National Grid Renewables closes on financing for Prairie Wolf Solar project
National Grid Renewables closed on its $98 million in tax equity financing from Bank of America to support its Prairie Wolf Solar Project.
Prairie Wolf is a 200 megawatt (MW) solar energy project located in Coles County, Ill. It is in the Midcontinent Independent System Operator (MISO) market. Construction on the project began earlier this year, and Bank of America is the sole tax equity investor for the 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,” Blake Nixon, president of National Grid Renewables, said. “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.”
Prairie Wolf is estimated to offset carbon dioxide emissions by 285,000 metric tons annually during operation. Further, it will benefit local and statewide economies through the production of new tax revenue, 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 United States. 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,” Todd Karas, managing director, Renewable Energy Finance at Bank of America, said.
Bank of America has been a top renewable energy tax equity investor and lender in the United States since 2015. Further, the bank has deployed more than $200 billion to low-carbon, sustainable business activities since 2007. Earlier this year, it committed an additional $1 trillion in financing by 2030 to environmental transition.
