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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.