Clēnera, an Enlight company, has closed on construction and tax equity financing for the 105 MW DC Apex Solar project located in Beaverhead County, Mont.

The energy generated by the solar facility when the sun is shining will provide NorthWestern Energy‘s Montana customers with additional carbon-free power through a long-term power purchase agreement, which will contribute to the energy company’s sustainability goals. The renewable energy credits generated by the project will be sold separately, providing additional revenues to the project. The Apex Solar project will be among the largest utility-scale solar projects completed in the state to date.

Bank of America and NORD/LB, a German bank active in renewable energy financing in Europe and the U.S., will fund the project through a construction loan.

Huntington National Bank will provide long-term financing via sale and leaseback tax equity financing for Apex Solar following commercial operations. Clēnera’s approach to this financing is unique in that the tax benefits and long-term financing will be combined in a single transaction – a practice sought after in the U.S. and in the utility-scale solar industry.

Greenberg Traurig, LLP served as legal counsel to Clēnera, and Paragon Energy Capital acted as Clēnera’s exclusive tax equity advisor on the transaction. Apex Solar is expected to reach commercial operations in the second quarter of 2023.