KOMIPO Completed Construction of Concho Valley Solar Project in Texas

Source: www.gulfoilandgas.com 12/5/2022, Location: North America

KOMIPO America, Inc., which is a U.S. subsidiary of Korea Midland Power Co., Ltd. (KOMIPO), one of the major power generation companies in Korea actively doing business globally, announces it had completed construction of 160MW Concho Valley Solar photovoltaic power project in San Angelo City in Texas and had started its Commercial Operation Date since October.

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

KOMIPO America announces that the Ribbon Cutting ceremony for celebration of commercial operation was held on Nov. 16 at the project site with the local officials, community leaders and various project stakeholders.

Hotae Lee, Executive Managing Director of KOMIPO stated, "Concho Valley Solar is the most remarkable and meaningful project in the US for KOMIPO since it had jointly developed with trustworthy partnership with the local developer, Merit SI and strong support from the local communities. 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."

Yonette Chung McLean, Royal Bank of Canada Managing Director, commented, "RBC's syndication of the Concho Valley Solar tax equity demonstrates our unwavering commitment to clean energy and driving ESG imperatives. We are excited to partner with KOMIPO on this project and look forward to continued growth and development in the US."

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.


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