Completion and Financing Structure of Sabanci Renewables Inc.'s Cutlass Solar II Project

The Cutlass II Solar Power Plant project with an installed capacity of 272 MW, carried out in the USA by Sabancı Renewables Inc., an indirect wholly-owned subsidiary of Sabancı Holding through Sabancı İklim Teknolojileri A.Ş., was completed and commissioned at full capacity on May 17, 2024 ahead of its schedule.

Notably, in line with the financing agreements that were previously announced to public on November 15, 2023, the funding of the USD 184 million tax equity investment was completed and existing construction loan facilities with several banks were successfully converted into long-term project financing, as of May 17, 2024. The commissioned Cutlass II Solar Power Plant is expected to generate USD 15 million in annual EBITDA.

In addition, Sabanci Renewables Inc.'s second investment in the US, the Oriana Solar Power Plant project with 232 MW solar and 60 MW storage capacities, successful financing of which was announced to public on March 29, 2024, is progressing as planned and is expected to be operational in the second quarter of 2025. With the commissioning of both projects, Sabancı Renewables Inc. will reach a total renewable energy portfolio of 504 MW in the USA, and efforts are underway to further increase total capacity.