Capital Dynamics, Sol Systems secure tax equity for DG solar in US
Solar panels on Walmart's roof, Puerto Rico. Author: Walmart. License: Creative Commons, Attribution 2.0 Generic
US asset manager Capital Dynamics and solar investor Sol System will use tax equity from the Bank of America to finance a portfolio of close to 76 MW of direct current (DC) solar projects in the US.
The distributed generation (DG) tax equity commitment will be delivered in tranches, the first two of which have already been allocated, Capital Dynamics said on Monday. The commitment is structured to continue beyond 2020 and eventually fund almost 76 MW of projects by this time next year through Sol Customer Solutions, a joint venture (JV) between Capital Dynamic’s Clean Energy Infrastructure (CEI) business and Sol Systems.
The first tranche facilitated the completion of a 30-MW DC bundle of 20 solar projects that are serving as the seed portfolio of the JV. Among those is a 5.5-MW DC rooftop solar array for Amazon in New Jersey and a 20.7-MW photovoltaic (PV) park to power Walmart locations in Illinois. Some of the capacity is already operational, with more to be commissioned by end-2020.
The second tranche of the financing, from September, was directed towards four projects in Illinois and California. Capital Dynamics said that more tranches will follow this year.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.