Scenic Hill’s Statewide UA System Project Lands $31.8M Loan In a US First
Summary
Its great to be first in the nation, Scenic Hill Solar CEO Bill Halter said after landing $31.8 million in financing for a network of solar plants that will power the entire University of Arkansas System.This morning, Climate United of Bethesda, Maryland, announced the pre-construction loan for what Halter called a groundbreaking project that will benefit the entire state. And the funding represents Climate Uniteds first investment from the $6.97 billion it received from the U.S. Environmental Protection Agencys National Clean Investment Fund.Climate United is the first green bank, as they are called, to get a loan out, and Scenic Hill was the recipient of that first loan, Halter said.The 18 arrays will be in 13 different utility service areas, including Entergy Arkansas, SWEPCO, OG&E, municipal utilities in North Little Rock and Hope, and several electric cooperatives.The arrays qualify as legacy projects under the net-metering policy that faced a Sept. 30 deadline. Likewise, the Fayetteville campus is served by SWEPCO, whereas Pulaski Tech and UALR are served by Entergy.The project covers all of the campuses of the University of Arkansas System across the state.Our partnership with Scenic Hill Solar represents Climate Uniteds commitment to investing in communities across the country, including throughout rural America, Beth Stafford, Climate Uniteds CEO, said in a statement. We are proud to finance this landmark clean energy project that will generate cost savings that benefit students, stimulate local economic development and position Arkansas as a leader in our clean energy future.Halter said the project will use equipment from American manufacturers and will provide more than $120 million in direct economic development across all the state. He said the partnership with Scenic Hill and Climate United will help the premiere university system in Arkansas significantly reduce its energy costs, with the savings helping the system to continue to deliver world-class education to students and make larger impacts overall on our campuses, divisions and units.Solar tech components built by American workers will go into the arrays, representing Scenic Hills commitment to an initiative called the American Made, Arkansas Built initiative.