Open Energy, a provider of debt financing solutions for commercial solar projects, on July 12 announced the closing of a loan with an affiliate of Guzman Energy, a specialty energy company that finances, trades and operates energy assets across North America.
The loan provides project financing for a ground-mount solar facility that will generate 1.2 MW for the city of Aztec, New Mexico. Aztec has a population of approximately 6,500.
“The city of Aztec is helping to drive New Mexico’s Renewable Energy Portfolio Standard of 10 percent renewables by 2020 for rural electric cooperatives,” said Graham Smith, CEO of Open Energy. “We will continue to work with firms like Guzman to enable the non-residential solar market to flourish across the United States.”
This project is part of Guzman’s seven-year agreement with Aztec to be the city’s primary wholesale power provider starting on July 1, 2016. The solar facility was constructed on an eight-acre parcel of undeveloped land and will generate approximately 8% of Aztec’s electricity.
Open Energy provides innovative financing solutions to support the growth of U.S. commercial and industrial solar energy infrastructure. Open Energy’s financing approach and borrower platform utilizes an innovative, technology-driven underwriting process.
The Guzman Energy Group, which includes Guzman Energy, Guzman Renewable Energy Partners (GREP) and its affiliates, is a specialty energy company that finances, trades and operates energy assets across North America. The firm is headquartered in Coral Gables, Florida, with offices in Denver, Colorado.