Renewables Firm Closes Financing on 105 MW Montana PV Project

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