Standard Solar, Inc. closed a tax equity commitment this week for up to $105 million to finance distributed generation (DG) solar projects located in Arizona, California, Massachusetts, New York and Rhode Island.
The financing was secured through tax equity commitments from Fifth Third Bank, National Association and IBERIABANK. The portfolio of nine projects is a combination of community solar and traditional DG projects located in five states throughout the United States.
“Completing this tax equity deal demonstrates both the market’s continued confidence in renewables and underscores Standard Solar’s reputation for success and ability to move projects forward despite challenging times,” said Peter Coleman, Senior Vice President, Structured Finance, Standard Solar. “Adding this portfolio of solar projects to our growing asset base is an exciting step as we expand our business of financing DG solar projects around the country.”
“This financing highlights the continued growth of the DG solar market, and Fifth Third’s commitment to the renewable energy industry,” said Eric Cohen, group head of Renewable Energy Finance at Fifth Third Bank, N.A. “As a financer in the industry since 2012, Fifth Third is proud to help clients across the country access capital and achieve their objectives.”
“IBERIABANK is pleased to be a part of this tax equity financing and adding Standard Solar as a valued client relationship,” said Scott McClain, Executive Vice President & Managing Director, IBERIABANK | Corporate Asset Finance. “Providing capital for this portfolio of solar projects demonstrates IBERIABANK’s commitment to supporting green energy investment by providing both debt and tax equity financing solutions to meet our client’s needs.”
Two of the projects within the portfolio have achieved operation, while the others are projected to be completed throughout this year.
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