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.
![Prairie Wolf Solar Project Prairie Wolf Solar Project](https://mma.prnewswire.com/media/1704629/Geronimo_Web_2021_header_4000_PrairieWolf.jpg)
"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