KeyState Renewables and Monarch Private Capital have successfully closed a significant tax equity financing deal worth nearly $100 million with Pine Gate Renewables for the Glover Creek solar project near Bowling Green, Kentucky. This remarkable achievement marks a significant milestone for the renewable energy sector, as it not only secures financing but also paves the way for sustainable energy development in the region.

Glover Creek became the second solar project to obtain a permit from the Electric Generation and Transmission Siting Board in Kentucky. Furthermore, it holds the distinction of being the first solar project to be constructed in Metcalfe County. Once operational, this solar project is expected to generate a remarkable 76.65 MW DC, promoting clean energy and reducing carbon emissions in the area.

To facilitate this exciting initiative, Pine Gate Renewables, operating through its project entity named Glover Creek Solar LLC, has entered into a long-term power purchase agreement (PPA) with Constellation NewEnergy Inc., a wholly owned subsidiary of Constellation Energy Generation, a publicly traded company. This 20-year PPA ensures a stable revenue stream for the project, promoting sustainability for the local community and the state of Kentucky as a whole.

KeyState Renewables, a prominent name in the renewable energy investment landscape, introduced SOLCAP, its tax equity platform, in collaboration with Corner Power in 2019. Since then, SOLCAP has successfully raised and deployed over $265 million in solar tax equity, enabling investors to tap into the potential of the thriving solar energy market.

The collaboration between KeyState Renewables and Pine Gate Renewables is not new. In February 2020, SOLCAP and Pine Gate Renewables closed financing on a portfolio of six solar projects located in Oregon and South Carolina, further strengthening their partnership and commitment to renewable energy development across multiple regions.

The achievement of securing nearly $100 million in tax equity financing for the Glover Creek solar project demonstrates the growing faith and confidence of investors towards green energy initiatives. It also highlights the immense potential of solar energy as a sustainable and economically beneficial alternative to traditional power sources.

The successful financing of the Glover Creek solar project represents a step forward in the quest for a greener future and underscores the pivotal role played by collaborations between industry leaders in advancing renewable energy projects. By harnessing the power of solar energy, we can create a more sustainable and environmentally friendly world.

The latest accomplishment of KeyState Renewables, Monarch Private Capital, Pine Gate Renewables, and their SOLCAP tax equity platform underscores their commitment to driving the growth of solar energy and facilitating the transition to a clean energy future. With the Glover Creek solar project on track to contribute significantly to the local energy grid, it is indeed a remarkable feat in the realm of solar industry advancements.

The successful closure of the $100 million tax equity financing deal for the Glover Creek solar project brings optimism and excitement to the renewable energy sector. It signifies a step forward in the adoption of sustainable energy solutions and reinforces the importance of collaboration and innovation in shaping a cleaner and greener future for generations to come.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The energy market is highly volatile, and readers should conduct thorough research before making any investment decisions.