Systems, National Cooperative Bank, and Strata Solar Add Another 18MW of Solar
CHAPEL HILL, NC – Three new utility-scale solar farms have been added to North
Carolina’s energy mix, propelled by a partnership between Washington, D.C.-based
solar investment and financing firm Sol Systems, National Cooperative Bank, and
Strata Solar. The projects are located on rural farmland in Erwin, Efland, and
Hickory and total 18MW of solar capacity which equals the reduction of
automobile travel by approximately 24 million miles.
second deployment for the partners follows on the heels of another 18.2 MW
earlier this year. Sol Systems managed the investment on behalf of an
international bank as part of the firm’s tax equity initiative to produce
secure, sustainable solar investments for banks, insurance companies,
utilities, and Fortune 100 clients. Strata Solar developed the project
opportunities provided EPC services, and National Cooperative Bank served as
the lender in the transactions.
Carolina is a robust market for tax structured investments, which have been
instrumental in stimulating the state’s solar growth,” said Dan Yonkin,
Director of Tax Equity at Sol Systems. “Equally, in an industry where long-term
relationships are essential for keeping transaction costs low, we are vigilant
in working with such esteemed partners.”
long-term relationships are a key component of success in this industry. Strata
Solar chooses partners that are credible and allow us to move our business
forward with confidence,” said David Scoglio, CFO of Strata Solar. “Sol Systems and NCB are fine examples of
some of the partnerships that help us continue to create great opportunities
for business development and investment.”
“The solar industry in the United States is
booming, and National Cooperative Bank has been committed to supporting this
important sector since 2008, having financed over $300 million and 250
Megawatts,” said Matthew Wright, Senior Vice President, National Cooperative
Bank. “We look forward to working with Strata Solar and Sol Systems in the
Carolina now ranks fourth in the country in terms of installed solar capacity
according to the Solar Energy Industries Association. The 2013 Solar Jobs
Census counted 3,100 solar jobs in the Tar Heel State, which will likely be
even higher for 2014.
three new arrays will displace about 15 000 tons of carbon dioxide each year,
about the same as providing electricity for over 1800 homes for one year.
About Sol Systems
Sol Systems is a solar energy finance and investment firm. The company has
facilitated financing for 171MW solar projects on behalf of Fortune 100
corporations, insurance companies, utilities, banks, family offices, and
individuals. Sol Systems has $550 million in assets under management as of
October 2014. Sol Systems provides secure, sustainable investment opportunities
to investor clients, and sophisticated project financing solutions to
developers. The company’s tailored financial services range from tax structured
investments and project acquisition, to debt financing and SREC portfolio
About Strata Solar, LLC.
Strata Solar is a national leader of utility-scale solar
energy systems and installations. Strata's unique, low impact, standardized
approach to solar farm creation is supported through its vertical divisions
which offer complete turnkey services for the design, construction and
installation of utility and commercial photovoltaic systems. Strata also offers
a full array of development, engineering, procurement, construction, operation
and maintenance services to companies interested in clean renewable energy.
Strata is headquartered in Chapel Hill, N.C., with an expansive O&M
facility nearby. For more information, please visit www.StrataSolar.com.
NCB is dedicated to strengthening communities nationwide
through the delivery of banking and financial services, complemented by a
special focus on cooperative expansion and economic development. Headquartered
in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio
and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on
Facebook, or on Twitter @coopbanking.