Financing Partnerships Drive North Carolina's Solar Boom Sol Systems, National Cooperative Bank, and Strata Solar Add Another 18MW of Solar: pv-magazine
Financing Partnerships Drive North Carolina's Solar Boom Sol Systems, National Cooperative Bank, and Strata Solar Add Another 18MW of Solar
Sol Systems, Strata Solar, and NCB add another 18MW of clean, solar energy to North Carolina.
Dragstrip Farm, Hickory, NC
Three new utility-scale solar farms have been added to North Carolina's energy mix, propelled by a partnership between Washington, D.C.-based solar investment and financing firm Sol Systems, National Cooperative Bank, and Strata Solar. The projects are located on rural farmland in Erwin, Efland, and Hickory and total 18MW of solar capacity which equals the reduction of automobile travel by approximately 24 million miles.
This second deployment for the partners follows on the heels of another 18.2 MW earlier this year. Sol Systems managed the investment on behalf of an international bank as part of the firm's tax equity initiative to produce secure, sustainable solar investments for banks, insurance companies, utilities, and Fortune 100 clients. Strata Solar developed the project opportunities provided EPC services, and National Cooperative Bank served as the lender in the transactions.
“North Carolina is a robust market for tax structured investments, which have been instrumental in stimulating the state's solar growth,” said Dan Yonkin, Director of Tax Equity at Sol Systems. “Equally, in an industry where long-term relationships are essential for keeping transaction costs low, we are vigilant in working with such esteemed partners.”
“Reliable, long-term relationships are a key component of success in this industry. Strata Solar chooses partners that are credible and allow us to move our business forward with confidence,” said David Scoglio, CFO of Strata Solar. “Sol Systems and NCB are fine examples of some of the partnerships that help us continue to create great opportunities for business development and investment.”
“The solar industry in the United States is booming, and National Cooperative Bank has been committed to supporting this important sector since 2008, having financed over $300 million and 250 Megawatts,” said Matthew Wright, Senior Vice President, National Cooperative Bank. “We look forward to working with Strata Solar and Sol Systems in the future.”
North Carolina now ranks fourth in the country in terms of installed solar capacity according to the Solar Energy Industries Association. The 2013 Solar Jobs Census counted 3,100 solar jobs in the Tar Heel State, which will likely be even higher for 2014.
The three new arrays will displace about 15 000 tons of carbon dioxide each year, about the same as providing electricity for over 1800 homes for one year.