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Green & Clean Power announces it has secured financing for its Arkansas Solar and Storage Project.
Green & Clean Power LLC (GCP) has announced that it has closed on approximately $300 million of debt and equity capital to develop, own and operate a solar energy generation and battery storage system on 495 acres of land in Osceola, Arkansas. KfW IPEX-Bank offered about $165 million for the construction debt facility with Aurora Energy Research as its Market Advisor. ATRS contributed the remaining $100 million in takeout financing. GCP’s facility is already under construction with the expected completion date set as fall of 2025.
“Sustainable steelmaking is steadily transforming the state of Arkansas and we are happy to be part of it,” said Mark White, Executive Director of The Arkansas Teacher Retirement System. “We are happy to support this entity in its newest phase because it is advantageous for our state, it is environmentally friendly, and most importantly, it will benefit our members.”
“The sustainable production and recycling of steel plays a vital role in achieving the global decarbonization,” stated Dr. Velibor Marjanovic, Member of the Management Board of KfW IPEX-Bank. “Following the financing of the Hybar rebar mill in 2023, we are happy to support the Green & Clean Power’s Solar and Storage project. By doing this, we are underlining once more our dedication to projects that play a significant role in the process of the global shift toward the sustainable future with zero carbon emissions.
Power supply deal, Start of Operations
GCP will sell power to Hybar LLC, a steel rebar mill adjacent to the project site, set to begin operations in summer 2025. Equity partners include TPG Rise Climate, Quanta Services, and Global Principal Partners. DEPCOM Power, Inc. was awarded the full engineering, procurement, and construction (EPC) contract for the solar and battery storage systems.
“While other industrial companies try to find renewable power generation projects which from are their far facilities and then buy these to offset their carbon footprint, GCP will be generating solar renewable and stored energy which will be directly fed into Hybar. Green & Clean Power’s Arkansas Solar and Storage project marks a groundbreaking achievement as the first renewable energy installation in the industry designed to supply solar power directly to a steelmaking facility. “This is a significant step forward for the sector,” said Ari Levy, Partner at Global Principal Partners and CFO of both GCP and Hybar. “Renewable energy was one of the most important factors for Hybar and we thank KfW IPEX-Bank, ATRS and the investment group that backed Hybar renewable for energy this journey of G&C P.”
Also, GCP will also start the process of applying for interconnection with the Midcontinent Independent System Operator (MISO) grid system. Within three years, GCP plans to connect to the MISO grid, enabling it to sell excess solar and battery-stored power to external customers.
Green & Clean Power’s Arkansas Solar and Storage Project Factsheet
Project Overview
Company: Green & Clean Power LLC (GCP)
Location: Osceola, Arkansas
Project Size: 495 acres
Project Type: Solar energy generation and battery storage system
Financial Details
Total Capital Raised: $300 million
Debt Financing:
$165 million from KfW IPEX-Bank (construction debt facility)
Equity Financing:
$100 million from Arkansas Teacher Retirement System (ATRS)
Equity Partners:
TPG (TPG Rise Climate)
Quanta Services, Inc.
Global Principal Partners
Green & Clean Power’s Arkansas Solar and Storage Project Specifications
Construction Status: Ongoing
Expected Completion: Fall 2025
Primary Power Consumer: Hybar LLC (sister company steel rebar mill)
Power Supply:
Approximately 40% of Hybar’s power requirements
Complementary to existing power purchase agreement with Entergy Arkansas
Technical Details
EPC Contractor: DEPCOM Power, Inc.
Grid Interconnection:
Applying to Midcontinent Independent System Operator (MISO)
Anticipated grid connection within three years |
