Greentech Lead Canada: SolarVision, in partnership with
New Energy Capital Cleantech Infrastructure Fund; Q.CELLS North
America; Finance Fund and JPMorgan Chase & Co., has executed
an $18 million transaction using new market tax credits (NMTC) to fund a 5
megawatt utility-scale solar power system in Celina, OH.
SolarVision is one of the largest NMTC developers
for solar power in the country. With the Celina solar power
deal, SolarVision has received a combined total of $23 million in
NMTC.
The NMTC programs are designed to finance business
investments in economically distressed communities nationwide.
This comprehensive deal marks the beginning of an on-going
collaboration on sustainable energy projects throughout the country.
“These types of deals are incredibly intricate and
complex to execute. It was a matter of pulling together and coordinating the
project with the right partners who could help us allocate the people and
resources we needed to successfully complete the Celina solar system project
and adhere to the requirements of the new market tax credits,” Don Saul,
president of SolarVision, said. “A deal of this magnitude requires an extreme
degree of specialized knowledge.”
Two years ago, SolarVision received $5.3
million in NMTC from Finance Fund for five solar energy
projects throughout Ohio. Finance Fund continued its partnership
with SolarVision by securing both state and federal NMTC for the
Celina solar power project, covering the entire transaction.
The Celina solar power project NMTC were monetized by
JPMorgan Chase & Co. The balance of funding was provided by New Energy
Capital, which joined the Celina solar power project as an investor
and enlisted Q.CELLS as an EPC and panel provider. In the end, a bridge
financing loan provided by Q.CELLS brought the deal to a close.
The Celina solar system will provide enough energy to
power approximately 500 homes. With the PV solar array system connected to the
city of Celina’s own electric company, about 8 percent of the city’s annual
energy requirements will be fulfilled by solar energy.