Renewable energy developer and operator Invenergy has completed construction financing for its 160MW Southern Oak Solar project, last month.
Invenergy stated that the CoBank acted as sole lender, issuing bank, collateral agent and administrative agent for the deal. This solar plant will be located in Mitchell County, in the US state of Georgia.
Last May, Invenergy and Georgia Power signed a power purchase agreement to supply all the electricity generated from the solar plant to Georgia Power including environmental attributes through 2049.
The agreement is part of Georgia Power’s Renewable Energy Development Initiative (REDI), which is designed to advance the development of renewable energy goals across Georgia.
Construction of the Southern Oak Solar plant started in September last year and solar panels for the project are being supplied by LONGi Solar Technology. Other partners for the project include Renewable Energy Systems (RES), which will construct the project and NEXTracker will supply single axis trackers and its TrueCapture control system.
Invenergy president and chief operating officer Jim Murphy said: “The completion of construction financing for Southern Oak Solar represents far more than a financial milestone.
“Southern Oak Solar is a significant transaction with leading utility Georgia Power, and it is also our largest solar project to date, firmly establishing Invenergy as a leading developer of utility scale solar projects.”
This solar plant is scheduled to start commercial operations by this year-end and is expected to create more than 400 jobs during the construction phase. Electricity generated from the plant will be enough to power more than 30,000 US households.
The project is also expected to generate more than $12m in local economic development in the first 10 years of operations through tax payments, lease payments to landowners and wages and benefits for employees.
Earlier this month, the company had also secured financing for its 302.4MW Santa Rita East Wind Farm, to be located nearly 70 miles west of San Angelo, Texas.
Santander and Rabobank acted as co-lead arrangers and issuing banks, and Santander served as administrative agent for the deal.