German renewable energy developer BayWa r.e. has secured tax equity and construction financing for the 133.6MW Fern Solar project in Edgecombe County, North Carolina.
With construction underway, the solar facility is expected to be completed this summer, with full commissioning in the second half of this year.
RBC Capital Markets syndicated a tax equity investment commitment in the project. The lender group consisting of Rabobank and Banco Sabadell have agreed to provide construction and term financing.
The Fern solar plant can generate enough energy to power 20,000 homes
Powered by 353,276 solar panels and 42 inverters, the Fern solar plant will generate enough clean energy to power nearly 20,000 homes, once it is online.
BayWa r.e. solar projects CEO Jam Attari said: “Our success in securing tax equity and project financing for this landmark project demonstrates our ability to continue to attract investors to the fundamental value proposition of renewable energy.”
“It is great to see the next stage of this pioneering project unlocked. Once generating power, it will be providing green energy for six major US companies through a market-first multi-party VPPA.”
The solar plant is supported by a virtual power purchase agreement (VPPA), which is facilitated by LevelTen Energy, for a 42.5MW of output. Last year, Starbucks had also entered into a VPPA with BayWa r.e. to procure 46MW from the solar plant.
RBC Capital Markets managing director Yonette Chung McLean said: “Project Fern expands RBC’s tax equity syndication expertise, building on prior direct investing, syndication and structuring experience. We are proud to partner with BayWa r.e. on this exciting solar project.”
Earlier this month, BayWa r.e. secured tax equity commitment from GE Energy Financial Services for the 250MW Amadeus wind farm, located in Texas.
The wind farm, which is already under construction is, expected to begin operations in the fourth quarter of this year and will be powered by GE wind turbines.
