ContourGlobal closed its first investment in renewable energy in the United States, closing a transaction of more than US$350 million for the development of the Black Hollow Sun solar project in the state of Colorado. The project will have a total installed capacity of 324 megawatt peak (MWp) once completed and Phase I is currently in commercial operation, while Phase II is under construction and scheduled for completion in 2026.
Details of the financial operation
The deal consists of a tax equity investment and a debt financing package. In total, the initial deal amounts to US$350 million, but with the completion of the second phase of the project, the figure could exceed US$421 million.
The tax equity component was led by Tyr Energy, a subsidiary of ITOCHU Corporation specializing in clean electricity generation. clean electricity generation in North America, while on the debt side, major international institutions such as Crédit Agricole CIB, ING Capital LLC, Intesa Sanpaolo, Mizuho and MUFG participated.
What is the Black Hollow Sun project?
Located in northern Colorado, the Black Hollow Sun solar project will become the largest photovoltaic facility in the region once both phases are operational. The electricity generated in Phase I is purchased by Platte River Power Authority, a community utility that serves Fort Collins, Loveland, Estes Park and Longmont.
It is estimated that the entire project will have the capacity to supply clean energy to more than 73,000 homes per year, contributing directly to the reduction of greenhouse gas emissions. emissions reduction emissions and meeting the state’s energy sustainability goals.
What does this mean for ContourGlobal?
The closing of this transaction represents a decisive step in ContourGlobal’s growth strategy in the United States. With the support of top-tier legal and financial advisors, the company strengthens its position as an independent power producer with a growing participation in the renewable energy segment. renewables segment.
The strong network of partnerships with both financial institutions and energy buyers enables the company to advance its goal of building a diversified and sustainable portfolio, focused on solar and other clean energy assets.
Source: ContourGlobal
