, called Apex Solar, through a construction loan.

“We are proud to work with Clēnera and our partners to close this construction financing,” said Omer Farooq, managing director in the Global Sustainable Finance Group at Bank of America. “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.” 

Nicolai Dillow, head of Structured Finance Originations for NORD/LB’s New York branch, said that while the Clēnera project is one of the largest utility-scale solar projects in Montana, the company has “a robust pipeline of future renewable projects” in the works.

“We look forward to growing our relationship with them,” Dillow said. 

In a press release, Clēnera said its approach to financing the Montana project is unique in that the tax benefits and long-term financing will be combined in a single transaction — a practice sought after in the U.S. and in the utility-scale solar industry.

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. 

Christiaan Bouhuijs, managing director of renewable energy finance at Huntington National Bank, said the 25-year lease structure they’ve agreed upon will enable Clēnera to “recognize up-front value while providing long-term low-cost financing certainty. We also look forward to supporting additional utility-scale projects for Clēnera in the near future.”

Clēnera has signed a power purchase agreement for the solar plant with utility NorthWestern Energy.

This will be the first project for the renewables company in the state of Montana and, once completed, will be one of the largest utility-scale projects in the state.

Clēnera has a pipeline of 12 GW of solar PV projects that it is currently expanding along its growing energy storage business, said Clēnera’s CEO Jason Ellsworth. Apex Solar is expected to reach commercial operations in the second quarter of 2023.

Dan can be reached at [email protected] and @DanMcCue

A+
a-
  • Clenera
  • Enlight Renewable Energy
  • Montana
  • renewable energy
  • solar power
  • In The News

    Health

    Voting

    Renewable Energy

    March 27, 2024
    by TWN Staff
    Rep. Cleaver New Co-Chair of House Renewable Energy and Energy Efficiency Caucus

    WASHINGTON — Rep. Emanuel Cleaver II, D-Mo., is the new Democratic co-chair of the House Renewable Energy and Energy Efficiency... Read More

    WASHINGTON — Rep. Emanuel Cleaver II, D-Mo., is the new Democratic co-chair of the House Renewable Energy and Energy Efficiency Caucus. He was invited to serve as co-chair by Sens. Jack Reed, D-R.I., and Mike Crapo, R-Idaho, the co-chairs of the Senate Renewable Energy and Energy... Read More

    March 26, 2024
    by Dan McCue
    Biden Administration Approves Seventh Offshore Wind Project

    WASHINGTON — The Biden administration on Tuesday approved the construction of the Sunrise Wind offshore wind farm, a project off... Read More

    WASHINGTON — The Biden administration on Tuesday approved the construction of the Sunrise Wind offshore wind farm, a project off the coast of Martha’s Vineyard, Massachusetts, that proponents say will eventually power 320,000 homes. The project is the seventh commercial-scale wind farm to be approved under... Read More

    March 26, 2024
    by Dan McCue
    Sen. Blumenthal Lauds Expansion of Tax Credit for Offshore Wind Projects

    NEW LONDON, Conn. — Sen. Richard Blumenthal, D-Conn., visited State Pier in New London, Connecticut, on Monday to tout and... Read More

    NEW LONDON, Conn. — Sen. Richard Blumenthal, D-Conn., visited State Pier in New London, Connecticut, on Monday to tout and celebrate the Biden administration’s decision to expand eligibility of federal tax credits for offshore wind projects. “This tax credit has been a long time in coming,”... Read More

    China to Challenge Biden's Electric Vehicle Plans at the WTO

    BEIJING (AP) — China filed a World Trade Organization complaint against the U.S. on Tuesday over what it says are... Read More

    BEIJING (AP) — China filed a World Trade Organization complaint against the U.S. on Tuesday over what it says are discriminatory requirements for electric vehicles subsidies. Starting this year, U.S. car buyers are not eligible for tax credits of $3,750 to $7,500 if critical minerals or other battery... Read More

    Here Are the Big Hurdles to the Global Push to Build Up Renewable Energy

    The world's governments have agreed they want to triple renewable energy by 2030, a goal laid out at the U.N.... Read More

    The world's governments have agreed they want to triple renewable energy by 2030, a goal laid out at the U.N. climate summit in December. But right now, the post-pandemic global economy is throwing up obstacles that will need to be overcome if the goal is going... Read More

    March 25, 2024
    by Dan McCue
    Energy Department Awards $6B to Decarbonization Projects

    WASHINGTON — The U.S. Department of Energy on Monday awarded $6 billion to 33 projects across more than 20 states... Read More

    WASHINGTON — The U.S. Department of Energy on Monday awarded $6 billion to 33 projects across more than 20 states to decarbonize energy-intensive industries while creating jobs and revitalizing the communities in which they are located. Funded by the bipartisan infrastructure law and Inflation Reduction Act,... Read More

    News From The Well
    scroll top