Invenergy Completes Construction Financing for America’s Largest Solar Project
Invenergy, a leading privately-held global developer and operator of sustainable energy solutions, announced the completion of construction financing for the first phase of the Samson Solar Energy Center in northeast Texas. The first phase includes 250 megawatts of the total 1,310-megawatt project, which will be the largest solar energy facility in the United States upon completion.
Santander acted as Admin Agent, Coordinating Lead Arranger, and Bookrunner, and Societe Generale and Caixabank acted as Joint Lead Arrangers for the financing, which includes a construction loan, letter of credit facility, and back-leverage term loan.
Located in Lamar, Red River, and Franklin Counties, Samson Solar is being constructed and will commence operation in five phases. With the first phase currently under construction, the full project is slated to be operational in 2023.
Announced in November 2020, Samson Solar supports the sustainability objectives of five major consumer brands and will supply cost-effective, reliable power to three Texas municipalities through long-term power purchase agreements (PPA).
“We are pleased to have reached the close of construction financing for the first phase of the Samson Solar Energy Center, a significant milestone in bringing this record-setting project to life,” said Anneli Alers, Vice President, Finance and Capital Markets at Invenergy. “This transaction demonstrates the strength of Invenergy’s lender relationships and financing capabilities as well as the increasingly compelling value of solar investment for corporate and utility customers alike.”
Samson Solar is a $1.6 billion capital investment in Northeast Texas. Over the life of the project, Samson Solar will directly invest $450 million in the local economy through new tax revenues and lease payments to participating landowners. The complete 1,310-megawatt project will generate enough electricity to power 300,000 American homes.