Invenergy has completed construction financing for the first phase of the Samson Solar Energy Center in northeast Texas.
Located in Lamar, Red River, and Franklin Counties, the $1.6bn capital project is currently being constructed and will commence operation in five phases.
The full project is slated to be operational in 2023.
The first phase includes 250MW of the total 1310MW project, which Invenergy says will be the largest solar energy facility in the United States upon completion.
Over the life of the project, Samson Solar will directly invest $450m in the local economy through new tax revenues and lease payments to participating landowners.
The complete project will generate enough electricity to power 300,000 American homes.
Samson Solar supports the sustainability objectives of five major consumer brands and will supply power to three Texas municipalities through long-term PPAs.
Invenergy vice president for finance and capital markets Anneli Alers said: “We are pleased to have reached the close of construction financing for the first phase of the Samson Solar Energy Center, a significant milestone in bringing this record-setting project to life.
“This transaction demonstrates the strength of Invenergy’s lender relationships and financing capabilities as well as the increasingly compelling value of solar investment for corporate and utility customers alike.”
Santander acted as admin agent, coordinating lead arranger, and bookrunner, and Societe Generale and CaixaBank acted as joint lead arrangers for the financing, which includes a construction loan, letter of credit facility, and back-leverage term loan.