Sabancı Renewables successfully reached substantial completion and term conversion for 272 MW Cutlass Solar II Project

Sabancı Renewables

NEW YORK, NY, USA, May 21, 2024 / — Sabancı Renewables, a subsidiary of leading Turkish conglomerate Sabancı Holding, is proud to announce the early completion and term conversion of its Cutlass Solar II project, a 272 MWdc/218 MWac solar power plant. This significant milestone marks a major step forward in the company’s commitment to delivering clean, reliable energy to the U.S. market.

Cutlass Solar II project, comprised of four blocks, achieved commissioning ahead of schedule, surpassing the original June 15th target date at below-budgeted cost. This accomplishment demonstrates Sabancı Renewables’ commitment to efficiency and excellence in project execution. Utilizing industry-standard, high-quality equipment and subcontractors further ensured a smooth and timely process. Additionally, the project secured a favorable capital mix through a $185m Tax Equity Investment from Advantage Capital and term conversion of existing construction loan facilities through MUFG, ING, and Bayern LB.

The successful tax equity funding and term conversion of Cutlass Solar II financing demonstrates investor confidence in Sabancı Renewables’ capabilities and the project’s long-term potential. This achievement reinforces Sabancı’s commitment to delivering on its promises and maintaining a strong investment appetite as it pursues its 1 GW operational renewable energy portfolio target by 2025.

“We are thrilled to announce early completion, tax equity funding, and term conversion for the 272 MW Cutlass Solar II Project,” said İsmail Bilgin, CEO at Sabancı Renewables. “This achievement underscores our commitment to delivering clean and reliable renewable energy to the US market. This achievement also demonstrates our capabilities to deliver large-scale projects on time / even ahead of schedule and below budget. This project, along with the ongoing construction of our 232 MW Oriana Solar project, brings us half way through to our goal of building a 1 GW operational renewable energy portfolio by 2025.”

The company focuses on utility-scale solar, onshore wind, and battery storage projects; mainly in ERCOT, MISO, and PJM markets. Following the company’s establishment in June 2022, Sabancı first acquired the 272 MW Cutlass Solar II project in October 2022 followed by the acquisition of 232 MW Oriana Solar in October 2023. The company will command more than 500 MW and will reach an important level in its initial investment plan.

Yeliz Kazan
Sabancı Holding
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