$18 Million Financing Closed for Ohio Solar Project

Sol Systems successfully closed an $18 million transaction through its financing arm, SolMarket, for a 5-MW solar project in Celina, Ohio.  Sol Systems worked with its investor partner, New Energy Capital, to originate and diligence the unique investment opportunity — a 5-MW deal utilizing New Market Tax Credits (NMTCs) and developed by SolarVision.  The project will be commissioned in December 2012.

Sol Systems’ team was critical in identifying the transaction for New Energy Capital and for securing an investor on behalf of SolarVision that was willing to structure and fund a complex solar transaction that utilizes sponsor equity, solar renewable energy credits (SRECs), the federal investment tax credit, and NMTCs.

“Solar project financing remains a complex, time-intensive process with significant transaction costs,” noted Yuri Horwitz, CEO of Sol Systems.  “The Celina project clearly demonstrates that resourceful deal structuring creates value, and relationships like those we facilitate through SolMarket matter.  We are proud to work with such strong partners on the development and finance side and we think this is an excellent example of the value our team brings to the solar community.”

Since launching SolMarket, the Sol Systems’ team has sourced over 250 solar projects located across the country, in Canada, and the Caribbean.  The team carefully reviews and verifies each of the projects to seek out the strongest investment opportunities on behalf of its investor partners.  To date, Sol Systems has been involved with underwriting and securing capital for sponsor equity investments, tax equity investments, NMTCs, SREC equity investments and fund structures.  In addition to the Celina deal, over 20 MW of projects on SolMarket have been successfully financed.

See construction announcement about this story here.