Radial Power has closed on $80 million in tax equity financing from Bank of America to support the company’s pipeline of distributed generation projects through late next year, encompassing both asset and portfolio-level turnkey integrated projects.
This tax equity capital raise, alongside back leverage, is planned to help fund the development and installation of an estimated 96 MW of C&I and community solar projects, as well as support real estate customers across at least nine states.
“This strategic investment will support Radial Power’s robust pipeline of low-cost, low-carbon clean energy solutions that enable offtakers to meet their ESG and sustainability goals,” says John M. King, CFO of Radial Power. “Our national portfolio of best-in-class distributed generation projects is unlocking revenues from underutilized real estate, delivering value to our customers, and accelerating a reliable U.S. energy transition.”
This deal marks the inaugural tax equity financing Radial Power has closed with Bank of America.
“We are proud to support Radial Power in this latest milestone. The tax equity transaction underscores Bank of America’s commitment to mobilize and deploy $1.5 trillion in sustainable finance capital by 2030, and to support the scalable and affordable delivery of clean, local power to communities, businesses and individuals,” adds Bank of America’s Danielle King.
Latham & Watkins acted as legal counsel to Radial and Milbank to Bank of America.