Glover Creek Solar Nets $100 Million in Tax Equity Financing


KeyState Renewables and Monarch Private Capital have closed nearly $100 million in tax equity financing with North Carolina-based Pine Gate Renewables on the Glover Creek solar project near Bowling Green, Ky.

Glover Creek was the second solar project to receive a permit from the state’s Electric Generation and Transmission Siting Board and is the first solar project to be constructed in Metcalfe County.

Upon completion, the project will generate 76.65 MW DC. Pine Gate Renewables, via its project entity, Glover Creek Solar LLC, has entered into a 20-year power purchase agreement with Constellation NewEnergy Inc., a wholly owned subsidiary of publicly traded Constellation Energy Generation.

KeyState Renewables launched its tax equity platform, SOLCAP, with Corner Power in 2019. Since then, SOLCAP has raised and deployed over $265 million in solar tax equity for investors.

This is SOLCAP’s second tax equity investment with Pine Gate Renewables. In February 2020, SOLCAP closed financing on a portfolio of six solar projects in Oregon and South Carolina with Pine Gate Renewables.

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