Standard Solar closes USD-105m tax equity financing for solar portfolio
Arizona solar farm. Author: Kevin Dooley.
Standard Solar Inc on Tuesday said it has secured up to USD 105 million (EUR 93.7m) in a tax equity commitment to finance a portfolio of solar projects across five states.
The portfolio consists of nine projects, combining community solar and traditional distributed generation (DG) projects located in Arizona, California, Massachusetts, New York and Rhode Island. Two of the projects are already operational, while the rest are expected to be completed by the end of 2020.
The financing included tax equity commitments from Fifth Third Bank NA and Iberiabank Corp (NASDAQ:IBKC).
“Completing this tax equity deal demonstrates both the market’s continued confidence in renewables and underscores Standard Solar’s reputation for success and ability to move projects forward despite challenging times,” Standard Solar's senior vice president for structured finance, Peter Coleman, noted.