Q.CELLS to EPC a 5-MW Solar Power Project in Ohio
Q.CELLS North America, an independent subsidiary of Q.CELLS SE and global leader in designing, building and managing financially sustainable solar photovoltaic (PV) solutions, today announced that it has closed a 5-MW (DC) Engineering, Procurement, and Construction (EPC) project in Celina, Ohio, with SolarVision LLC and New Energy Capital Cleantech Infrastructure Fund LLC (NEC). SolarVision developed the project with NEC as the equity investor and Chase as the New Market Tax Credit (NMTC) investor.
“Together with NEC, we were able to apply the existing financial framework of the NMTC, to an innovative application, i.e. solar,” said Boris Schubert, CEO of Q.CELLS North America. “We are dedicated to work with our partners and deliver proven solar power plant technology for future EPC projects like the one in Celina, Ohio.”
The project utilizes the NMTC program, which is a capital investment tax credit for job creation in economically distressed areas. Q.CELLS North America was able to provide necessary bridge financing by utilizing extended payment terms secured by the receipt of the 1603 cash grant.
“Chase is excited to be an investor in the 5-MW Celina NMTC solar project that will help provide cost effective renewable energy,” said Matt Reilein, Head of NMTC at Chase. “Finding creative solutions to financing needs is what we do and working with Q.CELLS, New Energy Capital and SolarVision has been a great partnership and made this project even more rewarding.”
“Q.CELLS’ innovative financing capabilities, their understanding of the regulatory issues involved, and their established track record and experience made them the ideal partner for supplying and constructing the solar photovoltaic arrays for this project,” said Adam Bernstein, Managing Partner of New Energy Capital. “We look forward to working with Q.CELLS on other projects that bring competitively priced energy to our customers.”
