Simon Solar Farm LLC completed the new financing arrangement for a 30-MW solar farm in Social Circle, Ga.
Under the arrangement, the passive lease financing interests in the facility were transferred from Bank of America Corp. subsidiary BA Leasing BSC LLC to new bank trusts that were formed by Fifth Third Equipment Finance or one of its affiliates, and by IBERIABANK or one of its affiliates.
The transaction was completed on Sept. 30, according to a Federal Energy Regulatory Commission filing.
Simon Solar Farm, an indirect subsidiary of Silicon Ranch Corp., will retain operation and control of the facility. Royal Dutch Shell PLC subsidiary Shell New Energies US LLC holds a 43.134% stake in Silicon Ranch.
The entire output of the solar farm is sold under a 20-year power contract with Southern Co. subsidiary Georgia Power Co. that will expire in May 2035. (FERC docket EC19-117)
