ContourGlobal has completed its first U.S. renewable energy project financing, securing more than $350 million for the 324-megawatt-peak (MWp) Black Hollow Sun solar project in Colorado, the company said on Thursday.
The financing package includes both tax equity and debt components and could rise to more than $421 million following completion of the project’s second phase, ContourGlobal said in a statement.
Phase one of the Black Hollow Sun development, totalling 185MWp, is already operational and supplying electricity to the Platte River Power Authority. The second phase, adding a further 139MWp, is scheduled for completion by the end of 2026, the company said.
Antonio Cammisecra, ContourGlobal’s president and chief executive, said the deal underscores investor confidence in the firm’s renewable energy portfolio. “By successfully closing our first tax equity and project financing for a renewable asset in the United States, we have demonstrated the quality and bankability of our projects,” he said. “This represents another meaningful milestone in our 20-year commitment to U.S. energy.”
The company said Tyr Energy provided the tax equity investment, while Crédit Agricole CIB, ING, Intesa Sanpaolo, Mizuho and MUFG arranged the debt financing.
Tyr Energy chief executive Garrick Venteicher said the firm was seeking further opportunities in the sector. “We will continue to pursue new investment opportunities to support the next phase of the energy transformation,” he said.
Once completed, Black Hollow Sun is expected to be the largest photovoltaic installation in northern Colorado, generating enough clean energy to power more than 73,000 homes annually, ContourGlobal said.
