Copia Power, a Carlyle Portfolio Company, Closes $519M Tax Equity Commitment for Harquahala Sun 2 Project
Copia Power closed a $519 million tax equity commitment with J.P. Morgan for the Harquahala Sun 2 project, a 300 MW solar facility and 300 MW/1200MWh BESS facility located in Maricopa County, Arizona. The project is expected to reach commercial operation in Q1 2025. This is the second phase of the multi–GW Harquahala Sun industrial complex to be constructed over the next three years.
J.P. Morgan acted as sole tax equity investor on this transaction.
“I’m thrilled to announce the second tax equity commitment for Copia,” said Brian Callaway, CFO of Copia Power. “Through a differentiated combination of scale, agility and technical expertise, we have accomplished a significant amount in a short time period. Having partners like J.P. Morgan that can add value across the board is so impactful at a time when we are so well positioned to capitalize on the myriad opportunities in the energy transition space.”
“This is a huge milestone for Copia, and great work by the team as they continue to commercialize their GW scale campuses.” said David Gluck, Managing Director at Carlyle “We appreciate the strong support from partners like J.P. Morgan that help make these important projects possible.”
Stoel Rives LLP served as Sponsor’s counsel on the deal, with Snell & Wilmer and Holland & Hart LLP serving as local counsel. Milbank LLP served as Tax Equity’s counsel with Lewis Roca serving as local counsel.
Paragon Energy Capital and Carlyle Capital Markets served as Copia’s advisors.
About Copia Power
Copia Power is an energy transition company committed to developing, constructing, and owning large-scale infrastructure assets in the U.S. to accelerate decarbonization in all areas of our economy. Copia Power is actively developing more than 17 GW of US solar and energy storage projects across CAISO, WECC and PJM. Copia Power is backed by Carlyle. Copia was formed by Carlyle in March 2021 to bring high value-add renewable development expertise and execution capabilities under a single platform in the U.S.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.
Contacts:
Copia Power
Katie Heath
katie.heath@copiapower.com
Carlyle
Brittany Berliner
+1 (212) 813-4839
brittany.berliner@carlyle.com
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