National Grid Renewables Secures $98 Million in Tax Equity Financing from Bank of America for New 200 MW Prairie Wolf Solar Project

Rhea-AI Summary

National Grid Renewables has successfully secured $98 million in tax equity financing from Bank of America for the Prairie Wolf Solar Project, a 200 MW solar energy initiative in Coles County, Illinois. This financing aims to enhance the growth of renewable energy projects, contributing to local economic benefits and decarbonization efforts. The project is expected to offset 285,000 metric tons of CO2 emissions annually. Since 2021, the company has raised over $550 million in tax equity investments, highlighting its commitment to sustainable energy solutions.

Positive

• $98 million secured in tax equity financing from Bank of America.
• Prairie Wolf Solar Project is a 200 MW initiative expected to generate substantial renewable energy.
• Project will offset 285,000 metric tons of CO2 emissions annually, contributing to environmental goals.
• National Grid Renewables raised over $550 million in tax equity investments in two years.
• The project will create jobs and generate new tax revenue for local economies.

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• None.

MINNEAPOLIS, Dec. 7, 2021 /PRNewswire/ -- National Grid Renewables announced today the closing of $98 million in tax equity financing from Bank of America to support its Prairie Wolf Solar Project (Prairie Wolf or the project). Prairie Wolf is a 200 megawatt (MW) solar energy project located in the Midcontinent Independent System Operator (MISO) market that began construction earlier this year in Coles County, Illinois. Bank of America is the sole tax equity investor for the project.

"Financing partnerships play an important role in accelerating the growth of renewable energy projects and their associated economic benefits, as well as the decarbonization of the United States energy grid," stated Blake Nixon, President of National Grid Renewables. "In just two years, National Grid Renewables has raised over $550M in tax equity investments in support of the company's buildout of renewable generation facilities, and we look forward to energizing additional projects to further benefit local, state and national economies."

Using the United States Environmental Protection Agency's (EPA) greenhouse gas equivalencies calculator, Prairie Wolf is estimated to offset carbon dioxide emissions by 285,000 metric tons annually during operation. Prairie Wolf will also benefit local and statewide economies through the production of new tax revenue, the creation of jobs, and increased local spending.

"We are pleased to support the growth of solar energy and help expand more clean energy solutions for communities across the U.S. The financing of the Prairie Wolf Solar Project will help bring much needed renewable energy to the grid in this region and support a more sustainable community," said Todd Karas, managing director, Renewable Energy Finance at Bank of America.

Since 2007, Bank of America has deployed more than $200 billion to low-carbon, sustainable business activities. Earlier this year, it committed an additional $1 trillion in financing by 2030 to environmental transition. Since 2015, Bank of America has been a top renewable energy tax equity investor and lender in the U.S.

About National Grid Renewables
National Grid Renewables, part of the competitive, unregulated National Grid Ventures division of National Grid (NYSE: NGG), develops, owns and operates large-scale renewable energy assets across the United States, including solar, wind and battery storage. As a farmer-friendly and community-focused business, National Grid Renewables develops projects for corporations and utilities that seek to repower America's electricity grid by reigniting local economies and reinvesting in a sustainable, clean energy future.

National Grid Renewables has a robust development pipeline of wind, solar and battery storage projects in various stages of development throughout the United States, as well as geographically diverse operational assets across the country. It supports National Grid's vision of being at the heart of a clean, fair, and affordable energy future for all. To learn more about National Grid Renewables, visit www.nationalgridrenewables.com or follow the company on Twitter or LinkedIn.

Contact: Lindsay T. Smith
Director, Marketing & Communications
National Grid Renewables
press@nationalgridrenewables.com
Media Relations: 612.429.7050

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SOURCE National Grid Renewables

FAQ

What is the Prairie Wolf Solar Project related to NGG?

The Prairie Wolf Solar Project is a 200 MW renewable energy initiative financed by National Grid Renewables, aimed at enhancing solar energy generation.

How much financing did National Grid Renewables secure from Bank of America?

National Grid Renewables secured $98 million in tax equity financing from Bank of America for the Prairie Wolf Solar Project.

What are the expected environmental benefits of the Prairie Wolf Solar Project?

The Prairie Wolf Solar Project is expected to offset 285,000 metric tons of carbon dioxide emissions annually.

How much tax equity has National Grid Renewables raised?

National Grid Renewables has raised over $550 million in tax equity investments in support of renewable energy projects in just two years.

Where is the Prairie Wolf Solar Project located?

The Prairie Wolf Solar Project is located in Coles County, Illinois.