Orrick Advises CleanCapital on Financing Maryland Distributed Generation Solar Portfolio

February.28.2022

We advised CleanCapital, an industry-leading clean energy investment platform, on simultaneously closing a US$71.4 million debt financing with CIT, a division of First Citizens Bank, and a tax equity financing with Nelnet Inc. to fund a 25 MW solar portfolio in Howard County, Maryland. The distributed generation solar projects will supply clean electricity to the buildings and facilities owned by Howard County via a master purchase agreement - the largest power purchase agreement in the state of Maryland. Construction on the projects will be completed in phases beginning this month and continuing through 2023, with CI Renewables handling the development and supervision of the construction of the assets through commercial operation.

The dual tax equity and debt financings demonstrates the breadth of CleanCapital’s financial and commercial capabilities in the middle market solar space and their ability to efficiently finance the construction of new renewable power assets. The financings build upon CleanCapital’s objective to accelerate growth in the distributed generation solar and storage markets and advance the transition to a net-zero energy future.

The financings were led by John Donaleski and Louise Gibbons and included Wolfram Pohl, Gil Shefer, Cathy Zhu, Lauren Estell, Cacique Rich-Martinez, Stephan Wagner, Mason Harry, and Joshua Emmett.