Standard Solar, Inc. expands its growing portfolio with the financing and operation of 17 community solar projects in Minnesota and Massachusetts totaling 24.6 MW. Tax equity financing for these projects was secured in a partnership with Crestmark, a division of MetaBank, N.A. Massachusetts and Minnesota account for about half of cumulative capacity of community solar throughout the U.S. according to the National Renewable Energy Laboratory.
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Where? Sixteen of the community solar projects are in Minnesota and all have achieved operation. The projects will generate clean energy on behalf of a mix of commercial and residential customers that want to support a cleaner environment. Minnesota’s community solar program is one of the strongest in the country providing a comprehensive approach that makes developing community solar projects economically viable. The projects are expected to generate 3.89 million kilowatt hours of solar power yearly for customers under long-term contracts.
The 2.8-MW project in Massachusetts is expected to be completed in February 2021 and will move the Commonwealth closer to achieving its Renewable Portfolio Standard of 35% by 2030. Community solar is one of the fastest-growing sources of renewable energy in Massachusetts.
“We are pleased with the strong relationship we have established with Crestmark to successfully build and finance this portfolio,” said Peter Coleman, Senior Vice President, Structured Finance, Standard Solar. “Despite challenges created by COVID-19, we have worked collaboratively with our strongest development and financial partners to successfully excel the business during the most challenging times.”
Community solar is an effective way to provide large numbers of subscribers access to the benefits of clean energy, advance the clean energy workforce and economic impact and drive millions of dollars of investment in the state in which the projects are located.
With the addition of these projects, Standard Solar’s portfolio of community solar projects funded and operating with partners around the United States is in excess of 175 megawatts.
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