Scout Clean Energy (Scout), a leading renewable energy developer-owner-operator, today (March 11) announced the closing of a back-leverage financing transaction for the company's 130 MW Bitter Ridge Wind Farm in Jay County, Indiana. The project has been in operation since 2020.
The deal marks the initial step in Scout's capital recycling strategy, aimed at unlocking capital in the Company's operating projects to fund multiple new projects across Scout's 19 GW wind, solar, and storage pipeline in the United States.
"We are pleased to continue to leverage innovative long-term financing structures in our operational portfolio," said John Clapp, Chief Financial Officer at Scout Clean Energy. "This financing is the first of many that will further strengthen the build out of our impressive development pipeline."
The project has an additional tax incentive agreement in place with Jay County, which resulted in $1.56 million in economic development payments by Bitter Ridge for the benefit of several local community initiatives. It is estimated that the county will receive more than $18 million in tax revenues over the expected life of the project, with over half going directly to Jay County Schools.
About Scout Clean Energy
Scout Clean Energy is a renewable energy developer and owner-operator headquartered in Boulder, Colorado with approximately 1,000 MW of operating and under construction wind assets, and a pipeline of over 19,000 MW of wind, solar and storage projects across 22 states, including more than 2,200 MW of advanced-stage projects. Scout has expertise in all aspects of renewables project development, permitting, power marketing, finance, construction, 24/7 operations, and asset management. Scout is a portfolio company of Brookfield, which acquired Scout at the beginning of 2023. For more information, please visit www.scoutcleanenergy.com
CONTACT:
Chad Thompson
chad@scoutcleanenergy.com
901.331.0779
