Green & Clean Power raises $300 million for solar and storage project in Arkansas
Author: PPD Team Date: December 5, 2024
US-based Green & Clean Power (GCP) has secured $300 million in debt and equity financing to develop a solar energy generation and battery storage facility in Osceola, Arkansas.
The funding includes $165 million in construction debt financing from KfW IPEX-Bank, with market advisory from Aurora Energy Research, and an additional $100 million in takeout financing from the Arkansas Teacher Retirement System (ATRS).
The 500-acre solar facility is expected to be completed by autumn 2025 and will provide renewable energy to Hybar, a steel rebar mill currently under construction.
The mill, which will begin operations in 2025, will produce steel rebar from 100% recycled materials, supporting infrastructure projects.
The equity investors backing GCP and Hybar include TPG Rise Climate, Quanta Services, and Global Principal Partners. DEPCOM Power, a renewable energy engineering and construction company, is tasked with delivering the project.
This collaboration will allow Hybar to meet its sustainability goals by sourcing 40% of its energy needs from the solar facility, directly linking renewable energy production to steel manufacturing. Once connected to the Midcontinent Independent System Operator (MISO) grid, GCP plans to sell excess power to third-party customers.