BayWa r.e., a global renewable energy developer, service provider and distributor, has secured tax equity and construction financing for its Fern Solar project in Edgecombe County, N.C.
RBC Capital Markets syndicated a tax equity investment commitment in the project, and the lender group comprising coordinating lead arranger Rabobank and joint lead arranger Banco Sabadell has committed to providing construction and term financing.
“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,” says Jam Attari, CEO of BayWa r.e. Solar Projects LLC.
“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 U.S. companies through a market-first multi-party VPPA,” adds Attari.
The VPPA, facilitated by LevelTen Energy, brought together Bloomberg, Cox Enterprises, Gap Inc., Salesforce and Workday, creating the Corporate Renewable Energy Aggregation Group and contracted a total of 42.5 MW from Fern’s output. This was supplemented later in 2019 with the announcement that Starbucks had entered into a VPPA with BayWa r.e. for 46 MW.
Construction of the 133.6 MW solar farm is already under way and is due for completion in the summer, with full commissioning anticipated in H2 2020.
Once completed, the Fern asset will comprise 353,276 solar panels and 42 inverters.