Advanced Power, a global modern energy infrastructure developer, owner, and asset manager, has successfully completed the financing of Cutlass Solar, a 140 MW DC photovoltaic solar power generation facility in Fort Bend County, Texas. Advanced Power is together with its co-investors ENEOS Corp. and Fuyo General Lease Co. Ltd. Owner of the facility.
CIT Bank NA, Credit Agricole Corporate & Investment Bank and Amalgamated Bank provide Cutlass Solar with senior secured credit facilities. CIT acted as coordinating lead arranger, management agent, collateral agent and custodian for the transaction.
“Cutlass is one of the largest non-recourse solar deals for retailers and the first project in Advanced Power's 1 GW + solar development pipeline to reach financial completion and construction,” said Jonathan Winslow, COO, Development, Advanced Power. Subsequent financial closings are planned for Q3 and Q1.
Bechtel, a construction and project management company, has been selected to complete the engineering, procurement and construction of Cutlass Solar. The project will be built on 700 hectares and will employ more than 200 people at its peak. It is expected to reach commercial operation in 2022.
Advanced Power will act as construction and asset manager for Cutlass Solar, which will sell energy and renewable energy loans to the ERCOT market upon reaching commercial operations.