Scenic Hill taps $31.8 million in financing for UA System solar project
Little Rock-based Scenic Hill Solar has secured $31.8 million in financing from Climate United to support a more than $100 million solar power project for the University of Arkansas System. The project was first announced in May 2023.
The financing is the first from Bethesda, Md.-based Climate United from its $6.97 billion received from the U.S. Environmental Protection Agency’s (EPA) National Clean Investment Fund. According to Climate United, the UA System solar construction will be the fourth-largest university deployment of renewable energy in the United States. The project will build 18 solar facility in 13 utility service areas. The majority of the project’s solar power plants will be built in rural areas.
“Our partnership with Scenic Hill Solar represents Climate United’s commitment to investing in
communities across the country— including throughout rural America,” Beth Bafford, CEO of Climate United, noted 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.”
Following are estimated benefits of the project, according to Climate United.
• The UA System is expected to save over $120 million in energy costs over the next 25 years, directly benefiting over 70,000 students and 17,000 employees across multiple campuses.
• The construction of 18 solar power plants will provide over $120 million of direct economic
development in every region of Arkansas and employ hundreds of electricians, civil contractors, and construction workers.
• In tandem, the UA System has launched educational and workforce development initiatives in renewable energy construction and electric vehicle (EV) repair to expose students to these growing sectors.
• The project will generate more than 4 billion kWh of clean electricity during the 40-year life of the solar power plants. The environmental benefits of this solar electricity generation will be the equivalent of over 7 billion fewer passenger car miles or the planting of 46 million trees
“This is a historic moment for solar power development in Arkansas, the Natural State. The partnership with Climate United is helping our company build the most ambitious and complex solar power development in Arkansas history. It’s a great day for Arkansans,” said Bill Halter, CEO of Scenic Hill Solar.