KOMIPO Completed Construction of Concho Valley Solar Project in Texas
Dec 5, 2022
KOMIPO America, Inc., which is a U.S. subsidiary of Korea Midland Power Co., Ltd. (KOMIPO), one of the major power generation companies in Korea actively doing business globally, announces it had completed construction of 160MW Concho Valley Solar photovoltaic power project in San Angelo City in Texas and had started its Commercial Operation Date since October.
The Concho Valley Solar with 160MW capacity, the second utility scale solar asset of KOMIPO America in Texas, had signed the financing agreements on February 2022. RBC Community Investments (RBC) arranged tax equity and Norddeutsche Landesbank Girozentrale and Rabobank are providing the construction loans and a separate back-leveraged facility that will support the project during operations.
KOMIPO America announces that the Ribbon Cutting ceremony for celebration of commercial operation was held on Nov. 16 at the project site with the local officials, community leaders and various project stakeholders.
Hotae Lee, Executive Managing Director of KOMIPO stated, "Concho Valley Solar is the most remarkable and meaningful project in the US for KOMIPO since it had jointly developed with trustworthy partnership with the local developer, Merit SI and strong support from the local communities. We are very happy to successfully finalize this project with having a dominant role for financing arrangements and timely implement construction despite the global pandemic and supply chain issues."
Yonette Chung McLean, Royal Bank of Canada Managing Director, commented, "RBC's syndication of the Concho Valley Solar tax equity demonstrates our unwavering commitment to clean energy and driving ESG imperatives. We are excited to partner with KOMIPO on this project and look forward to continued growth and development in the US."
CCA Capital, LLC served as the financial advisor to KOMIPO, providing support across capital formation and structuring. White & Case LLP advised KOMIPO from the early stages of Concho Valley Solar and has provided legal guidance on the development, tax equity financing and construction financing of the project.
About KOMIPO
KOMIPO operates KOMIPO Energy Solution America, LLC, an entity designed to spearhead long-term renewable energy projects in the United States in which the Korean power company has set up development, construction and operation as its core capabilities. KOMIPO has built future growth engines in the renewable energy sector by securing seven overseas renewable energy assets in foreign countries. The Korean power company plans to expand its overseas photovoltaic power, wind power, and other renewal energy segments in advanced countries such as the United States, Europe and Australia.
About RBC Community Investments
RBC Community Investments is a leading provider of Renewable Energy Tax Credits, Low Income Housing Tax Credits, Workforce/Impact Housing, Historic Tax Credits, and State Tax Credits. Our team is dedicated to the financing and development of renewable energy solutions and affordable housing throughout the country. As of October 2022, our team of over 123 professionals has closed over $14 billion in tax credit equity with ~100 institutional investors. Investors receive a full suite of asset management and reporting services throughout the investment life cycle.
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Original Source: KOMIPO Completed Construction of Concho Valley Solar Project in Texas
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