Monday, August 27, 2012
COLUMBUS, Ohio--(BUSINESS WIRE)--SolarVision, LLC, a solar energy provider and developer, has successfully executed an $18 million transaction using new market tax credits (NMTC) to fund a 5 megawatt utility-scale solar power system in Celina, OH. The deal, which took 18 months to culminate, was formed out of a comprehensive partnership including SolarVision; New Energy Capital Cleantech Infrastructure Fund; Q.CELLS North America; Finance Fund and JPMorgan Chase & Co.
“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.”
The NMTC program helps finance business investments in economically distressed communities nationwide. 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.
Two years ago, SolarVision received $5.3 million in NMTC from Finance Fund for five solar energy projects throughout Ohio that SolarVision successfully completed on time and on budget. 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 deal between these organizations marks the beginning of an on-going collaboration on sustainable energy projects throughout the country. 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.