Innergex Announces the Tax Equity Funding of Amazon Solar Farm Ohio - Hillcrest in Ohio, USA
LONGUEUIL, QC, Nov. 17, 2021 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") announces the tax equity funding of the 200 MW Amazon Solar Farm Ohio – Hillcrest ("Hillcrest"), located in Brown County, Ohio, concluded today. Hillcrest is currently the largest solar facility in operation in Ohio, and since the commencement of commercial operation on May 11, 2021, 100% of its generated electric output and environmental attributes has been sold under a long-term corporate power purchase agreement to an investment grade rated US corporation.
"This is Innergex's second largest solar farm commissioned to date, which adds 200 MW to our solar portfolio," said Michel Letellier, President and Chief Executive Officer of Innergex. "While the commissioning of Hillcrest contributes to Innergex's energy diversification efforts, Ohio represents an exciting new market for us, one that provides the opportunity for us to build clean utility-scale solar that will benefit Ohioans for decades. "
Following the conclusion of the tax equity investment, the project's long-term capital structure is therefore comprised of: a US$74.9 million (CAN$94.0 million) 7-year term loan provided by a lender group led by CIT Group, a US$112.7 million (CAN$141.5 million) tax equity investment by Wells Fargo's Renewable Energy & Environmental Finance group and US$120.1 million (CAN$150.7 million) in sponsor equity.