Pure Power Advisors, a Santa Monica, Calif.-based advisory and management firm for tax-credit funds targeting solar energy projects, has formed the California Solar FIT Fund, a new $100 million tax-equity investment fund for ground-mounted solar projects in California.
The fund will provide all financing for construction, completion, purchase and operation of qualifying projects through structured acquisition of projects from developers. Project acquisitions will employ a financing structure leveraging U.S. Department of the Treasury Section 1603 Treasury grants or Section 48 energy tax credits.
The fund will aggregate and acquire California ground-mounted solar projects utilizing the various California investor-owned utilities tariffs, offers, and proposed auction programs. Projects within the fund will be between 1.5 MW and 20 MW in size. By aggregating projects into the fund, developers will achieve collective negotiating power and financing efficiencies, the company notes.
Request for qualification documents are available for download here.
SOURCE: Pure Power Advisors