Advantage Capital has committed to provide a $185 million investment to Sabanci Renewables for financing of its Cutlass Solar II project.
Located approximately 40 miles southwest of Houston, Cutlass II is a 272 MW utility-scale project under construction in ERCOT. It is expected to commence operations in April and includes over 500,000 solar panels situated on over 1,000 acres, says Advantage.
Advantage Capital’s tax equity investment, which leverages federal investment tax credits, will provide the external capital necessary for Sabanci to complete project construction.
“This investment with Sabanci Renewables perfectly aligns with Advantage Capital’s commitment to funding clean energy projects nationwide and will especially have a positive impact on the community in greater Fort Bend County, Texas,” says Tom Bitting, Advantage Capital principal. “We are thrilled to be working with Sabanci, a trusted name in the global energy industry, in bringing this project online for the benefit of its stakeholders.”
Allen & Overy and Husch Blackwell served as counsel for Advantage Capital on the transaction. Troutman Pepper and Duggins Wren Mann & Romero served as counsel for Sabanci Renewables. Carbon Reduction Capital also served as Sabanci’s financial advisor.