Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings, has secured $137 million in tax equity financing to support the construction of a 232-MW DC solar park in Texas.
The tax equity, leveraging Investment Tax Credits (ITCs) under the Inflation Reduction Act, was provided by impact investment firm Advantage Capital.
This financing completes the necessary funding for Sabanci's Oriana photovoltaic (PV) project, located in Victoria County, roughly 120 miles southeast of San Antonio.
The solar farm, which will consist of around 425,000 solar modules, is expected to be operational by the spring of 2025. Once completed, it is anticipated to supply power to approximately 65,000 homes in the region.
This marks the second tax equity deal between Advantage Capital and Sabanci Renewables in Texas. Last year, Advantage Capital invested $185 million in Sabanci's 272-MW DC Cutlass Solar II project, which became operational in May 2023, ahead of schedule.
