Innergex closes equity funding of 200 MW Hillcrest solar project in Brown County

Innergex Renewable Energy Inc. has concluded the tax equity funding of the 200 MW Amazon Solar Farm Ohio – Hillcrest, located in Brown County, Ohio.

In commercial operation since May 11, 2021, the Hillcrest project is currently the largest solar facility in operation in Ohio. 100% of its generated electric output and environmental attributes have been sold under a long-term corporate power purchase agreement (PPA) to an investment-grade rated US corporation. The solar farm is comprised of 606,480 First Solar Series 6 thin-film photovoltaic solar panels. Hillcrest is expected to produce a gross estimated long-term average of 413.3 GWh of energy per year and US$10.2 million (CAN$12.8 million) projected adjusted EBITDA on average for the first five years of operation. 

Following the conclusion of the tax equity investment, the project's long-term capital structure is therefore comprised of a US$74.9 million 7-year term loan provided by a lender group led by CIT Group, a US$112.7 million tax equity investment by Wells Fargo's Renewable Energy & Environmental Finance group and US$120.1 million in sponsor equity.