SPI Energy, a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions, announced today it secured a capital loan financing to complete the 718 kW Oahu 101-1 solar carport project; which will locate at the Hawaii Agricultural Research Center in Oahu, Hawaii.
Firstly, Orange Power, a wholly-owned Independent Power Producing subsidiary of SPI was the one that secured the financing; it did so from East West Bank, the largest publicly-traded bank headquartered in Southern California.
Secondly, East West Bank made the financing loan following its Clean Tech lending program; its will allow Orange Power to complete construction of the project and commence operations at the site by year end 2021.
Thirdly, when completed the Oahu solar carport will generate approximately 1,200 MWh annually; which will be enough to power more than 190 homes in Hawaii. Orange Power will own and operate the project over the next 20 years; it will sell electricity from the solar carport to the Hawaiian Electric Company.
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SPI Energy will push Hawaii towards its clean energy goals
Moreover, the project will also push Hawaii in its clean energy initiatives and its goal to become the nation’s first-ever 100% renewable energy portfolio. Indeed, the Hawaii Clean Energy Initiative is a partnership between the State of Hawaii and the U.S. Department of Energy; it was launched back in 2008. It brings together business leaders, policy makers, and concerned citizens committed to leading Hawaii to energy independence.
In addition, about the project’s relevance, Xiaofeng Peng, Chairman and CEO of SPI Energy, said. “SPI Energy is also proud to contribute to Hawaii’s growing renewable energy industry with our first project in Oahu. We view this as a platform for continued investment in the state; where we already have projects totaling 11.6 MW in late-stage development; and also, a growing pipeline of additional projects representing years of potential work.”
He also remarked. “Throughout the financing process East West Bank demonstrated their professionalism, also, industry knowledge, and transaction efficiency. We look forward to growing our strategic relationship with their exceptional team.”
Finally, Jacky To, vice president and group head of Clean Tech Lending at East West Bank, said. “This financing also highlights our commitment to support asset owners with the capital solutions required to fit their evolving needs.”