Old Texas rice fields soon will be harvesting something new as a $145 million clean energy project nears completion thanks to a sizable final investment. Twain Financial Partners has closed on $42 million in financing to complete the Longbow Solar project, a massive ground-mounted solar photovoltaic (PV) energy system in Brazoria County, Texas, just southwest of Houston.
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Twain’s $42 million commitment, its largest solar loan to date, is part of its recent commitment to finance $1 billion worth of new renewable projects over the next three years.
“Renewable energy investment is a fast-growing segment of our business, and the Longbow project helps highlight our capabilities in that space,” said Michael Park, who recently joined Twain as its Director of Renewable Energy. “I fully anticipate Twain will announce funding commitments for a number of similar projects in the coming months.”
The Longbow Solar project is being co-developed by Clean Capital Partners and Aspen Creek. The project, which is on schedule to be placed into service by August 2022, will be a big win for Brazoria County residents and businesses. A power purchase agreement will allow for the sale of most of the generated power to a distributing company at a price that is less than one-third of the current market rates for Texas residential electricity customers.
ABOUT TWAIN FINANCIAL PARTNERS
Twain Financial Partners is a full-service specialty finance firm with $4 billion in assets under management providing a full range of capital needs to real estate and renewable energy developments throughout the United States.