Sol Systems Arranges Financing for 5 MW NMTC Solar Project in Ohio
WASHINGTON, Aug. 30, 2012 /PRNewswire/ -- Sol Systems successfully closed an $18 million transaction through its financing arm, SolMarket. Sol Systems worked with its investor partner, New Energy Capital, to originate and diligence the unique investment opportunity - a 5 MW deal utilizing New Market Tax Credits (NMTCs) and developed by SolarVision. The project, located in Celina, Ohio, will be commissioned in December 2012.
Sol Systems' team was critical in identifying the transaction for New Energy Capital and for securing an investor on behalf of SolarVision that was willing to structure and fund a complex solar transaction that utilizes sponsor equity, solar renewable energy credits (SRECs), the federal investment tax credit, and NMTCs.
"Solar project financing remains a complex, time-intensive process with significant transaction costs," noted Yuri Horwitz, CEO of Sol Systems. "The Celina project clearly demonstrates that resourceful deal structuring creates value, and relationships like those we facilitate through SolMarket matter. We are proud to work with such strong partners on the development and finance side and we think this is an excellent example of the value our team brings to the solar community."
Since launching SolMarket, the Sol Systems' team has sourced over 250 solar projects located across the country, in Canada, and the Caribbean. The team carefully reviews and verifies each of the projects to seek out the strongest investment opportunities on behalf of its investor partners. To date, Sol Systems has been involved with underwriting and securing capital for sponsor equity investments, tax equity investments, NMTCs, SREC equity investments and fund structures. In addition to the Celina deal, over 20 MW of projects on SolMarket have been successfully financed.
About Sol Systems:
Sol Systems is a solar finance firm and a leader in financial innovation in the renewable energy industry. Since its inception in 2008, Sol Systems has partnered with 350 installers and developers to bring over 3,000 solar projects from conception to completion by offering innovative financing solutions for residential, commercial, and utility-scale projects.
Sol Systems' financing programs catalyze investments for a broad set of solar projects by simplifying their origination, diligence, and financing processes. Developers seeking financing for projects can access over $2.5 billion in capital through the Sol Systems investor network.
About New Energy Capital
New Energy Capital Cleantech Infrastructure Fund invests in, owns and operates renewable energy, energy efficiency, waste recycling and distributing generation projects. The Fund is managed by New Energy Capital Partners, in Hanover, New Hampshire, and partners with the Cleantech Alliance Fund, which is managed by North Sky Capital in Minneapolis, MN. www.newenergycapital.com.
About SolarVision, LLC
A leader and pioneer in advancing solar power and renewable energy, SolarVision, LLC, develops cost-effective solutions for solar power systems that provide an immediate economic benefit. SolarVision has mastered the coordination of complex deals involving energy tax credits to provide affordable solar energy solutions that have a sustainable impact on community development. www.solarvisionllc.net.
SOURCE Sol Systems