Advanced Power, a global developer, owner and asset manager of modern power infrastructure, has successfully closed the financing of Cutlass Solar, a 140 MW DC photovoltaic solar electric generating facility located in Fort Bend County, Texas. Advanced Power, together with its co-investors, ENEOS Corp. and Fuyo General Lease Co. Ltd., are the owners of the facility.
CIT Bank N.A., Credit Agricole Corporate & Investment Bank and Amalgamated Bank are providing senior secured credit facilities to Cutlass Solar. CIT acted as coordinating lead arranger, administrative agent, collateral agent and depositary bank for the transaction.
“Cutlass is one of the largest, non-recourse, merchant solar financings and is the first project of Advanced Power’s 1 GW+ solar development pipeline to reach financial close and start of construction,” says Jonathan Winslow, COO of development at Advanced Power. Subsequent financial closings are scheduled for Q3 and Q1.
Bechtel, a construction and project management company, was selected to complete the engineering, procurement and construction of Cutlass Solar. The project will be built on a 700-acre site and will employ more than 200 people at its peak. It is expected to reach commercial operations in 2022.
Advanced Power will act as the construction and asset manager for Cutlass Solar which, upon achievement of commercial operations, will sell energy and renewable energy credits into the ERCOT market.