Centaurus Renewable Energy LLC closes $70M Construction bridge loan with Voya Investment Management for the Arroyo Solar & Storage Project in New Mexico

Rhea-AI Summary

Centaurus Renewable Energy LLC has secured a $70 million construction bridge loan from Voya Investment Management for the Arroyo Solar & Storage Project in New Mexico. This funding will cover project equipment and construction costs. The project includes a 300MW-AC solar facility and a 150MW/600MWh battery storage system, with a 20-year power purchase agreement with Public Service Company of New Mexico. The initiative aims to replace power from the San Juan Generating Station, which is set to close in 2022.

Positive

• Secured a $70 million construction loan from Voya Investment Management.
• Project expected to replace power from the San Juan Generating Station, enhancing renewable energy supply.

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• None.

Centaurus Renewable Energy LLC, the developer of the Arroyo Solar & Storage Project in McKinley County, New Mexico, announced today that it has closed a $70 million construction bridge loan facility provided by Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA).

The credit facility will be used to make payments for project equipment and for other development and construction expenses. The transaction was organized by Voya Investment Management’s Direct Infrastructure team led by Tom Emmons and Ed Levin.

The Arroyo Solar & Storage Project is a 300MW-AC solar generation facility and a150MW/600MWh battery energy storage system. Solar energy and battery storage services are committed under a 20-year power purchase agreement and energy storage agreement to Public Service Company of New Mexico. The project is expected to partially replace the power from the 847mw San Juan Generating Station, New Mexico’s largest coal-fired plant, which is scheduled to cease operations in 2022.

Houston-based Centaurus Renewable Energy LLC, was founded in 2013 and has developed approximately 20 solar projects totaling over 1.3GW-DC across seven states.

About Voya Investment Management

A leading, active asset management firm, Voya Investment Management manages, as of March 31, 2021, more than $248 billion for affiliated and external institutions as well as individual investors. With over 40 years of history in asset management, Voya Investment Management has the experience and resources to provide clients with investment solutions with an emphasis on equities, fixed income, and multi-asset strategies and solutions. Voya Investment Management was named in 2015, 2016, 2017, 2018, 2019 and 2020 as a “Best Places to Work” by Pensions and Investments magazine. For more information, visit voyainvestments.com. Follow Voya Investment Management on Twitter @VoyaInvestments.

VOYA-IM

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FAQ

What is the purpose of the $70 million loan from Voya for VOYA stock?

The loan will be used for project equipment and various development and construction expenses related to the Arroyo Solar & Storage Project.

What is the Arroyo Solar & Storage Project's capacity?

The project includes a 300MW-AC solar generation facility and a 150MW/600MWh battery energy storage system.

How long is the power purchase agreement for the Arroyo project?

The power purchase agreement is for 20 years with Public Service Company of New Mexico.

What will the Arroyo project replace in terms of energy sources?

The Arroyo project is expected to partially replace power from the 847MW San Juan Generating Station, New Mexico’s largest coal-fired plant.

What has been the total solar capacity developed by Centaurus Renewable Energy?

Centaurus Renewable Energy has developed approximately 20 solar projects totaling over 1.3GW-DC across seven states.