October 3, 2024

Advantage Capital Invests $137M in Oriana Solar Project

Advantage Capital, a prominent impact investment firm has announced a $137 million investment in Sabanci Renewables. This funding will support the completion of the Oriana Solar Project, a 232 MWdc utility-scale solar facility under construction in Victoria County, Texas.

Advantage Capital Secures Final Funding for Sabanci Renewables


Advantage Capital's investment—utilizing Investment Tax Credits (ITCs) from the Inflation Reduction Act—will supply the final funding needed by Sabanci Renewables to complete the project's construction. This marks the second tax equity financing deal between Advantage Capital and Sabanci Renewables in Texas within the past year, boosting 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 support building out 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 centres and Victoria County will reap the added benefit of new job creation for local workers.” said Tom Bitting, Managing Director at Advantage Capital.

This marks the second tax equity financing in Texas between Advantage Capital and Sabanci Renewables, following 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 set to begin operations in Spring 2025 and will feature 425,000 solar modules spread across 1,100 acres—comparable to over 800 football fields. This project is expected to generate sustainable electricity for approximately 65,000 homes in the area. Additionally, it will create more than 300 jobs during the construction phase and 10 permanent positions for local employees once operational.

“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.

Partnerships’ Commitment to Renewable Energy


Advantage Capital partners with renewable energy developers to enhance community access to clean energy and boost local economies, 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—along with 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 aims to build a 3 GW renewable energy portfolio, focused on utility-scale solar and onshore wind projects across the U.S., by 2029. With its Cutlass II and Oriana Solar projects, Sabanci Renewables currently owns 500 MW of capacity either operational or under construction.


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