EnSync Energy sells PPA for California fire training facility solar install to Standard Solar

Ensync energy systems

EnSync Energy Systems sold a project under a 20-year power purchase agreement (PPA) with the California Department of Forestry and Fire Protection (CAL FIRE) to Standard Solar — a deal that marks EnSync Energy’s entry into the California marketplace.

EnSync Energy is building a 600-kilowatt solar installation at the CAL FIRE training facility in Ione, Calif., under the agreement. The installation will consist of a solar system on the classroom roof and solar canopy built over the parking lot of the new dormitory in the training facility. The canopy will keep parked cars cool and reduce the heat island effect while generating clean energy for the facility, which achieves Governor Brown’s 2012 executive order (B-18-12) mandating green building practices at State buildings.

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“The CAL FIRE solar PPA marks an important milestone for EnSync Energy as our first large project sale in the state,” said Brad Hansen, the company’s chief executive officer and president. “We are proud to build on our record of deploying holistic DER and financing solutions in this key market, while also supporting an agency that fights wildfires in California.”

“As a company dedicated to removing financing barriers for commercial solar projects, we appreciate the opportunity to provide the financing to help support CAL FIRE’s mission to protect the public safety of Californians,” said Standard Solar president and CEO Scott Wiater. “Costs often remain a barrier to adopting solar, and this PPA offers a win-win solution that facilitates deployment of renewable energy.”

Construction of the installation is expected to be completed in 2018.

— Solar Builder magazine

Vivint Solar nails down new multi-party financial agreement for $327 million in total funding

solar agreement

Vivint Solar, Inc. closed an innovative multi-party forward flow funding arrangement that includes project-level debt, a levered tax equity partnership, and the company’s first cash equity investment. The transaction provides up to $327 million in total funding commitments, with an aggregate value of approximately $410 million, which is structured to generate upfront cash margin for the company for approximately 95 megawatts of future solar energy systems. This transaction is the first of its kind in the residential solar industry that incorporates a multi-party forward purchase commitment anchored by a levered tax equity partnership.

“This delivers another landmark financing transaction for the company in 2018, and we look forward to using this vehicle to continue to accelerate solar power adoption across the country,” said Vivint Solar CEO David Bywater.

Bank of America Merrill Lynch acted in multiple roles in this transaction, including acting as sole structuring and placement agent for the cash equity and multi-draw term loan. Additionally, Bank of America Merrill Lynch acted as the sole tax equity investor. Hannon Armstrong is participating as the structured cash equity investor.

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“The cash margin provided by this vehicle for a portion of our future PPA and lease assets is an important step to increase Vivint Solar’s financial flexibility and to solidify a sustainable funding model for the business,” said Vivint Solar’s Chief Commercial Officer and Head of Capital Markets, Thomas Plagemann. “We expect similar results to selling systems directly to homeowners, allowing us to continue focusing on providing the products best suited for each homeowner.”

Vivint Solar expects to raise approximately $3.37 per watt in upfront proceeds in addition to $0.41 per watt in retained value and renewal value. In addition, the company recently closed a $50 million tax equity partnership with a new investor. This multi-party forward flow funding arrangement, together with the undrawn committed capital under Vivint Solar’s other tax equity partnerships, is estimated to provide funding to install more than 170 megawatts of residential solar energy systems.

— Solar Builder magazine

Vivint Solar nails down new multi-party financial agreement for $327 million in total funding

solar agreement

Vivint Solar, Inc. closed an innovative multi-party forward flow funding arrangement that includes project-level debt, a levered tax equity partnership, and the company’s first cash equity investment. The transaction provides up to $327 million in total funding commitments, with an aggregate value of approximately $410 million, which is structured to generate upfront cash margin for the company for approximately 95 megawatts of future solar energy systems. This transaction is the first of its kind in the residential solar industry that incorporates a multi-party forward purchase commitment anchored by a levered tax equity partnership.

“This delivers another landmark financing transaction for the company in 2018, and we look forward to using this vehicle to continue to accelerate solar power adoption across the country,” said Vivint Solar CEO David Bywater.

Bank of America Merrill Lynch acted in multiple roles in this transaction, including acting as sole structuring and placement agent for the cash equity and multi-draw term loan. Additionally, Bank of America Merrill Lynch acted as the sole tax equity investor. Hannon Armstrong is participating as the structured cash equity investor.

