New Energy Equity unlocks funds to build over 60 MW of community solar

Solar panels in USA. Author: Pete Jelliffe. License: Creative Commons. Attribution-NoDerivs 2.0 Generic.

September 14 (Renewables Now) - US solar energy developer and financier New Energy Equity has secured funding to bankroll the construction of over 60 MW of community solar projects in the state of New York and other markets.

The Annapolis, Maryland-based firm said it has closed a USD-50-million (EUR 42.3m) unitranche revolving facility, with USD 41 million led by Silicon Valley Bank and joined by SVB Capital, both part of the SVB Financial Group (NASDAQ:SIVB).

Silicon Valley Bank served as the sole coordinating lead arranger, with SVB Capital acting as lender in the financing agreement.

The funds will support the construction of community solar project within state-sponsored distributed generation programmes.

The solar focused-firm said it will be able to cover a large portion of the construction and financing costs of the projects, meet its working capital needs while allowing for flexibility on assets to be financed, subject to lender approval.

New Energy Equity develops and finances community and commercial solar projects. The company states that it has developed over 250 MW of projects since it was founded in 2013.

(USD 1.0 = EUR 0.846)

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