In 2021, we announced that CleanCapital would finance the construction of ten projects totaling 29 MW in Howard County, Maryland, as part of the largest power purchase agreement (PPA) in the state.
The Howard County PPA is part of the municipal government’s larger Live Green Howard initiative. When all the sites are operational, they will provide at least 60 percent of the County government’s electricity usage, with a greenhouse gas (GHG) emissions equivalent of taking nearly 7,000 cars off the road. The combined anticipated cost benefit to the County over the 25-year life of the contract is more than $1.5 million.
In 2022, CleanCapital secured $71.4 million of tax equity and debt financing for the Howard County portfolio. The debt financing was arranged with CIT, a division of First Citizens Bank, and the tax equity transaction was with Nelnet, Inc. CleanCapital will generate approximately $250 million in tax credits from these projects, making us the sponsor of choice for tax equity investors focused on the renewables market.
In July 2022 we acquired a 36.6 megawatt (MW) solar facility in Inalåhan, Guam, which includes the operating Dandan solar farm and rights to solar development pipeline on the island.
The Dandan site, operating since 2015, is the largest solar asset on Guam, supplying 6% of the island’s electricity generation capacity and renewable energy to Guam Power Authority (GPA). The site provides a reliable source of fixed-price clean energy to the surrounding community, helping to offset the impact of volatile fossil fuel prices on the island.
Future clean energy development on Guam is promising, incentivized by the island’s Renewable Portfolio Standard (RPS), which requires that 50% of the nation’s power come from renewable sources by 2035, increasing to 100% by 2045.