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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.
North Carolina now ranks fourth in the country in terms of installed solar capacity according to the Solar Energy Industries Association. 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.
Reliable and long-term relationships are a key to success in solar industry. The partnerships formed by Strata Solar, Sol System and NCB are examples 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 MW," said Matthew Wright, Senior Vice President, National Cooperative Bank. "We look forward to working with Strata Solar and Sol Systems in the future."
