Climate United Announces First Investment in Scenic Hill Solar’s Groundbreaking Project with University of Arkansas System
October 1, 2024
New deal paves way for the largest Commercial and Industrial solar project in Arkansas history, reducing energy bills, supporting local economic development & investing in rural America
BETHESDA, Md. – Today, Climate United announced $31.8 million in pre-construction financing to support Scenic Hill Solar’s groundbreaking solar project benefiting the entire University of Arkansas (UA) System. This marks Climate United’s first investment from the $6.97 billion it received from the Environmental Protection Agency’s National Clean Investment Fund, and will facilitate the construction of the fourth-largest university deployment of renewable energy in the United States.
Climate United Fund, the prime grant recipient for the Climate United coalition and lender for this project, is financing pre-construction costs for Scenic Hill Solar to build 18 solar projects in 13 utility service territories, representing the largest Commercial & Industrial solar deployment in Arkansas history — three times larger than any previous C&I solar project. The project will directly benefit all UA students and staff while creating millions of dollars of economic benefits for local communities. The majority of the project’s solar power plants will be built in rural areas, strengthening local economies and creating good jobs in small towns across Arkansas.
“Our partnership with Scenic Hill Solar represents Climate United’s commitment to investing in communities across the country— including throughout rural America,” said Beth Bafford, CEO of Climate United. “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.”
The economic and environmental impacts of the project will be felt across Arkansas in multiple ways.
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 over 4 billion kWh of clean electricity during the 40-year life of the solar power plants. The environmental benefits of this solar electricity generation are 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. “The investment from Climate United is filling a national gap in financing mechanisms and thereby enhancing this project which benefits all Arkansans. We look forward to future opportunities with Climate United to accelerate deployment of solar power and batteries, power the Arkansas economy, enhance national security, and strengthen American manufacturing.”
The project will be built with solar technology components made in America by American workers thanks to Scenic Hill Solar’s commitment to supporting U.S. manufacturing through their “American Made, Arkansas Built™ initiative. This initiative increases American energy independence, strengthens the United States supply chain, positions Arkansas as a leader in the global solar industry, and offers Scenic Hill Solar power plants as locations for first deployments of new American products and technologies.
“The UA System is proud to be a leader in the clean energy transition and help reduce air pollution across the state,” said Dr. Donald R. Bobbitt, president of the UA System. “Through this partnership with Scenic Hill and Climate United, the premiere university system in Arkansas is significantly reducing energy costs, of which the savings will help us to continue to deliver world-class education to students and make larger impacts overall on our campuses, divisions and units.”
As a lender dedicated to investing in clean energy projects, Climate United helped Scenic Hill overcome traditional lending barriers to provide financing tailored to this specific project. This partnership demonstrates the enormous potential for small businesses, universities, and community partners across the country to collaboratively develop and support clean energy projects that meet unique local needs. Together, we can build an inclusive green economy that reduces energy costs, creates good green jobs, and improves public health for all Americans.
About Climate United
Climate United is a national nonprofit coalition leveraging $6.97 billion from the U.S. Environmental Protection Agency’s National Clean Investment Fund program to invest in green solutions and remove financial barriers to clean technologies so every American benefits from good-paying jobs, lower energy bills, and better public health. Formed by Calvert Impact, Community Preservation Corporation, and Self-Help, the coalition brings decades of experience in impact investing to increase environmental sustainability and unlock new, lasting economic opportunities in low-income and disadvantaged communities. Learn more at ClimateUnited.org.
About Scenic Hill Solar
Scenic Hill Solar is the largest Arkansas-headquartered solar power developer and the 5th largest commercial and industrial solar developer in the U.S., according to Solar Power World. Scenic Hill Solar provides commercial, industrial, government, and municipal utility clients with clean electricity, reduced energy prices, and long-term electricity price certainty by developing client-specific solar energy plants. Scenic Hill Solar provides clients either lower priced electricity under contract or turnkey delivery of solar power plants, depending on clients' specific needs. Scenic Hill Solar is headquartered in Little Rock, Arkansas. www.ScenicHillSolar.com
About University of Arkansas System
Since its inception, the University of Arkansas System has developed a tradition of excellence that includes the state’s 1871 flagship, land-grant research university; Arkansas’s premier institution for medical education, treatment and research; a major metropolitan university; an 1890 land-grant university; two regional universities serving southern and western Arkansas; seven community colleges; two schools of law; a presidential school; a residential math and science high school; and a 100 percent-online university and divisions of agriculture, archeology and criminal justice. As the premier higher education system in the state, it enrolls more than 70,000 students, employs more than 17,000, and has a total budget of more than $4 billion. An intrinsic part of the texture and fabric of Arkansas, the UA System is a driving force in the state’s economic, educational and cultural advancement.
Media Contacts
Brooke Durham |
Climate United, Director of Communications |
(404) 840 4170 |
bdurham@climateunited.org
Bud Jackson |
Scenic Hill Solar |
(617) 308-4261 |
Bud@JacksonGroupMedia.com
Nate Hinkel |
UA System, Director of Communications |
(501) 707-8050 |
nhinkel@uasys.edu
This project has been funded wholly or in part by the United States Environmental Protection Agency under assistance agreement 84094001 to Climate United Fund. The contents of this document do not necessarily reflect the views and policies of the Environmental Protection Agency, nor does the EPA endorse trade names or recommend the use of commercial products mentioned in this document.
