KeyState Renewables and Monarch Private Capital have secured $100m in tax equity funding with Pine Gate Renewables for the Glover Creek solar project.
Pine Gate Renewables develops, owns and operates utility-scale solar and energy storage projects across the US.
Located near Bowling Green, Kentucky, the 76.65MWdc [megawatts defined conditions] facility is the first solar plant in Metcalfe County.
It is the second project to be approved by the state’s Electric Generation and Transmission Siting Board.
The 76MW solar facility will displace 95 million tonnes of carbon emissions over its expected 40-year life.
Monarch Private Capital Renewable Energy partner and managing director Bryan Didier stated: “We are pleased to partner with KeyState and Pine Gate to bring clean power to this Kentucky community and help remake the local economy that has lost fossil fuel-related jobs.
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“This unique collaboration underscores our shared commitment to deliver renewable energy in an impactful manner and is yet another step toward an exciting sustainable future.”
Pine Gate Renewables, through its project entity Glover Creek Solar, has signed a 20-year power purchase agreement with Constellation NewEnergy.
Pine Gate Renewables Project Finance senior vice-president Meghan Comiskey stated: “Monarch Private Capital and SOLCAP are helping transform the national electricity market, serving as a catalyst to bring new jobs and clean energy to communities across the US.
“We are particularly pleased to partner again on this new project in Kentucky, where the potential for domestic renewable energy is abundant and a skilled workforce is ready to bring it online”.