Advantage Capital, a prominent impact investment firm, is investing $137 million in Sabanci Renewables. The funding will support the completion of the Oriana Solar Project, a 232 MWdc utility-scale solar facility currently under construction in Victoria County, Texas.
Advantage Capital Secures Final Funding for Sabanci Renewables
Advantage Capital’s investment, which utilizes Investment Tax Credits (ITCs) from the Inflation Reduction Act, provides the final funding Sabanci Renewables needs to complete the project. This marks the second tax equity financing deal between the two companies in Texas within the past year, bringing the total energy capacity of Sabanci Renewables’ projects under the Electric Reliability Council of Texas (ERCOT) to over 500 MWdc.
“We are pleased to expand our partnership with Sabanci Renewables to help expand the power grid in Texas through another utility-scale solar project. Oriana will have a profound impact on the Gulf Coast region by increasing the clean power supply to critical energy load centers, and Victoria County will also benefit from new job creation for local workers,” said Tom Bitting, Managing Director at Advantage Capital.
This latest financing follows a USD 185 million tax equity investment in Sabanci’s 272-MW DC Cutlass Solar II project late last year. That project was completed ahead of schedule and went online in May.
Oriana Solar Project to Power 65,000 Homes
The Oriana Solar Project is scheduled to begin operating in Spring 2025 and will feature 425,000 solar modules spread across 1,100 acres—an area comparable to over 800 football fields. The facility is expected to generate sustainable electricity for approximately 65,000 homes. It will also create more than 300 jobs during construction and 10 permanent positions for local employees once operational.
Oriana Solar Project (Image: Collected)
“We are thrilled to reach another key milestone in our renewable energy journey in the United States with the Oriana Solar Project. This project highlights our strong commitment to accelerating the clean energy transition not only in Texas but throughout the U.S. while contributing to the economic growth of local communities. Our ongoing partnership with Advantage Capital plays a pivotal role in realizing our goal of delivering sustainable and dependable energy to numerous households and enterprises. Together, we are confidently building a brighter and more sustainable future,” said Tolga Kaan Doğancıoğlu, CEO of Sabanci Renewables.
A Shared Commitment to Renewable Energy
Advantage Capital partners with renewable energy developers to enhance community access to clean energy and boost local economies by offering tax-advantaged financing for impactful renewable energy projects nationwide. In recent years, the company has funded over 100 non-residential projects—including commercial, industrial, community solar, and utility-scale—and more than 10,000 residential rooftop systems across the U.S. and its territories.
Since its founding in 1992, Advantage Capital has invested over $4.2 billion in various industries, helping to create more than 70,000 jobs.
Sabanci Renewables is a fully owned subsidiary of Sabanci Holding, a prominent Turkish conglomerate established in 1967. Sabanci Holding operates across multiple sectors, including energy, banking, financial services, industrials, building materials, digital, and retail, through its subsidiaries and affiliates. In the energy sector, Sabanci has built a strong reputation for developing and managing energy projects and currently oversees a diverse power plant portfolio exceeding 4 GW in Turkey.
Sabanci Renewables is working to build a 3 GW renewable energy portfolio by 2029, focusing on utility-scale solar and onshore wind projects across the U.S. With its Cutlass II and Oriana Solar projects, the company now has 500 MW of capacity either in operation or under construction.