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A&O advises Advantage Capital on its USD185 million tax equity financing to Sabanci Renewables for the Cutlass Solar II Project

Los Angeles – Allen & Overy advised Advantage Capital on its commitment to provide a USD185 million investment to Sabanci Renewables Inc., a North American subsidiary of Sabanci Holding, to complete the financing of its Cutlass Solar II project. Located approximately 40 miles southwest of Houston in Fort Bend County, Cutlass II is a 272 MWdc utility-scale solar project under construction in the Electric Reliability Council of Texas (ERCOT) region, one of the largest U.S. markets for renewable energy development.

Advantage Capital's tax equity investment, which leverages federal Investment Tax Credits (ITCs), will provide the external capital necessary for Sabanci to complete construction of the project.

"We are delighted to have advised Advantage Capital on this impactful tax equity investment in Sabanci's Cutlass II project, which will help to advance the transition to a low-carbon economy in Texas and beyond,” said Matt Nesburn, partner at Allen & Overy. “This transaction demonstrates the continued attractiveness of the U.S. solar market for international developers and investors.”

The team was led by Los Angeles based partner Matt Nesburn and Washington, D.C. based partners Scott Cockerham and Chip Cannon. With additional support from New York based partners Jillian Ashley, Ken Rivlin and Dave Lewis; Washington, D.C. based associates Michael Sykes and Marcela Varela; New York based associate Connor Steelberg and San Francisco based associate Aswini Endlur.