Qcells closes on its largest project with KeyBanc Capital Markets

Irvine, United States, April 7th, 2022 –

Qcells USA Corp. (Qcells USA) announced its recent closing of a financing package for its Coniglio Solar Project located in Fannin County, Texas.
The Coniglio project comprises nearly 405,000 solar modules, supplied by their affiliate, Qcells North America. The solar facility will be the largest project in Qcells USA’s operating portfolio to date in the U.S., with a rated capacity of 168 MWp.

KeyBanc Capital Markets (“KCBM”) served as the lead arranger for the $29 Million bank loan and letter of credit facility for this 168 MWp project. KeyBank National Association also acted as the Collateral Agent and Administrative Agent. This closing follows the successful tax equity financing and commercial operations in 2021.

Reaching financial close with KCBM highlights Qcells USA’s success as a vertically integrated solar development, EPC, and IPP team. Rich Chung, Head of Project Finance at Qcells USA said,
“We are very pleased to close financing for Coniglio and to establish a new relationship with a leading bank in our field. This debt financing highlights the appeal of our renewable energy growth strategy in the United States and Qcells USA’s strength as a sponsor, especially as we aggressively expand our pipeline geographically and into new technologies like battery storage.”

“As a part of our continuing support for renewable energy, we are pleased to serve as Lead Arranger and to provide capital for the Coniglio Solar Project,” said Tyler Nielsen, Director, Utilities Power & Renewables at KeyBanc Capital Markets. “This represents our first financing with Qcells, and we look forward to continuing the relationship to deploy new technologies and energy solutions.”

Qcells USA is the leading vertically integrated company in the solar industry. Combining solar & energy storage development, EPC, IPP, and solar modules in a growing pipeline throughout the U.S.

About Qcells USA
Qcells USA Corp. develops, invests, and delivers photovoltaic (PV) and energy storage system (ESS) projects through Development and Engineering, Procurement, and Construction (EPC) solutions in North America. The company brings a decade of global leadership in solar PV to deliver utility-scale power generation plants customized for local and regional energy markets.

It is an affiliate of Qcells Co., Ltd., one of the world’s largest and most recognized photovoltaic manufacturers for its high-performance, high-quality solar modules. It is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ). QCELLS USA is a flagship company of Hanwha Group, a FORTUNE Global 500 firm, and a Top 7 business enterprise in South Korea. Qcells USA offers the full spectrum of PV solutions from the core technology of modules to utility-scale project development and investment. For more information, visit www.QcellsUSA.com and on LinkedIn.

Safe-Harbor Statement
This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and Qcells’ operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, QCELLS does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: Qcells USA Corp.,
Media Representative
E-mail: nick.centera@qcells.com
Phone: 619-750-5712