latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/cip-finds-tax-equity-investor-for-solar-farm-in-texas-59414653 content esgSubNav
In This List

CIP finds tax equity investor for solar farm in Texas

Blog

Despite turmoil, project finance remains keen on offshore wind

Case Study

An Energy Company Assesses Datacenter Demand for Renewable Energy

Blog

Japan M&A By the Numbers: Q4 2023

Video

See the Big Picture: Energy Transition in 2024


CIP finds tax equity investor for solar farm in Texas

An affiliate of asset manager Copenhagen Infrastructure Partners K/S entered a tax equity financing arrangement with Bank of America Corp. for the 347-MW Greasewood solar project in Pecos County, Texas.

The output of the Greasewood project is secured under three long-term power purchase agreements with investment-grade municipalities — the city of Garland, Texas; New Braunfels Utilities in New Braunfels, Texas; and the Kerrville Public Utility Board in Kerrville, Texas — and a hedge agreement with a major U.S. financial institution, CIP said in a July 13 press release. Construction on the project began in October 2019 and is expected to be completed in December.

CohnReznick Capital acted as financial adviser to CIP, a private equity firm that manages seven energy infrastructure funds with more than €10 billion of commitments, in the transaction. The power plant was originally developed by Onpeak Power LLC, a Texas-based renewable energy developer, and sold to CIP in 2018.