CashNews.co
Advantage Capital has committed to provide a $137 million investment to Sabanci Renewables, to complete financing for the 232 MW Oriana Solar Project.
Located 120 miles southeast of San Antonio, Texas in Victoria County, Oriana is currently under construction and includes 425,000 solar modules to be installed on 1,100 acres. Operations are expected to commence next spring.
Advantage Capital’s investment, which leverages Investment Tax Credits under the Inflation Reduction Act, will provide the remaining capital Sabanci Renewables needs to complete the project’s construction.
“We are pleased to expand our partnership with Sabanci Renewables to support building out the power grid in Texas through another utility-scale solar project,” says Tom Bitting, managing director at Advantage Capital.
“Oriana will have a profound impact on the Gulf Coast region by increasing the clean power supply to critical energy load centers, and Victoria County will reap the added benefit of new job creation for local workers.”
A&O Shearman and K&L Gates served as counsel for Advantage Capital on the transaction, and Troutman Pepper and Husch Blackwell served as counsel for Sabanci Renewables. Carbon Reduction Capital also served as exclusive financial advisor.
Last December, Sabanci Renewables closed $185 million in tax equity financing with Advantage Capital for the Cutlass Solar II project outside of Houston. Cutlass II was completed and commissioned in May.
Sabanci Renewables is a North American subsidiary of Sabanci Holding.