Qcells USA, KeyBanc Capital Markets Finance Texas Solar Project

Qcells USA Corp. closed a financing package for the Coniglio Solar Project in Fannin County Texas. Qcells North America supplied the nearly 405,000 solar modules. The solar facility will be the largest project in Qcells USA’s operating portfolio to date in the U.S., with a rated capacity of 168 MWp.

KeyBanc Capital Markets was the lead arranger of the $29 million loan and letter credit facility for this 168 MWp-project. KeyBank National Association was the administrative agent and collateral agent. This closing follows the 2021 tax equity financing and commercial operations.

“We are very pleased to close financing for Coniglio and to establish a new relationship with a leading bank in our field,” says Rich Chung, head of project finance at Qcells USA. “This debt financing highlights the appeal of our renewable energy growth strategy in the United States and Qcells USA’s strength as a sponsor, especially as we aggressively expand our pipeline geographically and into new technologies like battery storage.”

“As a part of our continuing support for renewable energy, we are pleased to serve as Lead Arranger and to provide capital for the Coniglio Solar Project,” states Tyler Nielsen, director of utilities power  and renewables at KeyBanc Capital Markets. “This represents our first financing with Qcells, and we look forward to continuing the relationship to deploy new technologies and energy solutions.”