Green & Clean Power (GCP), a newly formed renewable energy company, secured approximately $300 million in debt and equity financing to build and operate a 105 MW solar and 160 MWh battery storage project in Osceola, Arkansas.
KfW IPEX-Bank provided approximately $165 million in construction debt financing. The Arkansas Teacher Retirement System provided $100 million in a takeout financing commitment. Aurora Energy Research served as the Market Advisor to KfW IPEX-Bank.
The project is currently under construction and is expected to reach commercial operation in the fall of 2025.
According to GCP, the project will initially supply behind-the-meter renewable electricity to its sister company, Hybar, an adjacent scrap metal recycling steel rebar mill currently under construction.
DEPCOM Power, a solar and battery storage EPC company, will provide the project’s solar and battery storage components under a comprehensive, lump-sum engineer, procure, and construct agreement. Once the project and the mill are operational, GCP will supply about 40% of Hybar’s total annual power consumption.
“The sustainable production and recycling of steel plays a key role in global decarbonization,” stated Dr. Velibor Marjanovic, Member of the Management Board of KfW IPEX-Bank.
The company is also planning to initiate its application for interconnection with the Midcontinent Independent System Operator grid system. Once connected to the grid, the company can provide solar-generated electricity for sale to third-party customers.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
In October, Clearway Energy Group, a developer and operator of clean energy projects, announced the financial closure of the 300 MW Pine Forest solar and 200 MW Pine Forest standalone storage projects in Hopkins County, Texas, which are now under construction.