RELATED: This new exchange opens up a $5 billion C&I solar financing network

“The cash margin provided by this vehicle for a portion of our future PPA and lease assets is an important step to increase Vivint Solar’s financial flexibility and to solidify a sustainable funding model for the business,” said Vivint Solar’s Chief Commercial Officer and Head of Capital Markets, Thomas Plagemann. “We expect similar results to selling systems directly to homeowners, allowing us to continue focusing on providing the products best suited for each homeowner.”

Vivint Solar expects to raise approximately $3.37 per watt in upfront proceeds in addition to $0.41 per watt in retained value and renewal value. In addition, the company recently closed a $50 million tax equity partnership with a new investor. This multi-party forward flow funding arrangement, together with the undrawn committed capital under Vivint Solar’s other tax equity partnerships, is estimated to provide funding to install more than 170 megawatts of residential solar energy systems.

— Solar Builder magazine

Greater Hudson Bank finances 2-MW landfill solar project in Monroe, N.Y.

Greater Hudson Bank OnForce Solar USDA Town of Monroe (1)

Greater Hudson Bank teamed up with OnForce Solar and the United States Department of Agriculture (USDA) to finance the construction and ongoing operation of a new solar array in the Town of Monroe, N.Y. The system is expected to be completed by October 2018.

“The Bank is pleased to partner with OnForce Solar and the local USDA office to bring sustainable sources of energy to our community,” explained Anthony Pili, Senior Vice President and solar lending specialist at Greater Hudson Bank. “As a local financial resource committed to local businesses, non-profits, and municipalities, it is an honor to serve a forward-thinking project such as this that will provide green energy and savings for Monroe residents for years to come.”

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The new array, located at 813 Lakes Road, will be a 2-megawatt DC system that will save the Town of Monroe about $5M over the life of the system. All Bright Electric of West Nyack, NY is the electrical contractor selected for the project.

“Investing in renewable energy projects – like this one in Monroe – helps support home-grown energy sources, creates jobs, and continues to help our state and this community usher in a more energy secure future,” said Richard Mayfield, New York State Director for USDA Rural Development.

OnForce Solar completed a similar project in Rockland County, which was awarded the New York State Society of Professional Engineers (NYSSPE) Project of the Year Award in 2015. “After the success of our recent 2.4-megawatt landfill conversion in the Town of Clarkstown, we are excited to bring the same significant cost savings to the Town of Monroe and its residents,” said Charles Feit, owner of OnForce.

— Solar Builder magazine

Duke Energy launches Shared Solar Program option for residents in South Carolina

Duke Energy shared solar south carolina

Duke Energy Progress is launching an affordable Shared Solar Program option for customers in South Carolina. Available to all qualified Duke Energy Progress residential and nonresidential customers, including those who live in multifamily housing or rent homes, the goal is to enable them to share in the economic benefits from the output of a single solar facility.

Customers who subscribe to solar energy through the Shared Solar Program will receive a monthly bill credit for the value of the energy produced by their subscription.

“This is a great program for any customers who don’t own their residence or are unable to put a solar facility on their property,” said Kodwo Ghartey-Tagoe, state president for Duke Energy in South Carolina. “We estimate that residential customers will earn back their initial payment in credits from the solar array in three years. Customers are not only saving on their electric bill, they are directly supporting a renewable energy future in South Carolina for generations to come.”

The program will be powered by the Whitney M. Slater Shared Solar Facility developed by Pine Gate Renewables and located in Dillon County near Lake View, S.C. Duke Energy Progress serves electric customers in the northeastern part of the state, including Florence, Darlington and Sumter counties.

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How does shared solar work?

Participants in the program will pay a monthly subscription fee of $6.25 a kilowatt in addition to initial fees to join the program. These program costs are in addition to the customer’s regular energy bill.

The monthly fee funds the customer’s share of supporting the operation of a solar facility located in the Pee Dee region. By subscribing to the Shared Solar Program, the customer will receive a monthly credit from Duke Energy Progress equal to the amount of solar energy the customer’s share produced.

Participating in this program will not impact customer usage or the way they pay their bill.

For qualified low-income customers, Duke Energy Progress will waive the application cost and initial fees, a $120 value.

— Solar Builder magazine