Standard Solar obtains tax equity financing for 24.6 MW of community solar

US-based Standard Solar Inc said on Tuesday it has secured a tax equity commitment from a unit of MetaBank to finance a portfolio of community solar projects totalling 24.6 MW.

The value of the tax equity financing from Crestmark was not disclosed. The portfolio it is directed to consists of 16 photovoltaic (PV) schemes in Minnesota and one in Massachusetts. The plants located in Minnesota are already generating power for a mix of commercial and residential clients enrolled in the state’s community solar programme. Their combined output, to be sold under long-term contracts, is expected to be 3.89 million kWh per year.

The other asset in the portfolio, a 2.8-MW solar park in Massachusetts, is still under construction and is due to be switched on this month.

“Crestmark is committed to all forms of alternative energy, including community solar. Partnering with Standard Solar on these projects supports our mission of providing innovative financial solutions to consumers and businesses in underserved niche markets,” said Jon Ellis, vice president of Alternative Energy Finance at Crestmark.

With the latest projects, Standard Solar’s community solar portfolio, including projects funded and operated with partners across the US, has surpassed 175 MW.

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