Solar Electricity Plant | Illinois, USA
Submission Ready Indicators
About this opportunity
SES a Top U.S. solar developer with over 1.7 GW of developed capacity, is seeking a $89 million construction loan to finance two shovel-ready utility-scale solar projects in Illinois with a combined capacity of 68 MWdc / 47 MWac. The portfolio consists of project 1 (36 MWdc / 22 MWac, located in IL, with an Index REC Agreement strike price of $68.9/MWh) and Project 2 (32 MWdc / 25 MWac, located in IL, with an Index REC Agreement strike price of $68.8/MWh). Together, these two projects will generate approximately 114.5 GWh annually.
Total project cost of $101 Million will be financed through $89 Million Construction Loan and $12 Million Sponsor Equity (already invested). Additionally, ITC Transfer proceeds (40% Federal Investment Tax Credit) will be available post-COD for debt reduction to further strengthen the project's financial position. Net ITC proceeds are conservatively estimated at $46M based on current market pricing.
Five-year projections
All figures in USD| USD | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Turnover | 7,479,000 | 9,162,000 | 9,254,000 | 9,514,000 | 9,366,000 |
| EBITDA | 6,333,000 | 7,642,000 | 7,753,000 | 7,811,000 | 7,872,000 |
| Margin % | 85 | 85 | 84 | 84 | 84 |
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