Tax equity investment inked for 272 MW Cutlass Solar II Project in Texas

Advantage Capital and Sabanci Renewables have closed a US$185 million tax equity financing to fund the 272 MW Cutlass Solar II Project outside of Houston, Texas, USA.

This funding will facilitate the completion of the financing for the Cutlass Solar II project. Situated around 40 miles southwest of Houston in Fort Bend County, Cutlass II is a utility-scale solar project with a capacity of 272 megawatts direct current (MWdc) currently under construction within the Electric Reliability Council of Texas (ERCOT). The project is set to become operational in April 2024 and spans over 1,000 acres of land, featuring more than 500,000 solar panels.

Allen & Overy and Husch Blackwell served as counsel for Advantage Capital on the transaction, and Troutman Pepper and Duggins Wren Mann & Romero served as counsel for Sabanci Renewables. Carbon Reduction Capital (CRC), formerly known as CohnReznick Capital, also served as Sabanci’s financial advisor.