CHAPEL HILL, N.C., July 14, 2015 /PRNewswire/ -- Eight utility-scale solar farms are being added to North Carolina's energy mix. The portfolio totaling 67.3MW equals a reduction of carbon emissions for 7,946,325 million gallons of gasoline consumed. It brings the total North Carolina solar projects to 103.5MW for the partnership between Sol Systems, National Cooperative Bank, and Strata Solar.
"North Carolina has been an especially attractive market for tax equity investors in the solar asset class," commented Dan Yonkin, Tax Equity Director with Sol Systems. "They've been a driving force of growth making the Tar Heel state a national leader in skyrocketing the solar energy market."
North Carolina rose to the 2nd highest state for solar PV installation capacity with 397MW installed in 2014 (2nd only to California). The state has 1,011MW of solar energy currently installed, ranking the state 4th in installed solar capacity, and #11 in solar jobs per capita nationwide, with 5,600 solar workers.
The portfolio is comprised of solar farms in eight communities across North Carolina: Godwin, Grover, Lumber Bridge, Maxton, Oakboro, Roseboro, Salisbury and West End.
"Strata Solar has succeeded through diligent work and by executing on a proven strategy. Having the right partners is an important part of that strategy." said Markus Wilhelm, Co-founder and CEO of Strata Solar.
This marks the fourth time Sol Systems, National Cooperative Bank, and Strata Solar teamed up. All sites in the portfolio should be fully operational in July and August, and will generate enough clean energy to provide electricity for 9,714 homes for one year.
"National Cooperative Bank has had a great track record of financing solar projects in North Carolina", stated Matthew Wright, Senior Vice President. "To date, NCB has funded 266MW consisting of 44 projects/term loans totaling $126 million and 14 bridge loans totaling $51 million in North Carolina alone. Our collaboration with Strata Solar and Sol Systems has been very positive, and we look forward to working together on future transactions."
Sol Systems is on track to deploy over $200 million into the solar asset class, to finance at least 150MW of commercial and utility-scale projects across several states in 2015.
About Sol Systems
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for 262MW of distributed generation solar projects on behalf of Fortune 100 corporations, insurance companies, utilities, banks, family offices, and individuals. Sol Systems provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers. The company's tailored financial services range from tax structured investments and project acquisition, to debt financing and SREC portfolio management. For more information, please visit www.solsystems.com.
About Strata Solar, LLC.
Strata Solar is a national leader of utility-scale solar energy systems and installations. Strata's unique, low impact, standardized approach to solar farm creation is supported through its vertical divisions which offer complete turnkey services for the design, construction and installation of utility and commercial photovoltaic systems. Strata also offers a full array of development, engineering, procurement, construction, operation and maintenance services to companies interested in clean renewable energy. Strata is headquartered in Chapel Hill, N.C., with an expansive O&M facility nearby. For more information, please visit www.StrataSolar.com.
About National Cooperative Bank
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.
SOURCE Sol Systems