Capital One Makes $90M Investment in Idaho Solar Facility
Capital One has provided a $90 million tax equity investment in Jackpot Solar project, a 120 megawatt (MW) solar facility located near Twin Falls in Southern Idaho. The sponsor, Duke Energy Renewables, is developing the project which is expected to be the largest solar facility in Idaho.
“We are excited to invest along Duke Energy Renewables, a leading developer of wind and solar projects, and be able to finance such an important renewable energy project,” said Capital One Managing Director George Revock. “Projects like these are an investment that benefits the local community and advances our commitment to supporting clients’ sustainability objectives.”
The Jackpot Solar project comprises 372,000 solar modules from Hanwha Q Cells, grouped in three 40 MW arrays. Idaho Power Company, a regulated utility serving Idaho and Oregon, has signed a 20-year power purchase agreement for energy generated by the facility.
Revock and Capitol One’s Managing Director Eugene Shlossberg originated the investment, which provided 100% of the facility’s tax equity financing.