The Quebec-based company also announced a seven-year term loan facility for the Hillcrest solar project in Ohio’s Brown County.
It will be one of the first utility-scale solar projects in Ohio and the largest solar facility in the state.
Ohio currently has about 248 megawatts of solar power in the state with additional projects being developed.
The $191.8 million financing involves CIT’s Power and Energy Group and includes MUFG and Mizuho, as well as Wells Fargo as the tax equity investor.
Arranging the financing is “an important step forward,” said president and CEO Michel Letellier in a statement.
Total construction costs are projected to be $279.5 million, and the facility should qualify for a federal Investment Tax Credit sized to about 30% of the project’s eligible value.
Barring a major shutdown tied to the coronavirus pandemic, the facility should begin service by the end of the year, he said.
Construction of the solar complex began last January.
The new facility will be located on about 1,350 acres near Mount Orab, Ohio. That is about 45 miles east of Cincinnati, Ohio.,
The facility will feature more than 600,000 photovoltaic solar panels and will be able to produce about 410,000 MWh. That is enough for about 39,000 homes.
The electricity produced will be sold to an unidentified U.S. firm under a long-term power purchase agreement.
Late last year, the company said the new facility should be operational in 2020.
The project will create about 300 construction jobs.
It is one of six solar projects in Ohio that are eligible for state financial assistance under controversial House Bill 6 that was signed by Gov. Mike DeWine last summer. That bill provided state aid to nuclear and coal-fired power plants.
Innergex acquired the solar project from Texas-based Open Road Renewables that had started its development.
Innergex has developed 68 projects in the U.S., Canada, France and Chile and has six additional projects in development.
