July 7, 2022
On May 16, 2022, Twain closed on $5.1MM in construction debt, $4.8MM in permanent debt, and $2MM in federal renewable investment tax credit equity, the entire $11.9MM capital stack for the Cawelo project in McFarland, CA. The project is a 3.4MW DC solar project that will sell power to the Cawelo Water District and save them approximately $500,000 to $1,000,000 per year under a 25-year power purchase agreement. White Pine Renewables is the developer, whose leadership team has developed, built, and operated hundreds of projects throughout the US while in previous roles at Cypress Creek Renewables, CalCom Energy, and Black and Veatch.
“This project is a great example of Twain’s ability to simplify the financing process by providing single-source financing to a great partner that is creating a cleaner, brighter and greener nation,” says Michael Park, Director of Renewable Energy at Twain.
The Cawelo project started construction in May and is expected to be placed into service in October of 2022.
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