Onyx Renewable Partners L.P. (“Onyx”), a leader in the development and finance of commercial and industrial (“C&I”) and small scale utility solar projects in North America, backed by funds managed by Blackstone Energy Partners and Blackstone Capital Partners (“Blackstone”), today announced the closing of its third major tax equity partnership.
This financing provides for 60 MW of solar PV projects (16 separate projects) across six states. The projects being financed provide energy to eleven separate clients, including municipalities, C&I, utility, and military housing. Included in these projects are solar installations to serve over 4,000 homes on four U.S. military bases – one Air Force, three Army – as part of a strategic alliance with Corvias, a leader in partnering with government and higher education on long term infrastructure solutions.
This is Onyx’s second tax equity partnership with RBC Capital Markets (“RBC”). The first, closed in 4Q 2015, provided solar installations for over 1,000 homes on two U.S. military bases, also through a partnership with Corvias.
“We are excited to announce the closing of our second facility with RBC and to expand our partnership with both RBC and Corvias” said Onyx’s President, Ja Kao. “RBC’s financing continues to support the U.S. military in its renewable energy goals, enabling both cost savings and energy security for our military families.”
Greg Cannito, Partnership Innovator, Corvias, said, “One of our main priorities is working with our partners to develop innovative solutions that achieve broader public policy goals and objectives, unlock value, and achieve long-term sustainability. We appreciate RBC’s support in helping us advance these initiatives throughout our portfolio.”
Bob Spangler, Managing Director of RBC Capital Markets, said, “We are pleased to be able to continue investing our capital with Onyx in this diverse portfolio of solar projects. The portfolio of projects developed jointly by Onyx and Corvias provide important benefits to the U.S. military and the families of our service men and women who reside on bases. We are also excited to be financing projects with municipal off-takers in New York and Massachusetts.”
USAA, a financial services provider for the military community, also invested in the transaction. “USAA has a long history of innovating to serve the military community, so we’re pleased to be a part of a project that brings energy innovation to the military families on these bases,” said Doug Ward, Chief Investment Officer at USAA.
Milbank, Tweed, Hadley & McCloy represented Onyx and Akin Gump Strauss Hauer & Feld represented RBC.