National Grid Renewables – develops, owns, and operates renewable energy assets across the United States, including solar, onshore wind, and battery energy storage – closed $98 million in tax equity financing from Bank of America to support its 200 MW Prairie Wolf solar project.
The project is located in the Midcontinent Independent System Operator (MISO) market that began construction earlier in 2021 in Coles County, Illinois. Bank of America is the sole tax equity investor for the project.
“Financing partnerships play an important role in accelerating the growth of renewable energy projects and their associated economic benefits, as well as the decarbonization of the United States energy grid,” said Blake Nixon, President of National Grid Renewables.
“In just two years, National Grid Renewables has raised over $550 million in tax equity investments in support of the company’s buildout of renewable generation facilities, and we look forward to energizing additional projects to benefit local, state and national economies further,” he added.
Once the project is fully operational, it is estimated to offset carbon dioxide emissions by 285,000 metric tons annually.
“We are pleased to support the growth of solar energy and help expand more clean energy solutions for communities across the United States. The financing of the Prairie Wolf Solar Project will help bring much-needed renewable energy to the grid in this region and support a more sustainable community,” said Todd Karas, managing director, Renewable Energy Finance at Bank of America.
Bank of America has deployed more than $200 billion to low-carbon, sustainable business activities since 2007.
According to Mercom’s 9M and Q3 2021 Solar Funding and M&A Report earlier in July 2021, National Grid, announced that its Emerald Energy Venture, a joint venture, had secured a $150 million Portfolio Revolving facility, with an accordion feature that will allow an increase to $250 million beginning in mid-2022 to support the growth of its renewable energy portfolio in the United States.