Statement as issued Monday by SolarVision:
Columbus, Ohio –SolarVision, LLC, a solar energy provider and developer, has successfully executed an $18 million transaction using new market tax credits (NMTC) to fund a 5 megawatt utility-scale solar power system in Celina, OH. The deal, which took 18 months to culminate, was formed out of a comprehensive partnership that included SolarVision; New Energy Capital Cleantech Infrastructure Fund; Q.CELLS North America; Finance Fund; and JPMorgan Chase & Co.
“These types of deals are incredibly intricate and complex to execute. It was a matter of pulling together and coordinating the project with the right partners who could help us allocate the people and resources we needed to successfully complete the Celina solar system project and adhere to the requirements of the new market tax credits,” Don Saul, president of SolarVision, said. “A deal of this magnitude requires an extreme degree of specialized knowledge.”
The NMTC program helps finance business investments in economically distressed communities nationwide.
SolarVision is one of the largest NMTC developers for solar power in the country. With the Celina solar power deal, SolarVision has received a combined total of $23 million in NMTC.
Two years ago, SolarVision received $5.3 million in NMTC from Finance Fund for five solar energy projects throughout Ohio that SolarVision successfully completed on time and on budget. Finance Fund continued its partnership with SolarVision by securing both state and federal NMTC for the Celina solar power project, covering the entire transaction.
The Celina solar power project NMTC were monetized by JPMorgan Chase & Co. The balance of funding was provided by New Energy Capital of Hanover, NH, which joined the Celina solar power project as an investor and enlisted Q.CELLS as an EPC and panel provider. In the end, a bridge financing loan provided by Q.CELLS brought the deal to a close.
“Q.CELLS offered a creative finance solution that enabled us to fully utilize the Section 1603 grant program, which helped push all the strong development work by SolarVision over the finish line,” said Adam Bernstein, NEC managing partner. “We look forward to being a part of other projects such as this one that bring competitively priced energy to new customers, and thank the city of Celina for its support.”
“We are dedicated to deliver our proven solar power plant technology for EPC projects like the one in Celina, Ohio,” said Boris Schubert, CEO of Q.CELLS North America. “The influence of solar in the community of Celina is on the rise, and we look forward to supporting SolarVision’s visionary initiatives in the future.”
The deal between these organizations marks the beginning of an on-going collaboration on sustainable energy projects throughout the country. The Celina solar system will provide enough energy to power approximately 500 homes. With the PV solar array system connected to the city of Celina’s own electric company, about 8 percent of the city’s annual energy requirements will be fulfilled by solar energy.
“The city of Celina is pleased to be one of the municipal electric communities in Ohio that are adding clean and renewable solar energy to its power supply,” Celina Mayor Jeffrey Hazel said. “I believe our partnership with SolarVision to construct their solar power project on the Meyer Road site is a key milestone for Celina in including renewable energy while building toward a sustainable foundation of our long-term power supply.”
Law firms involved in this comprehensive deal include Taft Stettinius & Hollister representing SolarVision; Rath, Young & Pignatelli representing New Energy Capital; Squire Sanders representing Finance Fund and SNR Denton representing JPMorgan Chase & Co.
About SolarVision, LLC
A leader and pioneer in advancing solar power and renewable energy, SolarVision, LLC, develops cost-effective solutions for solar power systems that provide an immediate economic benefit. SolarVision has mastered the coordination of complex deals involving energy tax credits to provide affordable solar energy solutions that have a sustainable impact on community development. For more information, visit www.solarvisionllc.net.
About New Energy Capital
New Energy Capital Cleantech Infrastructure Fund invests in, owns and operates renewable energy, energy efficiency, waste recycling and distributing generation projects. The Fund is managed by New Energy Capital Partners, in Hanover, New Hampshire, and partners with the CleanTech Alliance Fund, which is managed by North Sky Capital in Minneapolis, Minnesota. For more information, visit www.newenergycapital.com.
About Q.CELLS North America
Q.CELLS North America an independent subsidiary of Q.CELLS SE, designs, builds and manages financially sustainable solar photovoltaic (PV) solutions. Q.CELLS North America offers the full spectrum of PV solutions – from the core technology of cells and modules to power plant development, design, construction, operations and maintenance. With proven capabilities across the solar value chain, Q.CELLS North America minimizes uncertainty and risk and helps customers achieve a higher return on their investment in solar energy. For more information, visit www.q-cells.com.
About Finance Fund
Founded in 1987 as a statewide, nonprofit intermediary, Finance Fund finds funding and provides resources to support organizations that assist low- and moderate-income families and communities. It has received seven allocations from the Federal New Markets Tax Credit program, totaling $200 million. For more information, visit http://www.financefund.org.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. For more information, visit www.jpmorganchase.com.