NADB helps finance $216.1m Corazon Solar Project in Texas
The North American Development Bank (NADB) has taken part in a $216.1 million credit agreement with energy developer BayWa r.e to finance the design, construction, and operation of the 200 MWAC Corazon Solar Project in Webb County, Texas.
NADB is participating with a $62.9 million loan and served as coordinating lead arranger on the transaction, which included a syndicate of three other lenders.
The Corazon Solar Project, which is under construction, will increase the installed capacity of renewable energy sources in Texas, thereby reducing future demand on traditional fossil fuel-based energy production and helping prevent the emission of greenhouse gases and other pollutants. The electricity and renewable energy credits generated will be sold to a retail energy solutions provider through a long-term power purchase agreement, and in the wholesale electricity market.
The project will generate an estimated 537.30GWh of electricity during the first year of operation, equivalent to the annual consumption of 38,074 households.
