December 2, 2021 Read More →

San Juan solar+storage replacement project gets tax equity financing

PV Magazine:

Wells Fargo Renewable Energy & Environmental Finance closed tax equity financing for the Arroyo Solar and Storage project with D. E. Shaw Renewable Investments. Once operational, Arroyo – a 300 MWAC solar and 150 MWAC/600 MWh battery energy storage system facility developed in northwestern New Mexico – will be one of the largest solar and battery projects in the U.S.

Arroyo is Wells Fargo’s first tax equity investment in a project with co-located battery storage, and D.E. Shaw’s first solar project with co-located battery storage to enter construction and financing. Shaw acquired the project from the original developer, Centaurus Renewable Energy.

Arroyo has two offtake contracts with Public Service Company of New Mexico for the solar and storage output respectively. The solar and energy storage will supply a portion of the replacement capacity needed to retire the coal-fired 847 MWac San Juan Generating Facility in New Mexico.

Wells Fargo said it has made $12 billion in cumulative tax-equity investments in more than 500 solar, wind, and fuel cell transactions. It said that as of November 2020, its investments have provided 13% of all solar and wind capacity in the U.S. over a 10-year period.

[David Wagman]

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