Renewvia Energy Corp. has closed an investment fund to finance the installation of a 200 kW solar power system in Georgia under the Tennessee Valley Authority (TVA) Green Power Switch Partners program.
Under a 10-year site lease, the solar power system will be hosted in Calhoun, Ga., on a multi-generational poultry farm. After 10 years, ownership will be conveyed to the poultry operation. The TVA, a federally owned corporation in the Tennessee Valley, will guarantee the purchase of all solar power produced there for 10 years at $0.12/kWh at a premium indexed to the local retail power rate.
The fund will receive the financial benefits from the project in the form of a federal grant, federal and state depreciation, state tax credits and revenue from the sale of electricity.
Renewvia Energy worked closely with Clean Energy Capital, a provider of investment banking and financial advisory services to companies operating in the renewable power and clean technology, to structure the investment.