First Citizens Bank is leading the charge during an active news financing week. Several projects received funding and a significant solar portfolio acquisition rounds out this edition of the issue Spotlight for solar financing.
Kicking things off, the First Citizens Bank for energy financing division helps finance two Top clean energy battery energy storage projects in Texas. The bank served as sole bookrunner and co-lead arranger for financings totaling more than $150 million.
One project, Great Kiskadee Storage, is a 100 MW / 200 MWh battery energy storage system (BESS) owned by SA Grid Solutions – a joint venture of Apex, SK Gas and SK Eternix – and under construction in Hidalgo County, Texas. The other, Angelo Storage, is a 100 MW/200 MWh BESS project under construction in Tom Green County, Texas.
Both are expected to be commercially operational in the third quarter of 2024. Bank United also served as co-lead arranger for the financing.
Founded in 2009 and headquartered in Charlottesville, Virginia, Apex Clean Energy focuses on the origination, construction and operation of large-scale wind, solar and battery storage projects, distributed energy resources and green fuel technologies.
“Battery storage is critical to building a more resilient grid and improving the reliability and cost-effectiveness of renewable energy, ultimately enabling our mission to accelerate the shift to clean energy,” said Ken Young, CEO of Apex Clean Energy.
Catalyze has secured $100 million in financing NY Green Banka department of the New York State Energy Research and Development Authority (NYSERDA)supporting a 79 MW portfolio of community distributed generation (CDG) solar projects throughout New York.
The transaction advances NY Green Bank’s commitment to a just energy transition by requiring that a significant percentage of solar project subscribers benefit underserved communities. The deal will advance the state’s goal of installing 6 GW of distributed solar by 2025, on a path to 10 GW by 2030.
“We are excited to leverage our extensive community solar expertise to ensure the success of NY Green Bank’s term loan to support a community distributed generation portfolio (CDG),” said Jared Haines, CEO of Catalyze. “CDG is one of the most effective ways to make solar energy more accessible to low- to moderate-income communities, and we look forward to how this partnership will support both the goals of NY Green Bank and New York State.”
This loan continues Catalyze’s growing presence in New York, after recently announcing projects entering service Lancaster And Amherst. The company leverages its proprietary technology suite to bring innovative solar development practices to the region.
“As our first term loan utilizing a sale-leaseback structure for a CDG portfolio, coupled with a minimum 65% subscriber engagement serving historically underserved communities, this transaction underscores NY Green Bank’s unique ability to deliver innovative financing solutions that support the fair distribution of clean raw materials. energy,” said Andrew Kessler, president of NY Green Bank.
Aspen power is partnering with a developer to acquire 20 community solar projects up to 19 MW, primarily in Illinois. The portfolio consists of projects in various phases, including projects that are already under construction and will be put into use this year.
“Expanding Aspen’s geographic portfolio plays an important role in advancing decarbonization and increasing access to green energy in new communities,” said Dan Gulick, senior VP of community solar at Aspen Power.
Community solar has expanded in Illinois in recent years under the Climate and Equitable Jobs Act (CEJA). CEJA includes strategies to make solar energy more accessible to low- and moderate-income communities. The acquisition of Aspen Power reflects positive market conditions in the state, resulting from continued policy support.
This acquisition continues the expansion of states where Aspen Power owns and operates community solar projects. With the addition of the Illinois portfolio, Aspen currently owns and operates community solar projects in five states with community solar programs: Maine, New York, Maryland and California. Nationwide, Aspen has developed or acquired hundreds of solar projects in 24 states.
Aspen collaborates with Community energy to subscribe and manage the community solar projects. Local households can participate in the community solar program and save money on their electricity bills while reducing emissions.
“These projects will deliver real economic benefits for Illinoisans and low-income families, and real environmental benefits for the broader community,” said Richard Keiser, founder and CEO of Common Energy.
D.C. multi-family housing complex gets $3.5 million for clean energy upgrades
The DC PACE program And Peach Tree Group have closed $3.5 million in financing to improve the sustainability and energy efficiency of a new five-story mixed-use building in Ward 5 in Washington, DC.
This project includes solar panels, insulation, LED lighting and energy-efficient water fixtures and elevators. These measures will result in an estimated annual electricity consumption reduction of 134,279 kWh and an annual water reduction of 326,050 gallons, saving more than $2 million over the expected life of the equipment. The completed building at 1717 Hamlin St. NE will provide 26 residential units and 1,500 square feet of retail space. The new building is expected to create eighteen permanent jobs.
“This project showcases the best of what the DC PACE program has to offer: clean and sustainable development, access to capital for the small business owner, and investment in a historically underserved community,” said Ronald Hobson, DC PACE program director .
With this project, Peachtree Group, formerly known as Stonehill PACE, has now invested more than $20 million in projects across the city through the DC PACE program. These four projects are estimated to reduce energy consumption by more than 4.2 million kWh annually.
The project is expected to be completed in the summer of 2025.
Nonprofits help Georgia church secure solar energy
A church in Statesboro, Georgia, just became the first faith community in the state to sign a solar energy purchase agreement (SEPA) with Georgia BRIGHT – a unique solar energy program designed to help low to moderate income (LMI) communities reduce energy bills and carbon emissions.
With help from the non-profit organization Interfaith power and light in Georgia (GIPL), Episcopal Church of the Trinity participated in GIPL’s Solar-Wise program in 2020. The church worked with GIPL program staff to explore various solar energy options, with GIPL assisting with the initial assessment and acting as a liaison with several installers. However, most plans were too expensive.
That is, until Georgia BRIGHT came along.
“When GIPL told us about Georgia BRIGHT and showed us how much we could save, I was initially skeptical,” says Fr. Charles Todd, principal at Trinity Episcopal. “It seemed too good to be true. However, we talked to their team, met the folks at Georgia BRIGHT, saw their model, and discovered that we could actually get solar and save money. We couldn’t be more excited!”
Georgia BRIGHT is funded by the national nonprofit Capital Good Fund. Capital Good Fund uses tax credits, subsidies and bulk purchase rebates to help lower the cost of solar energy for homeowners and nonprofits like Trinity Episcopal. Georgia BRIGHT for Nonprofits. With Georgia BRIGHT, customers not only reduce their energy bills and dependence on fossil fuels, but they also hedge against rising energy prices and become a model of resilience for their communities. Over the next 25 years, Trinity Episcopal will save $60,560 and offset approximately 78% of its total energy consumption.
“The benefits of solar energy used to be available [to] For-profit entities,” said Andy Posner, founder and CEO of the Capital Good Fund, “Thanks to President Biden’s Inflation Reduction Act, we are helping to change the game and reduce energy costs across the state.”
Listen to more in-depth conversations on Solar Builder’s YouTube channel
Our most popular series include:
Power forward! | A collaboration with BayWa re to discuss industrial topics at a higher level.
The buzz | Where we give our 2 cents per kWh in the residential solar market.
The pitch | Discussions with solar manufacturers about their new technology and ideas.
Source link