Radial Power Secures USD 80 Million in Tax Equity Financing from Bank of America
The capital will support an estimated 96 MW of C&I and community solar projects spanning more than nine states.
December 21, 2023. By News Bureau
Radial Power announced that it has closed on USD 80 million in tax equity financing from Bank of America to support the company's pipeline of distributed generation projects through late 2024, encompassing both asset and portfolio-level turn-key integrated commercial & industrial (C&I) and community solar solutions.
This tax equity capital raise, alongside backleverage, will help fund the development and installation of an estimated 96 MW of C&I and community solar projects, across more than nine states and for multiple anchor real estate customers.
"This strategic investment will support Radial Power's robust pipeline of low-cost, low-carbon clean energy solutions that enable offtakers to meet their ESG and sustainability goals," said John M. King, Chief Financial Officer of Radial Power. "Our national portfolio of best-in-class distributed generation projects is unlocking revenues from underutilized real estate, delivering value to our customers, and accelerating a reliable U.S. energy transition."
This deal marks the inaugural tax equity financing Radial Power has closed with Bank of America, a leader in renewable energy tax equity financing with a portfolio of approximately USD 13.5 billion at the end of 2022. Bank of America's investments have contributed to the development of approximately 40.7 gigawatts of total installed renewable wind and solar energy capacity in the US.
In addition to utility scale renewable projects, Bank of America has also provided financing for distributed solar generation for residential and commercial/industrial customers and for electric vehicles, and has a portfolio comprised of 176 wind farms, 59 solar farms and over 160,000 rooftop installations.
"We are proud to support Radial Power in this latest milestone. The tax equity transaction underscores Bank of America's commitment to mobilize and deploy USD 1.5 trillion in sustainable finance capital by 2030, and to support the scalable and affordable delivery of clean, local power to communities, businesses and individuals," said Danielle King, Director in the Global Sustainable Finance Group at Bank of America.
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