German renewable energy developer BayWar.e. has secured tax equity and construction financing for its 133.6MW Fern Solar project in Edgecombe County, North Carolina.
Syndicated by RBC Capital Markets, the financing was arranged by a lender group comprising of Rabobank, coordinating lead arranger, and Banco Sabadell, joint lead arranger, which have committed offering construction and term financing for the solar project.
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Construction on the solar project is already underway and is due to be completed this summer. Commercial operations at the plant are expected to begin in the second half of this year.
Powered by 353,276 solar panels and 42 inverters, the Fern solar project is expected to generate enough clean electricity to power nearly 20,000 homes.
BayWar.e. Solar Projects CEO Jam Attari said: “Our success in securing tax equity and project financing for this landmark project demonstrates our ability to continue to attract investors to the fundamental value proposition of renewable energy.
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“It is great to see the next stage of this pioneering project unlocked. Once generating power, it will be providing green energy for six major US companies through a market-first multi-party VPPA.”
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By GlobalDataThe solar project is supported by two virtual power purchase agreements (VPPAs). The first VPPA was facilitated by LevelTen Energy which brought together organisations such as Bloomberg, Cox Enterprises, Gap Inc, Salesforce and Workday, to create the Corporate Renewable Energy Aggregation Group.
The group has agreed to purchase a total of 42.5MW of power from the Fern solar plant.
Last year, Starbucks had also entered into VPPA with BayWar.e. and agreed to purchase 46MW of power from the project.
RBC Capital Markets managing director Yonette Chung McLean said: “Project Fern expands RBC’s tax equity syndication expertise, building on prior direct investing, syndication and structuring experience. We are proud to partner with BayWar.e. on this exciting solar project.”
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Construction underway at BayWar.e.’s Fern Solar Project in North Carolina. (Credit: BayWar.e. USA LLC.)
