Benefit Capital has dedicated to supply a $185 million funding to Sabanci Renewables for financing of its Cutlass Photo voltaic II undertaking.
Situated roughly 40 miles southwest of Houston, Cutlass II is a 272 MW utility-scale undertaking below development in ERCOT. It’s anticipated to start operations in April and consists of over 500,000 photo voltaic panels located on over 1,000 acres, says Benefit.
Benefit Capital’s tax fairness funding, which leverages federal funding tax credit, will present the exterior capital crucial for Sabanci to finish undertaking development.
“This funding with Sabanci Renewables completely aligns with Benefit Capital’s dedication to funding clear vitality initiatives nationwide and can particularly have a optimistic affect on the neighborhood in better Fort Bend County, Texas,” says Tom Bitting, Benefit Capital principal. “We’re thrilled to be working with Sabanci, a trusted title within the world vitality trade, in bringing this undertaking on-line for the good thing about its stakeholders.”
Allen & Overy and Husch Blackwell served as counsel for Benefit Capital on the transaction. Troutman Pepper and Duggins Wren Mann & Romero served as counsel for Sabanci Renewables. Carbon Discount Capital additionally served as Sabanci’s monetary advisor.
