CIP lands solar project credit deal with BOA

Copenhagen Infrastructure Partners secures a financing agreement with Bank of America to develop a 347MWdc solar farm in the US.

Photo: Acciona

One of the US' largest solar projects has secured financing. Copenhagen Infrastructure Partners (CIP) has entered a tax equity credit agreement with Bank of America (BOA) for the development of its 347 MWdc/255ac Greasewood facility in Texas, CIP informs in a statement.

"CIP is pleased to have secured this tax equity transaction, particularly in today's market where we are dealing with such headwinds as the COVID-19 pandemic, the sharp drop in oil and gas prices and unfavorable macroeconomic forecasts. The achievement is a testament to our long-term conviction in the renewable energy markets in the United States," writes CIP Senior Partner Christian Skakkebaek in the media release, adding:

"We look forward to bringing the Greasewood project online, furthering our commitments to providing clean energy to [the Electric Reliability Council of Texas, ERCOT, -ed] market."

The announcement comes only days after another Danish renewable energy major, Ørsted, revealed a similar deal with a US bank. However, CIP's project is roughly one and a half times larger than the facility Ørsted is developing with capital from Wells Fargo. Actually, Greasewood – under development by On Peak Power – is the fifth-largest photovoltaic setup currently underway in the US.

Installation of the solar farm began last October and is expected to reach completion in before the end of this year.

English Edit: Daniel Frank Christensen

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