Centaurus Renewable Energy, the developer of the Arroyo Solar & Storage Project in McKinley County, New Mexico, has closed a $70m (€59m) construction bridge loan facility provided by Voya Investment Management.
The credit facility will be used to make payments for project equipment and for other development and construction expenses.
The transaction was organized by Voya Investment Management’s direct infrastructure team led by Tom Emmons and Ed Levin.
The Arroyo Solar & Storage Project is a 300MW-AC solar generation facility and a150MW/600MWh battery energy storage system.
Solar energy and battery storage services are committed under a 20-year PPA and energy storage agreement to Public Service Company of New Mexico.
The project is expected to partially replace the power from the 847MW San Juan Generating Station, New Mexico’s largest coal-fired plant, which is scheduled to cease operations in 2022.
Houston-based Centaurus Renewable Energy, was founded in 2013 and has developed approximately 20 solar projects totalling over 1.3GW-DC across seven states.