Sol Systems continues its success in financing mid-market commercial solar projects, and recently secured an investor for a 500 kW North Carolina project in a matter of weeks. The system, located in Clayton, North Carolina was funded through a larger multi-megawatt portfolio.
Single-site solar projects in the 250 kW – 1 MW size range typically face financing difficulties due to high transaction costs. Projects in North Carolina are especially challenging because the 35% tax credit is a critical piece of the financing, yet there is limited demand for North Carolina state tax credits. Sol Systems’ unique approach of working hand-in-hand with a diverse group of investor clients provided significant advantages to ensuring a financing solution for Blue Green.
The transaction marks another success story for Sol Systems’ initiative to provide innovative financing solutions for distributed generation projects, specifically in the commercial sector. The middle market has tremendous potential, but is limited by financing options. In the past three months alone the Sol Systems team has arranged financing for 10 projects ranging from 225 kW to 1.2 MW in size. To date, Sol Systems has successfully facilitated financing for approximately 55 MW in solar energy projects throughout the United States, and plans to arrange over $100 million in solar project development in 2013.