$98 Million in Tax Equity Financing from Bank of America for New Prairie Wolf Solar

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Contact: Lindsay T Smith
Director, Marketing & Communications
National Grid Renewables
[email protected]
612-429-7050

National Grid Renewables Secures $98 Million in Tax Equity Financing from Bank of America for 200 MW Prairie Wolf Solar Project

Minneapolis, MN (December 7, 2021) – National Grid Renewables announced today the closing of $98 million in tax equity financing from Bank of America to support its Prairie Wolf Solar Project (Prairie Wolf or the project). Prairie Wolf is a 200 megawatt (MW) solar energy project located in the Midcontinent Independent System Operator (MISO) market that began construction earlier this year in Coles County, Illinois. Bank of America is the sole tax equity investor for the project.

“Financing partnerships play an important role in accelerating the growth of renewable energy projects and their associated economic benefits, as well as the decarbonization of the United States energy grid,” stated Blake Nixon, President of National Grid Renewables. “In just two years, National Grid Renewables has raised over $550M in tax equity investments in support of the company’s buildout of renewable generation facilities, and we look forward to energizing additional projects to further benefit local, state and national economies.”

Using the United States Environmental Protection Agency’s (EPA) greenhouse gas equivalencies calculator, Prairie Wolf is estimated to offset carbon dioxide emissions by 285,000 metric tons annually during operation. Prairie Wolf will also benefit local and statewide economies through the production of new tax revenue, the creation of jobs, and increased local spending.

“We are pleased to support the growth of solar energy and help expand more clean energy solutions for communities across the U.S. The financing of the Prairie Wolf Solar Project will help bring much needed renewable energy to the grid in this region and support a more sustainable community,” said Todd Karas, managing director, Renewable Energy Finance at Bank of America.

Since 2007, Bank of America has deployed more than $200 billion to low-carbon, sustainable business activities. Earlier this year, it committed an additional $1 trillion in financing by 2030 to environmental transition. Since 2015, Bank of America has been a top renewable energy tax equity investor and lender in the U.S.

About National Grid Renewables

National Grid Renewables, part of the competitive, unregulated National Grid Ventures division of National Grid (NYSE: NGG), develops, owns and operates large-scale renewable energy assets across the United States, including solar, wind and battery storage. As a farmer-friendly and community-focused business, National Grid Renewables develops projects for corporations and utilities that seek to repower America’s electricity grid by reigniting local economies and reinvesting in a sustainable, clean energy future.

National Grid Renewables has a robust development pipeline of wind, solar and battery storage projects in various stages of development throughout the United States, as well as geographically diverse operational assets across the country. It supports National Grid’s vision of being at the heart of a clean, fair, and affordable energy future for all. To learn more about National Grid Renewables, visit www.nationalgridrenewables.com or follow the company on Twitter or LinkedIn.

 
 

National Grid Renewables is repowering America by reigniting local economies and reinvesting in a sustainable, clean energy future.

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Cordi O Hara

Cordi O'Hara

Chair of the National Grid Renewables Board & President, National Grid Ventures

In her role as President of National Grid Ventures (NGV), Cordi is responsible for the development, financing, construction and operation of large-scale energy assets, including: electricity interconnectors; LNG storage and regasification; onshore wind and solar generation; and competitive transmission.

Prior to joining NGV, Cordi was Chief Operating Officer, US Gas Business for National Grid; where she was accountable for the safe, reliable and affordable operation of National Grid’s gas distribution businesses across the New York, Massachusetts and Rhode Island service territories on behalf of the company’s 3.6 million customers.

Cordi also ran the UK System Operator for National Grid, where she oversaw the strategy, planning and operation of over 14,000 miles of gas and electricity networks in Great Britain. In her tenure in this role she integrated over 14 GW of renewable, clean energy into the UK system. She has advocated for innovative solutions to a decarbonized energy market, including clean technology solutions and new demand response initiatives.

Cordi became a fellow of the UK Energy Institute in 2016, acknowledging her significant experience in UK and European energy markets and networks, and was awarded an OBE in 2019.

Cordi has more than 20 years’ experience in the energy industry, managing key relationships with government officials, regulators and customers. She has overseen transformation efforts to improve the customer experience across the National Grid businesses in the United States and the United Kingdom. Prior to joining National Grid, Cordi worked for Centrica, the largest UK energy retailer, in a variety of commercial and operational roles; including serving 11 million customer accounts in the United Kingdom.

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