The capital will support an estimated 96 MW
of C&I and community solar projects spanning more than nine
states
Represents Radial Power's inaugural tax
equity financing transaction
NEW
YORK, Dec. 20, 2023 /PRNewswire/ -- Radial Power
announced today that it has closed on $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 $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 U.S. 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 $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.
Latham & Watkins acted as legal counsel to Radial and
Milbank to Bank of America.
About Radial Power
Radial Power is a privately-owned,
developer-owner-operator of distributed clean energy assets across
large real estate portfolios. Founded in 2022, Radial Power assists
owners of large real estate portfolios develop programs across
multiple U.S. state and utility regulatory jurisdictions to achieve
their ESG, climate, and renewable energy objectives. Radial Power
provides its partners and customers with both asset and
portfolio-level turn-key integrated commercial & industrial
solutions, including developing, owning, and operating photovoltaic
solar, BESS, and EV charging solutions. Radial Power is
jointly owned by investment affiliates of energyRe and Lotus
Infrastructure Partners and has offices in Houston and New York. For more
information, visit www.radialpower.com
About Bank of America
Bank of America is one of
the world's leading financial institutions, serving individual
consumers, small and middle-market businesses and large
corporations with a full range of banking, investing, asset
management and other financial and risk management products and
services. The company provides unmatched convenience in
the United States, serving
approximately 69 million consumer and small business clients with
approximately 3,900 retail financial centers, approximately 15,000
ATMs (automated teller machines) and award-winning digital banking
with approximately 57 million verified digital users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 4 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and more than 35 countries. Bank of
America Corporation stock is listed on the New York Stock Exchange
(NYSE: BAC).
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SOURCE Radial Power