Key Equipment Finance Provides $2.4 Million Tax Lease to Boviet Renewable Power for 1.75 (DC) Megawatt Solar Project in Georgia Installed by Joule Energy

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Georgia Power Company to purchase energy from solar facility to serve 2.4 million customers across state

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Sep 11, 2017, 07:00 ET

SUPERIOR, Colo., Sept. 11, 2017 /PRNewswire/ -- Key Equipment Finance, one of the nation's largest bank-held equipment finance companies and an affiliate of KeyCorp (NYSE: KEY), today announced it has provided $2.4 million in financing to Silicon Valley-based Boviet Renewable Power, a renewable energy developing and holding company, for a 1.75 (DC) megawatt solar power generating facility in Gibson, Georgia, built and installed by New Orleans-based Joule Energy, a leading solar provider.

Boviet Renewable Power used sale-leaseback financing for the project, which includes a Power Purchase Agreement and allows monetization of the tax benefits, inclusive of the investment tax credit and depreciation. In this solar tax lease structure, Boviet Renewable Power owns and operates the system and sells the power to Georgia Power Company, an electric utility headquartered in Atlanta that serves 2.4 million customers in all but four of Georgia's 159 counties.

"By using a tax lease solution through Key Equipment Finance, Boviet Renewable Power is contributing to Georgia's clean energy future," said Doug Beebe, vice president of energy finance for Key Equipment Finance's Energy Solutions team, which provides leases tailored to the energy market. "Solar developers benefit from financing solar capital expenditures by preserving cash and credit lines for other uses."

The solar power facility sits on 11 acres and features a 1.75 (DC) megawatt ground single-axis-tracker solar power generating facility that is comprised of high-efficient polycrystalline modules supplied by Boviet Solar Technology Co. Ltd, the sister company of Boviet Renewable Power.

"By partnering with Key Equipment Finance, Boviet Renewable Power is helping Georgia Power use renewable energy to meet the state's power needs for the next 30 years," said Eric Ma, president of Boviet Solar USA and managing director of Boviet Renewable Power. "We are proud to contribute to Georgia's growing clean energy movement by enabling green, lower-cost power for residents."

The system's 30-year lifespan will produce 89,000 megawatt hours (MWh) of solar energy equivalent to reducing 62.56 metric tons of carbon dioxide, planting 14,600 trees or eliminating 96 million miles of driving.

"Joule Energy is proud of our collaboration with Boviet Renewable Power and Key Equipment Finance to make a positive environmental impact," said Robert Schmidt, president of Joule Energy. "These valued partnerships enable us to optimize projects through every stage and progress every day toward a sustainable future."

To learn more about solar financing solutions, visit www.keyequipmentfinance.com/partner/solar_financing.

About Key Equipment Finance
Key Equipment Finance has been in the equipment finance business for 44 years and is one of the largest bank-based equipment finance providers in the U.S. The company provides tailored equipment lease and finance solutions for commercial clients and government entities. Through its manufacturer and vendor alliances unit, equipment finance programs are developed for manufacturers, distributors and resellers.

Key Equipment Finance's specialty finance group includes a specialty finance lending team, which provides structured facilities to various sectors of the specialty finance market, and a lease capital markets team to support corporations looking to optimize risk and revenue. Headquartered outside Denver, Colorado, Key Equipment Finance manages approximately $12 billion in assets and originates more than $4.5 billion of equipment financing annually. For more information, visit http://www.keyequipmentfinance.com.

About KeyCorp
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $135.8 billion at June 30, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

About Boviet Solar USA and Boviet Renewable Power
Headquartered in Silicon Valley, Boviet Solar USA and its project developing subsidiary Boviet Renewable Power are the North American arm of Boviet Solar Technology Co. Ltd., the largest manufacturer of solar cells and panels in Vietnam. A wholly owned subsidiary of Powerway Alloy Materials Co., Boviet Solar USA delivers commercial-grade solar modules, cells, and related products to contractors, integrators, and distributed generation (DG) providers in North America. Boviet Solar USA offers innovative, state-of-the-art technology products developed and manufactured at the company's 530,000 square foot facility in Vietnam, which is designed to produce 700+MW of solar cell and module capacity each year. Boviet Solar USA also delivers solar products where and when they are needed, shipping from six fully stocked warehouses spread strategically across the U.S. with locations at both East and West coast shipping ports. Boviet Renewable Power is providing turnkey solutions to renewable energy market through acquisition, construction and equity financing of utility, C&I solar facilities.

About Joule Energy
Since 2009, Joule Energy has been a leading energy solutions provider, installing over 1,500 solar and LED lighting projects for utility, commercial and residential clients alike. Joule Energy holds a strong position in the Southern solar market, funded by internal cashflow. With a commitment to in-house project staffing, lucrative financing partnerships and continuous data collection, Joule Energy maximizes operating efficiency throughout every stage of a project to deliver the highest energy savings to its customers. To learn more about Joule Energy, visit www.joule-energy.com.