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Turkey's Sabanci Renewables Secures $382 Million in Financing for Solar Projects in Texas

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Sabanci Renewables, a subsidiary of Turkey's Sabanci Group, said on Monday it has raised $382 million of project financing and $151 million in tax equity financing for two solar projects in Texas, one of which it bought last month from San Antonio-based OCI energy.

The funds will be used to develop that project -- 130-megawatt Lucky 7 solar farm in Hopkins County --and the 156-MW Pepper Solar Power Plant in McLennan County. Both are expected to be built and operating by H2 2027.

The finance package includes a construction loan, a tax equity bridge loan and non-cash credit facilities from Nord/LB, MUFG, BBVA and Intesa Sanpaolo. The tax equity investment commitment was arranged with Advantage Capital.

The addition of the two projects which supply the Electric Reliability Council of Texas grid, will bring Sabanci Renewables' portfolio in Texas to 790 MW, with Cutlass II and Oriana its other producing assets.

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Commodities

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