Renewable Ventures, a Fotowatio company, has completed Solar Fund V, which will be used to finance more than $200 million of new solar energy projects across the U.S.
Solar Fund V, the fifth fund organized by Renewable Ventures and the first as Fotowatio's U.S.-based subsidiary, will focus on the development and acquisition of commercial-scale, public-sector and utility-scale solar projects from 1 MW to 10 MW in size.
The fund's first project is a 2 MW solar photovoltaic project located in Fort Collins, Colo., that will sell energy to Colorado State University and renewable energy credits to one of the state's utilities, Xcel Energy.
Solar Fund V is structured to include both debt from John Hancock and equity from Renewable Ventures and Wells Fargo, and will enable the construction and permanent financing of approximately 35 MW in the next year. According to Renewable Ventures, the combination of debt and equity enables the fund to seek a broader range of federal government incentives, improving project economics for prospective customers such as municipalities, universities, electric utilities and companies.
SOURCE: Renewable Ventures