Advantage Capital, a prominent impact investment firm, has committed $185 million to Sabanci Renewables Inc., a subsidiary of Sabanci Holding, to finalize financing for the Cutlass Solar II project.
Funding for Renewable Energy Growth
Advantage Capital’s tax equity investment, utilizing federal Investment Tax Credits (ITCs), will provide essential external capital for Sabanci to complete the construction of Cutlass II. This 272 MWdc utility-scale solar project, situated 40 miles southwest of Houston in Fort Bend County, is a key player in the Electric Reliability Council of Texas (ERCOT), one of the largest U.S. markets for renewable energy development.
Positive Impact on Community and Energy Supply Security
Expected to be operational by April 2024, Cutlass II comprises over 500,000 solar panels across 1,000 acres of land. This significant infrastructure will generate sustainable electricity for over 80,000 homes in Texas, contributing to the local economy by creating hundreds of jobs during execution. Additionally, the project aims to address energy supply security concerns, particularly during hot summer months in the Houston area.
Strategic Partnership and Industry Recognition
Advantage Capital’s Principal, Tom Bitting, emphasized the strategic alignment with Sabanci Renewables, a trusted name in the global energy industry. Ismail Bilgin, CEO of Sabanci Renewables, expressed satisfaction in partnering with Advantage Capital, showcasing Sabanci’s execution capabilities in a competitive U.S. renewable energy market.
Legal and Financial Advisory Teams
Legal counsel for Advantage Capital was provided by Allen & Overy and Husch Blackwell, while Troutman Pepper and Duggins Wren Mann & Romero served as counsel for Sabanci Renewables. Carbon Reduction Capital (CRC) acted as Sabanci’s financial advisor.
This collaboration signifies a significant step toward Sabanci Renewables’ goal of establishing a 1 GW renewable portfolio in the U.S. by 2025, showcasing their commitment to clean energy solutions and a more sustainable future.
Source：businesswire.com
