Sol Systems LLC announced Oct. 1 that it has successfully financed Cornell University‘s Snyder Road Solar Farm, consisting of a 2-MW array on eleven acres of Cornell property in the Town of Lansing, New York.
The capital sources for the transaction included sponsor equity from Building Energy Holding USA and a tax equity investment managed by Sol Systems. This transaction marks Sol Systems’ ongoing initiative to bring new sources of tax equity to the solar asset class and streamline financing to grow this sector.
“If not done right, placing tax equity into one-off sub-5MW deals can be challenging given transaction costs for these smaller deals,” said Yuri Horwitz, CEO of Sol Systems. “This is the second transaction we have financed with Building Energy, and the history of our partnership allowed for efficiency and a streamlined financing process.”
Building Energy was the developer and sponsor of the 6,778 panels that total 2.067 MW (dc) or 1.76 MW (ac), and will produce 2,388,357 kWh in year one.
“We are proud to work in partnership with Sol Systems to secure the tax equity investment for the Cornell University’s Snyder Road Solar Farm,” said Building Energy Managing Director Andrea Braccialarghe. “This project is the second investment into the mid-sized commercial solar market, we have managed together in this country in order to help customers, like Cornell, to find environmentally attractive solutions and align with their carbon reduction goals.”
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for 165 MW and over $600m of distributed generation solar projects on behalf of Fortune 100 corporations, insurance companies, utilities, banks, family offices, and individuals.
Building Energy is an independent producer of energy from renewable sources with a large portfolio of renewable plants in operation, construction and development, with a total pipeline in excess of 800 MW in Europe, Africa, Central and North America.