Capital One Makes $90 Million Tax Equity Investment in Idaho Solar Facility
April 5, 2023
Source: Capital One
NEW YORK, NY (APRIL 5, 2023) – Capital One announced today that it has made a $90 million tax equity investment in the 120 megawatt (MW) Jackpot Solar project, which, upon completion, is expected to be the largest solar facility in Idaho. The sponsor, Duke Energy Renewables, is a leading U.S. developer of wind and solar energy solutions, owning and operating facilities generating 2,900 MW. Managing Director George Revock, Head of the Alternative Energy and Project Finance team, and Managing Director Eugene Shlossberg originated the transaction for Capital One, which provided 100 percent of the facility’s tax equity financing.
“We are excited to invest alongside Duke Energy Renewables, a leading developer of wind and solar projects, and be able to finance such an important renewable energy project,” Revock said. “Projects like these are an investment that benefits the local community in Idaho and advances Capital One’s commitment to supporting clients’ sustainability objectives.”
Located near Twin Falls County, the project comprises 372,000 solar modules from Hanwha Q Cells, grouped in three 40 MW arrays. Idaho Power Company, a regulated utility serving more than 610,000 customers in Idaho and Oregon, has signed a 20-year power purchase agreement for energy generated by the facility.
“Initially, we intended the transaction to be structured using solar investment tax credits (ITCs), reflecting eligible costs incurred in constructing a renewable energy project,” Revock said. “As we continually assessed the most high-impact approach to supporting our client’s goals, we were able to pivot to production tax credit (PTC) financing, which is based on the renewable energy generated.”
The solar ITC is a one-time 30 percent credit given in the year a project is placed in service, whereas the solar PTC can be claimed every year over the 10-year credit period at the current rate of 2.6¢/kWh for commercial projects, with rates going forward tied to inflation.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $333.0 billion in deposits and $455.2 billion in total assets as of December 31, 2022. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
“We are excited to invest alongside Duke Energy Renewables, a leading developer of wind and solar projects, and be able to finance such an important renewable energy project,” Revock said. “Projects like these are an investment that benefits the local community in Idaho and advances Capital One’s commitment to supporting clients’ sustainability objectives.”
Located near Twin Falls County, the project comprises 372,000 solar modules from Hanwha Q Cells, grouped in three 40 MW arrays. Idaho Power Company, a regulated utility serving more than 610,000 customers in Idaho and Oregon, has signed a 20-year power purchase agreement for energy generated by the facility.
“Initially, we intended the transaction to be structured using solar investment tax credits (ITCs), reflecting eligible costs incurred in constructing a renewable energy project,” Revock said. “As we continually assessed the most high-impact approach to supporting our client’s goals, we were able to pivot to production tax credit (PTC) financing, which is based on the renewable energy generated.”
The solar ITC is a one-time 30 percent credit given in the year a project is placed in service, whereas the solar PTC can be claimed every year over the 10-year credit period at the current rate of 2.6¢/kWh for commercial projects, with rates going forward tied to inflation.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $333.0 billion in deposits and $455.2 billion in total assets as of December 31, 2022. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
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