ContourGlobal, headquartered in London, announced it has closed its first renewable energy project financing in the U.S., closing a $350 million tax equity investment to support its utility-scale solar project in development in Colorado.
The funds are intended to support ContourGlobal’s 324 MW Black Hollow Sun solar project. The project is built in two phases, with the first phase totaling 185 MW already in commercial operation and delivering electricity to Platte River Power Authority, a community-owned utility serving Fort Collins, Loveland, Estes Park, and Longmont, Colorado.
The second phase, expected to be completed at the end of 2026, will add another 139 MW to northern Colorado. Once complete, the 324 MW Black Hollow Sun project is expected to generate enough electricity to power the equivalent of 73,000 homes annually.
“By successfully closing our first tax equity and project financing for a renewable asset in the United States, we have demonstrated the quality and bankability of our projects, which continue to attract top-tier financial institutions”, said Antonio Cammisecra, president and chief executive officer of ContourGlobal.
The transaction includes two primary components: a Tax Equity investment and a Debt financing package. The tax equity investment was provided by Tyr Energy, a company active in the development, acquisition and financing of electric power assets and delivering comprehensive management and oversight services to power generation and electric utility companies.
“Tyr Energy has completed more than ten tax equity investments, underscoring our proven track record and long-term commitment to advancing the U.S. renewable energy market,” said Garrick Venteicher, president and chief executive officer, Tyr Energy.
The debt financing was arranged with a club of international lenders, including Crédit Agricole CIB, ING Capital LLC, Intesa Sanpaolo, Mizuho, and MUFG.
ContourGlobal was supported by CRC-IB as financial advisor, Norton Rose Fulbright US LLP as New York counsel, and Davis Graham & Stubbs LLP as Colorado counsel. Tyr was also supported by CRC-IB as financial advisor. Milbank LLP acted as New York counsel and Husch Blackwell LLP acted as Colorado counsel for both the Tax Equity and Debt financing.
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