NEW YORK, July 7, 2016 /PRNewswire/ -- Open Energy, an innovative provider of debt financing solutions for commercial solar projects, has announced the closing of a loan totaling $1.6 million to an affiliate of EnterSolar, a leading provider of solar photovoltaic solutions to the commercial marketplace. The loan provides project financing for an offsite, ground mount solar installation that will offset up to 75 percent of the power usage of 17 Stewart's Shops convenience stores throughout upstate New York.
The project benefits from remote net metering, enabled by New York State's Public Service Commission, will allow the electricity generated by the project to be sent to the grid in exchange for credits that will offset the electric bills of the Stewart's Shops locations. The solar power that will be produced is estimated to be the equivalent of taking 241 cars off the road, or powering 306 homes for one year.
"New York is a particularly exciting market for us," said Graham Smith, CEO of Open Energy. "The Northeast is poised for a boom in commercial solar as the market conditions – between state incentives, existing high electricity prices and available rooftop spaces – are just right. This project with EnterSolar is just one example of the high-quality projects we can complete right in our backyard."
"In a sector in which it has been notoriously difficult to obtain financing, Open Energy steps in and provides much-needed debt solutions with unparalleled customer service," said Peyton Boswell, managing director at EnterSolar. "Increasing access to capital not only allows all entities to finance this project, but also frees up capital to pursue other initiatives, and enable overall renewable energy growth."
About Open Energy
Open Energy provides innovative financing solutions to support the growth of US commercial and industrial solar energy infrastructure. Open Energy's financing approach and borrower platform utilizes an innovative, technology-driven underwriting process. For borrowers, Open Energy offers increased access to capital and a streamlined time- and cost-efficient loan application process. For institutional and accredited investors, the strict risk methodology offered through Open Energy's proprietary online platform delivers quality project secured debt with strong risk-adjusted returns. For more information about Open Energy and its debt financing solutions, please visit www.openenergygroup.com.
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SOURCE Open Energy