Three new North Carolina utility-scale solar farms, with a total of 18.2 MW of capacity, have begun producing power, with a significant portion of the investment responsible for the projects managed by Washington, D.C.–based solar investment and financing firm Sol Systems.
“Tax structured investments have been critical to driving capital into the solar asset class,” said Yuri Horwitz, CEO of Sol Systems, in an Aug. 19 statement. “North Carolina is an especially attractive market, and we will deploy tax equity into another 18 to 20 MW before the end of the year.”
Sol Systems managed the investment on behalf of an insurance client as part of the firm’s tax equity initiative to produce secure, sustainable solar investments for banks, insurance companies, utilities, and Fortune 100 clients. Strata Solar LLC developed the project opportunities, and National Cooperative Bank served as the lender in the transactions.
“Strata Solar continues to lead the North Carolina market in solar deployment,” said David Scoglio, Strata Solar CFO. “We have been fortunate to work with several strong partners in the tax aggregate space to help us continue to grow the solar footprint across the state.”
“National Cooperative Bank has a strong commitment to the solar industry, and we look forward to working with Strata Solar and Sol Systems on future transactions,” said Matthew Wright, Senior Vice President, National Cooperative Bank.
This is the first half of an investment that the partners will channel into the North Carolina solar market, which now ranks fourth in the country having installed 592 MW of solar capacity, according to the Solar Energy Industries Association.
The solar farms, located in Laurinburg, Clarkton, and Spring Hope, are home to 60,436 solar panels and are projected to produce 30 million kilowatt hours annually.
Sol Systems is a renewable energy finance firm that provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers. To date, the company has facilitated financing for thousands of distributed generation solar projects and hundreds of millions in investment on behalf of Fortune 100 corporations, utilities, banks, family offices, and individuals.
Strata Solar is a national leader of utility-scale solar energy systems and installations. Strata is headquartered in Chapel Hill, N.C., with an expansive O&M facility nearby.
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development.