Treaty Oak Clean Energy Closes Financing and Begins Construction of 100 MW Redfield Solar Facility in Grant County, Arkansas

Treaty Oak Clean Energy, LLC (Treaty Oak), of Austin, Texas, a company that develops, builds, and operates utility-scale solar and battery storage projects, announced the closing of a $123 million financing for its Redfield Solar Project, a 100-megawatt, 1,033-acre solar energy facility in southeastern Grant County, Arkansas. 

The financing, which closed on December 19, 2024, includes a construction-to-term loan, a tax credit bridge loan, and a letter of credit facility. 

“This financing marks a significant milestone in our commitment to driving economic development and energy independence in Arkansas,” Treaty Oak CEO Christopher Elrod said. “The Redfield Solar Project will not only provide clean, renewable energy to the region but also create jobs and dramatically expand the county’s property tax base.” He went on to add, “I want to thank our financing partners, our suppliers, and our vendors for their hard work and partnership in helping us achieve this critical milestone for the Redfield Solar Project.” 

The financing was led by a consortium of lenders, all of whom shared the role of Coordinating Lead Arrangers: Canadian Imperial Bank of Commerce (CIBC) (Bookrunner, Administrative Agent, Collateral Agent, and Hedge Provider), Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) (Bookrunner, Hedge Coordinator, Hedge Provider, and LC Issuer), and 

ING Capital LLC (ING Americas) (Bookrunner, Green Loan Coordinator, Hedge Provider, and LC Issuer). 

“CIBC is thrilled to play a leading role in the Redfield Solar Project financing, supporting Treaty Oak on its inaugural transaction,” said Ines Serrao, Managing Director and Head of U.S. Renewables at CIBC. “This is another demonstration of CIBC’s commitment to helping our clients achieve their growth and sustainability ambitions.” 

“We are pleased to support Treaty Oak on this important financing, which will provide needed energy and capacity to the MISO South region. We look forward to further supporting them as they develop their project pipeline,” said Christopher Bell, Director of the Energy & Infrastructure Group at Crédit Agricole CIB. 

"We're proud of our leadership in this financing for Treaty Oak." said Tanja van der Woude, Managing Director, Energy, ING Americas. "Their long-term perspective and focus on putting communities at the heart of energy transition is a model we believe in." 

Kirkland & Ellis LLP provided legal support for Treaty Oak. Paul Hastings LLP advised the Coordinating Lead Arrangers. 

The Redfield Solar Project is expected to break ground in early 2025 and create approximately 200 jobs during construction. Its total energy output, enough to power approximately 18,000 homes, will be purchased by a single offtaker through a long-term power purchase agreement. The start of commercial operations for the project is targeted for the first half of 2026. Estimated local and state tax revenue generated will exceed $10 million over the life of the project, money that will enhance local roads, schools, and services. 

The facility will feature the Nextracker NX Horizon-XTR terrain-following solar tracker systems with Hail Pro, which enables 75-degree rapid stow capability to help mitigate hail risk. Dashiell Corp. of Houston, a leading national provider of high- and medium-voltage electrical services to the electric utility, power generation, industrial, and renewable energy industries, will provide high-voltage construction services and will build the high-voltage interconnection facilities. 

Primoris Renewable Energy (Primoris) is providing engineering, procurement, and construction (EPC) services for the project. They expect to employ up to 200 people during construction, with positions including heavy equipment operators, solar installers, electricians, and various other labor providers. Upon completion, the Redfield Solar Project will employ two to three full-time technicians for operations and maintenance. 

"Primoris Renewable Energy is proud to be selected to provide EPC services for the Redfield Solar Project and to partner with Treaty Oak Clean Energy in supporting a clean energy transition. We look forward to providing good paying local jobs and providing economic benefits to the local communities during construction of the facility," said Anthony Vorderbruggen, President of Renewables at Primoris. 

Treaty Oak Clean Energy | www.treatyoakcleanenergy.com