Monarch Private Capital, an ESG investment firm that develops, finances, and manages a diversified portfolio of projects, announced the closing of a tax equity investment of $160 million in the 113 MW Longbow Solar project in Brazoria County, Texas.
The facility is expected to generate clean power and stabilize energy costs for area residents and businesses.
The Longbow Solar Project is expected to cut at least 3.2 million MT CO2, equivalent to greenhouse gas emissions from nearly 690,000 gas-powered passenger vehicles driven for one year or CO2 emissions from over 620,000 homes’ electricity use for one year.
“The closing of Longbow Solar marks yet another significant milestone for Monarch and the continued growth of our renewable energy division,” said Jonathan Gross, Director of Renewable Energy at Monarch. “Solar power is quickly becoming an integral part of the Nation’s energy mix and a powerful tool on our quest to fight climate change and foster a better future for our planet and the next generations to inherit it.”
Since the inception of its renewable energy division in 2012, the firm has supported investment in renewable energy projects totaling $2 billion in development costs with 221 facilities across 23 states. The Longbow Solar Project will bring the firm’s total clean power generation capacity to 1.6 GWdc.
“The 113 megawatts of clean power generated by the Brazoria County project help diversify the local energy infrastructure, enabling emissions reduction and preserving resource reliability,” said Marsha Harrington, Director of Renewable Energy at Monarch Private Capital.
This week, Amp Energy, a renewable energy developer, secured financing of $155 million for its 61 MW and 6.5 MWh solar plus storage portfolio in Massachusetts and New York. U.S. KeyBank led the construction and term debt, with U.S. Bank investing the tax equity for the portfolio. This was the fourth transaction between the three parties since 2017.
According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.