An Arlington developer of solar energy projects has secured more than a half-a-billion dollars in new financing that it will use to build six new solar farms across Virginia and Pennsylvania.
Energix Renewables, a unit of an Israeli renewable energy company that established a U.S. headquarters in Arlington three years ago, said this week it has closed a $260 million construction loan with a consortium of lenders led by Santander Corporate & Investment Banking and another $260 million in tax equity financing from Morgan Stanley Renewables Inc. Combined, the financing will fund development of projects that will add about 416 megawatts of solar power to local energy grids, or enough to power nearly 70,000 homes.
Energix entered the U.S. market in 2016 and says it is now one of the largest solar developers in the Mid-Atlantic region. It currently operates nine facilities in the Mid-Atlantic, generating about 224 megawatts of power. It noted, for example, that one of its facilities near Philadelphia produces about 22% of the city’s municipal electricity use.
These six new projects will nearly double its energy-producing capacity in the U.S. and bring the company’s total investment in the states to nearly $1 billion, the company said.