TEL AVIV, ISRAEL, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Paz Oil, Arava Power and Menora Mivtachim are pleased to announce the closing of a tax equity bridge loan upsize to US$144 million for the 272 MWdc Sunray Project located in Uvalde County, Texas, United States (the "Project").
The Project which is progressing through construction has become eligible for the 10% community energy adder enacted under the Inflation Reduction Act. The financing announced today will support the construction and operation of the Project. The additional tax equity commitment was provided by a large US based financial institution which also gave the original tax equity commitment, together with one of the world’s largest technology company.
Nomura Securities International, Inc. (“Nomura”) acted as sole bookrunner and sole coordinating lead arranger, underwriting the entire tax equity bridge loan financing.
”We are proud and satisfied with the progress of this substantial and unique solar PV project. By the middle of 2024 we are expecting this project to be in full operation and to start producing electricity” it was reported by Paz Oil. “We would like to thank our excellent partners, Arava Power Company and Menora Mivtachim group and to our remarkable financing partners who put their trust in us and into this project”
“We are delighted to have reached another significant milestone in the financing of Project Sunray and are honored by the close partnership and continued support of Nomura," said Ilan Zidkony, CEO of Arava Power. “It’s deeply gratifying to see our debut project in the US progress so successfully towards commercial operation.”
“We are proud of developing and continuing to execute such an outstanding project” said Edan Kaplansky, Director of Business Development at Arava Power. “We cut our teeth in the US market during an extraordinarily challenging development cycle, and we’re grateful for the support and trust of our top-tier partners in continuing our growth in the US.”
Vinod Mukani, Global Head of Nomura’s Infrastructure and Power Business (“IPB”) commented, “We are appreciative of the opportunity to leverage our global platform to structure a unique financing solution to support Arava Power, Paz Oil and Menora as they enter the United States market. Providing superior solutions as well as execution in key sectors --like renewable energy-- for Sponsors like these aligns perfectly with Nomura’s business strategy and goals.”
"This financing exemplifies Nomura's commitment to pioneering renewable energy solutions by collaborating with innovators such as Paz Oil, Arava Power and Menora,” said Alain Halimi, Managing Director at Nomura’s IPB. “We look forward to the opportunity to support the sponsors’ future growth as they continue to build their portfolio of clean energy assets."
