Monarch Private Capital Finances New 113 MW Solar Energy Installation in Texas

Longbow Solar will deliver clean power to Brazoria County, promoting economic growth and a healthy environment

Atlanta, Georgia


ATLANTA, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the financial closing of a tax equity investment in the 113 MW Longbow Solar project located in Brazoria County, Texas, within the desirable ERCOT Houston Zone. The $160 million renewable energy facility will generate clean power, stimulate the local economy and stabilize energy costs for area residents and businesses.

Monarch engages tax equity financing in pursuit of its mission to positively impact communities, which includes its commitment to creating a sustainable future. Since inception of its renewable energy division in 2012, the firm has supported investment in renewable energy projects totaling $2 billion in development cost with 221 facilities across 23 states. Expected to be fully operational this year, the Texas Longbow Solar project will bring the firm’s total clean power generation capacity to 1.6 GWdc with the ability to abate nearly 17 million MT CO2e over a 35-year lifespan, equivalent to charging more than 2 trillion cellphones or removing 3.6 million passenger cars from the road for a year.

“The closing of Longbow Solar marks yet another significant milestone for Monarch and the continued growth of our renewable energy division,” said Jonathan Gross, Director of Renewable Energy at Monarch. “Solar power is quickly becoming an integral part of the Nation’s energy mix and a powerful tool on our quest to fight climate change and foster a better future for our planet and the next generations to inherit it.”

Solar energy is the cleanest, most abundant renewable energy source available,[1] and a key component of the Nation’s clean energy and climate agenda.[2] The clean power capacity generated by Longbow Solar directly supports the U.S. goal of achieving a carbon pollution-free electricity sector by 2035,[3] and its minimum lifetime abatement is 3.2 million MT CO2, equivalent to greenhouse gas emissions from nearly 690,000 gas-powered passenger vehicles driven for one year or CO2 emissions from over 620,000 homes’ electricity use for one year.

“The 113 megawatts of clean power generated by the Brazoria County project help diversify the local energy infrastructure, enabling emissions reduction and preserving resource reliability,” said Marsha Harrington, Director of Renewable Energy at Monarch Private Capital. “Our direct investments in renewable energy projects like Longbow support a positive, progressive energy transition and help our clients and communities achieve their sustainability goals.”

For more information on Monarch’s programs and services, please contact Jonathan Gross by emailing jgross@monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the U.S.


[1] “About Solar Energy,” SEIA, accessed August 2, 2022, https://www.seia.org/initiatives/about-solar-energy.

[2] “Fact Sheet: President Biden Signs Executive Order Catalyzing America's Clean Energy Economy through Federal Sustainability,” The White House (The United States Government, December 13, 2021), https://www.whitehouse.gov/briefing-room/statements-releases/2021/12/08/fact-sheet-president-biden-signs-executive-order-catalyzing-americas-clean-energy-economy-through-federal-sustainability/.

[3] “Fact Sheet: President Biden Signs Executive Order Catalyzing America's Clean Energy Economy through Federal Sustainability,” The White House (The United States Government, December 13, 2021), https://www.whitehouse.gov/briefing-room/statements-releases/2021/12/08/fact-sheet-president-biden-signs-executive-order-catalyzing-americas-clean-energy-economy-through-federal-sustainability/.

 

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