Clēnera said it closed on construction and tax equity financing for the 105 MW Apex Solar project in Beaverhead County, Montana.
It would be one of the state’s largest solar arrays when it comes online, which is expected in the second quarter of 2023.
Energy will flow to NorthWestern Energy under a 20-year power purchase agreement. Renewable Energy Credits would be sold separately. Following the end of the PPA, the facility could operate as a merchant facility.
Bank of America and NORD/LB, a German bank active in renewable energy financing in Europe and the U.S., will fund the project through a construction loan. Details were not provided.
Huntington National Bank will provide long-term financing via a 25-year sale and leaseback tax equity financing structure for Apex Solar following commercial operations. Clēnera’s approach combines the tax benefits and long-term financing in a single transaction.
Greenberg Traurig, LLP served as legal counsel to Clēnera, and Paragon Energy Capital acted as its tax equity advisor.
An environmental assessment said the project would cover around 640 of private land around five miles from Dillon, Montana, which is along I-15 south of Butte.
The project would use around 160,000 solar photovoltaic modules, such as Waaree 590W bifacial modules, the assessment said. It also would make use of single-axis trackers.
Project components would include a substation, utility transformer, a transmission line, and access roads. The proposed facility would tie into an existing substation currently operated by NorthWestern Energy. The facility is expected to have a 35-year lifespan.
Clēnera is a unit of Enlight, which is listed on the Tel Aviv Stock Exchange and is an international company in the development, financing, construction and operation of renewable energy projects.
