A large-scale solar project serving the University of Arkansas system will be the first to receive financing under EPA’s flagship Inflation Reduction Act green lending program.
The $31.8 million loan will help a Little Rock-based solar power developer build 18 solar projects in rural Arkansas to power the university system’s 17 campuses. The money will come from Climate United, a Maryland-based nonprofit coalition that landed the largest award under an IRA program to supercharge “green banking.”
The Arkansas loan will support preconstruction activities such as land acquisition, deposits on equipment and as much as $8 million in interconnection costs for 13 utilities. It’s a small piece of a broader effort under the Inflation Reduction Act — the Biden administration’s signature climate law — to boost clean energy projects across the country.
“This project that’s being built with Scenic Hill Solar for the University of Arkansas is estimated to reduce 2.8 million metric tons of carbon emissions over its contract,” said Beth Bafford, CEO of Climate United. “So, really looking for significant environmental benefits.”
