National Grid Renewables has closed $98 million in tax equity financing from Bank of America to support its Prairie Wolf Solar Project – a 200 MW development located in the MISO market that began construction earlier this year in Coles County, Ill.
Bank of America is the sole tax equity investor for the project.
“Financing partnerships play an important role in accelerating the growth of renewable energy projects and their associated economic benefits, as well as the decarbonization of the United States energy grid,” says Blake Nixon, president of National Grid Renewables. “In just two years, National Grid Renewables has raised over $550 million in tax equity investments in support of the company’s buildout of renewable generation facilities, and we look forward to energizing additional projects to further benefit local, state and national economies.”
Using the U.S. Environmental Protection Agency’s (EPA) greenhouse gas equivalencies calculator, Prairie Wolf is estimated to offset carbon dioxide emissions by 285,000 metric tons annually during operation. Prairie Wolf will also benefit local and statewide economies through the production of new tax revenue, the creation of jobs, and increased local spending.
“The financing of the Prairie Wolf Solar Project will help bring much needed renewable energy to the grid in this region and support a more sustainable community,” says Todd Karas, managing director, renewable energy finance, at Bank of America.