North America-focused investment company Captona Partners has commenced the commercial operations of four of its US solar farms under Rhode Island’s Renewable Energy Growth (REG) programme.
Under the REG programme, the assets, which commenced operations in October 2018, will provide power to the US National Grid through a 20-year tariff.
For these US solar farms, the company partnered with developer Southern Sky Renewable Energy RI.
The 1st Source Bank headquartered in Indiana provided the construction loan, permanent debt, and tax equity for these projects.
Captona founder and managing partner Izzet Bensusan said: “Our partnerships were key to this successful project—1st Source showed tremendous flexibility despite changing project costs and tax laws, demonstrating why they are the top-tier debt and tax equity partner for these types of projects.
“And Southern Sky’s deep experience in the region was invaluable in working through the challenges of development from the greenfield stage through leasing, permitting, procurement, and construction.”
To ensure optimal performance of these assets, the company used its in-house design platform. These assets will be operated by the company’s internal O&M and Asset Management groups.
Rhode Island’s REG programme is aimed at supporting the development of 560MW of new renewable energy projects in the state from 2015 to 2020.
This programme has been extended through 2029, with each year’s annual target of new capacity standing at 40MW.
1st Source Bank Solar Financing vice-president Russ Cramer said: “This project builds on our strong development relationship with Captona.
“We previously provided permanent debt for a 2017 Captona solar project that has shown great performance thus far and we have been pleased with Captona’s operational capabilities.We are excited to finance strong solar projects in Rhode Island as well as increase our involvement in the Northeast.”
The commencement of operations of the four US solar farms expands Captona Partners’ North American portfolio.