MMA Energy Capital, a subsidiary of MMA Capital Management, announced it has closed a $55 million financing facility with Conergy to be used for the construction of its 36 MW North Carolina solar portfolio.
The funds come from the collaboration between MMA Energy Capital and its joint venture firm Fundamental Advisors.
This financing supports Conergy in constructing the first set of assets it will hold under its new strategy to become a solar independent power producer (IPP).
As part of this effort, Conergy also announced the appointment of Yann Brandt as Head, Americas
Conergy will build, own and operate this portfolio of seven projects and sell the power to Duke Energy Carolinas under a 15-year power purchase agreement (PPA).
Conergy began construction of the seven solar projects in September.
The company plans to meet requirements to receive the North Carolina state solar tax credit this quarter and the projects will be placed in service in early 2016.
Rajani Baburajan
editor@greentechlead.com