Australia markets open in 9 hours 11 minutes
  • ALL ORDS

    7,339.30
    -52.40 (-0.71%)
     
  • AUD/USD

    0.7083
    -0.0006 (-0.08%)
     
  • ASX 200

    7,105.90
    -49.30 (-0.69%)
     
  • OIL

    113.83
    +3.50 (+3.17%)
     
  • GOLD

    1,847.10
    +0.80 (+0.04%)
     
  • BTC-AUD

    41,261.18
    -969.25 (-2.30%)
     
  • CMC Crypto 200

    640.54
    -20.61 (-3.12%)
     

National Grid Renewables Secures $98 Million in Tax Equity Financing from Bank of America for New 200 MW Prairie Wolf Solar Project

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·3-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

MINNEAPOLIS, Dec. 7, 2021 /PRNewswire/ -- National Grid Renewables announced today the closing of $98 million in tax equity financing from Bank of America to support its Prairie Wolf Solar Project (Prairie Wolf or the project). Prairie Wolf is a 200 megawatt (MW) solar energy project located in the Midcontinent Independent System Operator (MISO) market that began construction earlier this year in Coles County, Illinois. Bank of America is the sole tax equity investor for the project.

Prairie Wolf Solar Project
Prairie Wolf Solar Project

"Financing partnerships play an important role in accelerating the growth of renewable energy projects and their associated economic benefits, as well as the decarbonization of the United States energy grid," stated Blake Nixon, President of National Grid Renewables. "In just two years, National Grid Renewables has raised over $550M in tax equity investments in support of the company's buildout of renewable generation facilities, and we look forward to energizing additional projects to further benefit local, state and national economies."

Using the United States Environmental Protection Agency's (EPA) greenhouse gas equivalencies calculator, Prairie Wolf is estimated to offset carbon dioxide emissions by 285,000 metric tons annually during operation. Prairie Wolf will also benefit local and statewide economies through the production of new tax revenue, the creation of jobs, and increased local spending.

"We are pleased to support the growth of solar energy and help expand more clean energy solutions for communities across the U.S. The financing of the Prairie Wolf Solar Project will help bring much needed renewable energy to the grid in this region and support a more sustainable community," said Todd Karas, managing director, Renewable Energy Finance at Bank of America.

Since 2007, Bank of America has deployed more than $200 billion to low-carbon, sustainable business activities. Earlier this year, it committed an additional $1 trillion in financing by 2030 to environmental transition. Since 2015, Bank of America has been a top renewable energy tax equity investor and lender in the U.S.

About National Grid Renewables
National Grid Renewables, part of the competitive, unregulated National Grid Ventures division of National Grid (NYSE: NGG), develops, owns and operates large-scale renewable energy assets across the United States, including solar, wind and battery storage. As a farmer-friendly and community-focused business, National Grid Renewables develops projects for corporations and utilities that seek to repower America's electricity grid by reigniting local economies and reinvesting in a sustainable, clean energy future.

National Grid Renewables has a robust development pipeline of wind, solar and battery storage projects in various stages of development throughout the United States, as well as geographically diverse operational assets across the country. It supports National Grid's vision of being at the heart of a clean, fair, and affordable energy future for all. To learn more about National Grid Renewables, visit www.nationalgridrenewables.com or follow the company on Twitter or LinkedIn.

Contact: Lindsay T. Smith
Director, Marketing & Communications
National Grid Renewables
press@nationalgridrenewables.com
Media Relations: 612.429.7050

National Grid Renewables Logo (PRNewsfoto/National Grid Renewables)
National Grid Renewables Logo (PRNewsfoto/National Grid Renewables)
Cision
Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/national-grid-renewables-secures-98-million-in-tax-equity-financing-from-bank-of-america-for-new-200-mw-prairie-wolf-solar-project-301439417.html

SOURCE National Grid Renewables

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting