Qcells USA Corp. has closed a financing package for its Coniglio Solar Project, located in Fannin County, Texas.
The project comprises nearly 405,000 solar modules, supplied by Qcells North America. The solar facility will be the largest project in Qcells USA’s operating portfolio to date in the U.S., with a rated capacity of 168 MWp.
KeyBanc Capital Markets (KCBM) served as the lead arranger for the $29 million bank loan and letter of credit facility. KeyBank National Association acted as the collateral agent and administrative agent. This closing follows the successful tax equity financing and commercial operations in 2021.
“We are very pleased to close financing for Coniglio and to establish a new relationship with a leading bank in our field,” says Rich Chung, head of project finance at Qcells USA. “This debt financing highlights the appeal of our renewable energy growth strategy in the United States and Qcells USA’s strength as a sponsor, especially as we aggressively expand our pipeline geographically and into new technologies like battery storage.”
“As a part of our continuing support for renewable energy, we are pleased to serve as Lead Arranger and to provide capital for the Coniglio Solar Project,” states Tyler Nielsen, director of utilities power and renewables at KeyBanc Capital Markets. “This represents our first financing with Qcells, and we look forward to continuing the relationship to deploy new technologies and energy solutions.”