Copia Power, a Carlyle Portfolio Company, Closes Tax Equity Commitment for Harquahala Sun 1 Project
Copia Power closed a $135 million tax equity commitment with Santander for the Harquahala Sun 1 project, a 150 MW solar facility located in Maricopa County, Arizona. The project is expected to reach commercial operation in Q2 2025. This is the first phase of the 2 GW Harquahala Sun complex to be constructed over the next three years.
Santander, a global leader in renewable energy financing and advisory services, acted as sole tax equity investor on this transaction.
“Copia is proud to partner with Santander for their reentrance into the tax equity market with our Harquahala Sun 1 project.” said Brian Callaway, CFO of Copia Power. “Our team has continued to build on recent execution successes through strong relationships, like what we have with Santander, who can provide a variety of capital market solutions across our portfolio. We look forward to doing more together.”
“Tax equity financing is key to building out the Harquahala Sun facility and supporting renewable energy growth in the United States,” said Nuno Andrade, Head of Global Debt Finance at Santander. “Santander’s tax equity investment demonstrates our commitment to our partnership with Carlyle and Copia Power. Being able to add a traditional tax equity offering to our leading project finance and advisory practice puts Santander in a privileged position to be an end-to-end strategic partner for renewable energy development in the U.S.”
“We are grateful for Santander’s continued partnership and support,” said David Gluck, Managing Director at Carlyle. “Their expertise and commitment to providing comprehensive solutions has been quite valuable.”
Stoel Rives LLP served as Sponsor’s counsel on the deal, with Snell & Wilmer and Holland & Hart LLP serving as local counsel. Milbank served as Tax Equity’s counsel with Ballard Spahr LLP serving as local counsel.
Paragon 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 $425 billion of assets under management as of March 31, 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 2,200 people in 28 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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