HelioPower launches fund for 350kW to 3MW PV projects
(ADPnews) - Oct 13, 2010 - Solar power systems designer and integrator HelioPower said on Tuesday it had established a power purchase agreement (PPA) fund to provide financing for US solar photovoltaic (PV) projects from 350 kW to 3 MW.
The fund is not dependent on the federal ITC Grant.
HelioPower's fund will finance PV projects developed by solar integration firms, commercial property owners, and municipal or educational institutions. The power off-taker is required to have an investment grade debt rating. The financing plan is suitable for developments that require flexible terms for up to 20 years, HelioPower said.
"It's also good timing for those projects that are at risk of losing funding from the federal tax grant at the end of this year," HelioPower president Ty Jagerson added.
This is the company's second renewable energy fund. The first one, the Green Energy Community Investment Fund, represented a financing programme of HelioPower and Citigroup's (NYSE:C) Citi Community Capital, which supported solar power installations on commercial and public sector facilities across the US.