Greenwood Energy closes financing of 26 MW project in the U.S.

Elizabeth Mine Solar Project, Vermont, USA

Greenwood Energy announces the closing of a $52.8 million tax equity and debt financing on a portfolio of solar photovoltaic (PV) projects with a combined generating capacity of 26 MW.

The deal brings the total portfolio developed by Greenwood Energy in the United States to 84 MW.

The portfolio is made up of six projects in Florida, Vermont and New York.

Construction of the Florida and Vermont projects is complete and they are expected to begin selling energy by the end of August and September, 2017, respectively.

The New York projects are advanced in their construction phase and will be commercially operational in early 2018. All projects have long term Power Purchase Agreements (“PPA”) with investment grade counterparties.

Tax equity financing was provided by U.S. Bancorp Community Development Corporation and debt financing was provided by Santander Bank.

This is Greenwood Energy’s fourth successful solar PV portfolio financing, having previously developed, built and financed 23 solar projects in the United States with 58 MW of generating capacity, the company said in a statement.

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