Financing Partnerships Drive North Carolina's Solar Boom Sol Systems, National Cooperative Bank, and Strata Solar Add Another 18MW of Solar: pv-magazine
Strata Solar Plans Three Additional Solar Farms
Strata Solar is gearing up to produce three new solar farms.
The projects, located in Bladen, Duplin and Wilson counties, are receiving capital from Washington, D.C.-based Sol Systems, National Cooperative Bank and Chapel Hill-based Strata Solar.
This partnership completed a $100-million investment for three Strata Solar solar farms in August, in Laurinburg, Clarkton and Spring Hope, totaling 20 megawatts.
Sol Systems manages the investment, Strata Solar develops the project and National Cooperative Bank lends the money. The partnership has not disclosed how much it has invested in the project.
“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,” says 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.”
“North Carolina is a robust market for tax structured investments, which have been instrumental in stimulating the state's solar growth,” says 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.”
Sol Systems has $500 million in assets under management as of October, and has facilitated 171 megawatts of solar power in various projects.
“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,” says Matthew Wright, senior vice president of National Cooperative Bank. “We look forward to working with Strata Solar and Sol Systems in the future.”
According to the 2013 Solar Jobs Census, North Carolina solar projects have created 3,100 jobs.
Read: N.C.'s solar energy grew 127 percent in 3 years
Correction
An earlier version of this story incorrectly named Duke Energy as the company building the solar farms
