Construction financing completed at 160 MW solar PV project in Georgia

Invenergy, a privately-held developer and operator of sustainable energy solutions, has announced that it completed construction financing on December 19, 2018 for the 160 megawatt Southern Oak Solar project, located in Mitchell County, Georgia.

CoBank acted as sole lender, issuing bank, collateral agent and administrative agent for the deal.

In May of 2018, Invenergy and Georgia Power announced a power purchase agreement for Georgia Power to buy all the energy, environmental attributes and electrical products from Southern Oak Solar through 2049. This agreement is part of the utility’s Renewable Energy Development Initiative (REDI), which is designed to advance the growth of renewable energy goals across the state of Georgia.

Construction on Southern Oak Solar began in September 2018, and solar panels for the project are being provided by LONGi Solar Technology Inc. Other major partners on the project include Renewable Energy Systems, who will construct the project, and NEXTracker Inc. for supply of the single axis trackers and its TrueCapture™ control system.

The facility is scheduled to begin commercial operation by year-end 2019 and will create more than 400 jobs during construction. It will provide enough renewable energy to power more than 30,000 homes. The project will generate more than US$12 million in local economic development in its first 10 years of operation through tax payments, lease payments to participating landowners, and wages and benefits for employees.