Monarch Private Capital announced it closed the tax equity investment in the Longbow Solar project, which is expected to reach operations this year.
The Longbow Solar project has achieved financing, as Monarch Private Capital announced the closing of a tax equity investment in the Brazoria County, Texas solar site. The 113 MW facility is valued at $160 million.
Monarch is a national environmental and social governance investment firm that develops, finances, and manages a diverse portfolio of projects that generate federal and state tax credits. The company engages tax equity financing in pursuit of sustainability-focused projects.
The Longbow Solar project is expected to reach commercial operations this year. It will bring Monarch’s total clean energy generation capacity to 1.6 GW, equivalent to abating 17 million megatons of CO2 over a 35-year lifespan or removing 3.6 million passenger cars from the road for one year.
“The closing of Longbow Solar marks yet another significant milestone for Monarch and the continued growth of our renewable energy division,” said Jonathan Gross, director of renewable energy at Monarch. “Solar power is quickly becoming an integral part of the Nation’s energy mix and a powerful tool in our quest to fight climate change and foster a better future for our planet and the next generations to inherit it.”
Since the launch of its energy division in 2012, the firm has supported $2 billion in renewable energy development across 221 projects in 23 states. This July, Monarch announced it joined the Solar Energy Industries Association (SEIA), along with CEP Renewables, Kiewit Energy Group, and Moss & Associates.
“The 113 megawatts of clean power generated by the Brazoria County project help diversify the local energy infrastructure, enabling emissions reduction and preserving resource reliability,” said Marsha Harrington, director of renewable energy at Monarch Private Capital.
The Longbow Solar project was previously co-developed by Clean Capital Partners and Aspen Creek, and Twain Financial Partners closed a $42 million commitment to the project this past April. The solar site is being developed on former rice fields.
