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Being financed by Sol Systems, Cornell University’s Snyder Road Solar Farm, consisting of a 2MW array, was completely installed. The capital sources for the transaction included sponsor equity from Building Energy Holding USA and a tax equity investment managed by Sol Systems.
High transaction costs associated with relatively smaller project opportunities pose a significant hurdle for middle market solar projects. This transaction marks Sol Systems’ ongoing initiative to bring new sources of tax equity to the solar asset class and streamline financing to grow this sector.
“This is the second transaction we have financed with Building Energy, and the history of our partnership allowed for efficiency and a streamlined financing process,” said Yuri Horwitz, CEO of Sol Systems.
Building Energy was the developer and sponsor of the 6,778 panels that total 2.067 MW (DC) or 1.76 MW (AC), and will produce 2,388,357 kWh in year one. This is equal to reducing annual greenhouse gas emissions from 347 passenger vehicles, or offsetting CO2 emissions from electricity use from 277 homes for one year.
“We are proud to work in partnership with Sol Systems to secure the tax equity investment for the Cornell University’s Snyder Road Solar Farm,” said Building Energy Managing Director Andrea Braccialarghe. “This project is the second investment into the mid-sized commercial solar market, we have managed together in this country in order to help customers, like Cornell, to find environmentally attractive solutions and align with their carbon reduction goals.”