KOMIPO Begins Operations at 160 MW Concho Valley Solar Farm in Texas

KOMIPO America Inc., which is a U.S. subsidiary of Korea Midland Power Co. Ltd. (KOMIPO), a power generation companies in Korea, has completed construction of 160 MW Concho Valley Solar photovoltaic power project in San Angelo City in Texas and had started its commercial operations since October.

The Concho Valley Solar with 160 MW capacity, the second utility scale solar asset of KOMIPO America in Texas, had signed the financing agreements on February 2022. RBC Community Investments arranged tax equity. Norddeutsche Landesbank Girozentrale and Rabobank are providing the construction loans and a separate back-leveraged facility that will support the project during operations.

“Concho Valley Solar is the most remarkable and meaningful project in the U.S. for KOMIPO since it had jointly developed with trustworthy partnership with the local developer, Merit SI and strong support from the local communities,” states Hotae Lee, executive managing director of KOMIPO. “We are very happy to successfully finalize this project with having a dominant role for financing arrangements and timely implement construction despite the global pandemic and supply chain issues.”

“RBC’s syndication of the Concho Valley Solar tax equity demonstrates our unwavering commitment to clean energy and driving ESG imperatives,” comments Yonette Chung McLean, Royal Bank of Canada’s managing director. “We are excited to partner with KOMIPO on this project and look forward to continued growth and development in the U.S.”

CCA Capital, LLC served as the financial advisor to KOMIPO, providing support across capital formation and structuring. White & Case LLP advised KOMIPO from the early stages of Concho Valley Solar and has provided legal guidance on the development, tax equity financing and construction financing of the project.

Image: Mariana Proença on Unsplash

Original Source: https://solarindustrymag.com/komipo-begins-operations-at-160-mw-concho-valley-solar-farm-in-texas