Community Energy, Inc. announced with Key Equipment Finance, an affiliate of KeyCorp, that a $7.8 million tax lease and a $1.9 million term loan has been provided in financing for community solar projects in Massachusetts totaling 3.75 MW (DC).

The community solar projects are split between solar farms in the Towns of Barre and Rutland and will generate remote net metering credits. A Massachusetts commercial customer will purchase half the generation output, with the remainder purchased by residential community solar subscribers.

For Massachusetts, Community Energy used sale-leaseback financing, which includes a Power Purchase Agreement and allows monetization of the tax benefits, inclusive of the investment tax credit and depreciation. In this solar tax lease structure, Community Energy owns and operates the system and sells the power.

For Barre Solar, 7,434 Hanwha 330 watt modules are installed, and for Rutland Solar, 3,927 Hanwha 330 watt modules are installed both on fixed tilt, ground-mounted racking provided by RBI Solar and interconnected to the National Grid electric distribution system at 13.8 kilovolts with SMA string inverters.

Tags:
Community Energy   Solar   Finance  

Comment on this story


ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com
TPV-SALES-EXECUTIVE -- Back Office Provider -- Other
Sr-Market-Risk-Analyst -- Wholesale Supplier/Trader -- New York - New York City Metro
Energy-Regulatory-Specialist -- Other -- Other
More Stories on RetailEnergyX.com:
Retail Supplier Expands Program To Offer Power To Tesla Battery Customers '
FT: Mitsubishi-Backed Retail Supplier 'Prepares Bid' For International Retail Supplier With U.S. Arm
UK Retail Supplier With US Affiliate In Talks To Secure 'New Funding'; Wholesale Prices Challenge
Wells Fargo Selects Developer For Distributed Solar, Including In Texas '
Lightsource bp Completes $380m Financing on 316 Megawatts of Solar in Texas, Announces PPAs '