Argand Energy and Trina Solar bring 453 kW Solar Project to Completion in Wake County without the SunSense Incentive
CHANGZHOU, China and CHARLOTTE, N.C., Oct. 17, 2013 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or "the Company"), a global leader in photovoltaic modules, solutions and services, and Argand Energy announced today the completion of a 453 kW solar PV system on the rooftop of Exhibit Resources in Raleigh. This project, commissioned in July, is one of the few third-party owned commercial rooftop projects completed in North Carolina without the SunSense incentive.
Argand Energy led the development and financing efforts for this project overcoming two significant obstacles. The first was securing an investor to take advantage of the 35% state tax credit offered by North Carolina. N.C. state tax credit investors are scarce and those that can monetize the credit typically prefer to deal with larger projects to keep transaction costs down. Argand was able to tap into its extensive network of financing partners to bring in a high net worth individual willing to come into a deal of this size. The second obstacle involved overcoming the loss of the SunSense incentive when the program was cancelled late in 2012 by Duke Energy.
"The loss of the SunSense incentive changed the project economics," said Rob Lease, VP of Sales at Argand Energy. "But we had a dedicated team and a committed host site and wanted to see the project come to fruition. We worked closely with our development team, our financier, and our partners at Trina Solar to rework the numbers. With some creativity, we were able to make the project pencil for all sides."
As host of the solar energy system, Exhibit Resources benefits from an annual payment from the financier for leasing the roof space. In addition, the company can choose to purchase the system at the end of the 20 year term if they would like. Until then, the electricity generated from the project will be sold to Duke Energy.
"We are proud to be hosting this solar project," said Lana Calloway, CEO of Exhibit Resources. "Our company has always been committed to sustainability and this project furthers our commitment to investing in a cleaner North Carolina and also provides an educational opportunity for our customers. The Argand team was extremely helpful throughout the process."
"This project demonstrates the importance of working with stable, trusted partners," said Mark Mendenhall, President of Trina Solar Americas. "High-quality Trina Solar panels sit atop the Exhibit Resources roof because the partners involved understand the solar industry and have the resources to bring projects to a successful completion."
About Trina Solar
Trina Solar Limited (NYSE: TSL) is a global leader in photovoltaic modules, solutions and services. Founded in 1997 as a PV system integrator, Trina Solar today drives smart energy together with installers, distributors, utilities and developers worldwide. The company's industry-shaping position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
About Argand Energy
Argand Energy Solutions is a full service solar development and finance firm that provides cost-effective, quality, and innovative solar energy services to a variety of entities including commercial, government, educational, and residential customers as well as financiers. Our solutions are tailored to client needs and include project development, financing, system design, installation, and on-going maintenance and support. Since 1999, Argand has pioneered the development of over 200 solar photovoltaic solar projects across the East Coast. For more information, please visit www.argandenergy.com.
About Exhibit Resources
Exhibit Resources is a woman-owned, full-service exhibit design and production agency in Raleigh, NC. For over twenty years, Exhibit Resources has provided branded environments including custom trade show exhibits, modular and portable display systems, rental options, high-end corporate interiors and retail kiosks that exceed global and domestic clients' expectations. Exhibit Resources has exceeded client expectations globally while becoming a stakeholder in the success of their clients' marketing objectives by specializing in flawless customer service, award-winning designs and exceptional trade show program management. For more information, please visit http://www.exhibitresources.com.
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Trina Solar Limited
SOURCE Trina Solar Limited