Scout Clean Energy (Scout) has closed a back-leverage financing transaction for the company’s 130MW Bitter Ridge Wind Farm in Jay County, Indiana.
The project has been in operation since 2020.
The deal marks the initial step in Scout’s capital recycling strategy, aimed at unlocking capital in the company’s operating projects to fund multiple new projects across Scout’s 19GW wind, solar, and storage pipeline in the United States.
John Clapp, chief financial officer at Scout Clean Energy, said: “We are pleased to continue to leverage innovative long-term financing structures in our operational portfolio.
“This financing is the first of many that will further strengthen the build out of our impressive development pipeline.”
The project has an additional tax incentive agreement in place with Jay County, which resulted in US$1.56m in economic development payments by Bitter Ridge for the benefit of several local community initiatives.
It is estimated that the county will receive more than US$18m in tax revenues over the expected life of the project, with over half going directly to Jay County Schools.