Invenergy Completes Construction Financing for Its Largest Solar Project to Date
Invenergy announced that it completed construction financing on Dec. 19, 2018 for its largest solar project to date, the 160-megawatt Southern Oak Solar project, located in Mitchell County, Georgia.
CoBank acted as sole lender, issuing bank, collateral agent and administrative agent for the deal.
In May of 2018, Invenergy and Georgia Power announced a power purchase agreement for Georgia Power to buy all the energy, environmental attributes and electrical products from Southern Oak Solar through 2049. This agreement is part of the utility’s Renewable Energy Development Initiative (REDI), which is designed to advance the growth of renewable energy goals across the state of Georgia.
“The completion of construction financing for Southern Oak Solar represents far more than a financial milestone,” said Invenergy’s President and Chief Operating Officer Jim Murphy. “Southern Oak Solar is a significant transaction with leading utility Georgia Power, and it is also our largest solar project to date, firmly establishing Invenergy as a leading developer of utility scale solar projects.”
Construction on Southern Oak Solar began in September 2018, and solar panels for the project are being provided by LONGi Solar Technology (U.S.) Inc. Other major partners on the project include RES (Renewable Energy Systems), who will construct the project, and NEXTracker Inc. for supply of the single axis trackers and its state-of-the-art TrueCapture™ control system.
The facility is scheduled to begin commercial operation by year-end 2019 and will create more than 400 jobs during construction. It will provide enough renewable energy to power more than 30,000 homes. The project will generate more than $12 million in local economic development in its first 10 years of operation through tax payments, lease payments to participating landowners, and wages and benefits for employees.