Solar Frontier Americas (“SFA”), a fast-growing renewable energy Independent Power Producer (IPP), recently closed on the debt financing and tax equity commitment for the Mustang Two Solar Project in Kings County, California.
Lenders for the approximately $176 million construction/ term facility are KeyBank N.A. and Mizuho Americas. The banks’ commitment will be backed by a $120 million tax equity commitment from Morgan Stanley.
The electricity generated by Mustang Two will be sold to Peninsula Clean Energy, a California Community Choice Aggregator (“CCA”), in addition to Modesto Irrigation District, an investment grade municipal offtaker, under a 15 and 20-year PPA, respectively. The expected electricity generated at full capacity is enough to meet the consumption of up to 37,500 California homes on average.
CohnReznick Capital is pleased to have advised SFA on this transaction which further expands its operating portfolio and builds on its position as one of the leading owners of operating solar assets in the United States.
Britta von Oesen, Managing Director at CohnReznick Capital, said, “We are thrilled to be working with Solar Frontier Americas, a leading US solar developer, in their transition to owning and operating projects long-term.”
For additional details on this transaction, please contact:
Britta von Oesen