NEW YORK, NY, USA, May 21, 2024 / -- Sabancı Renewables, a subsidiary of leading Turkish conglomerate Sabancı Holding, is proud to announce 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 favorable capital mix through $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 272 MW Cutlass Solar II Project." said