Advantage Capital (a leading impact investment firm) recently announced that it has committed to providing a $185 million investment to Sabanci Renewables, a North American subsidiary of Sabanci Holding, to complete the financing of its Cutlass Solar II project.
Based approximately 40 miles southwest of Houston in Fort Bend County, Cutlass II is a 272 MWdc utility-scale solar project under construction in the Electric Reliability Council of Texas (ERCOT), one of the largest U.S. markets for renewable energy development.
Advantage Capital’s tax equity investment – which utilizes federal Investment Tax Credits (ITCs) – will provide the external capital necessary for Sabanci to complete the construction of the project.
Cutlass II is expected to commence operations in April 2024 and includes over 500,000 solar panels situated on more than 1,000 acres of land, which will provide sustainable electricity to more than 80,000 homes in Texas and create hundreds of jobs for the local economy during execution. And the project will also help to mitigate energy supply security concerns, especially in the hot summer months within the growing Houston hub.
Allen & Overy and Husch Blackwell served as counsel for Advantage Capital on the deal, and Troutman Pepper and Duggins Wren Mann & Romero served as counsel for Sabanci Renewables. And Carbon Reduction Capital (CRC), formerly known as CohnReznick Capital, also served as Sabanci’s financial advisor.
KEY QUOTE:
“This investment with Sabanci Renewables perfectly aligns with Advantage Capital’s commitment to funding clean energy projects nationwide and will especially have a positive impact on the community in greater Fort Bend County, Texas. We are thrilled to be working with Sabanci, a trusted name in the global energy industry, in bringing this project online for the benefit of its stakeholders.”
- Tom Bitting, Principal at Advantage Capital
“We are happy to partner up with Advantage Capital in our first renewable energy project in the U.S. and proud to demonstrate our execution capabilities in such a competitive market under such a challenging environment.”
- Ismail Bilgin, CEO of Sabanci Renewables
