Reznick Capital Markets Securities (RCMS) and CohnReznick LLP say they have assisted with the successful closing of the Connecticut Clean Energy Finance and Investment Authority's $60 million solar lease program.
The public-private solar power leasing option for households and businesses, known as CT Solar Lease II, is expected to comprise approximately 1,500 residential solar photovoltaic systems, 400 residential solar hot water systems and 40 commercial solar PV systems.
The installations will be completed on residential and commercial rooftops over a two-year period, as applications from home and business owners are received. In total, nearly 14 MW of solar PV and 4,600 MMBtu of solar hot water systems will be placed into operation through the program.
‘The CT Solar Lease II is a great example of the kind of innovative thinking we are seeing in solar energy financing today. Solar energy will continue to deliver tangible dividends for Connecticut – we were proud to be part of making this program a reality,’ says Tim Kemper, CohnReznick partner and a manager of the firm's renewable energy practice.
U.S. Bank is participating as the tax equity investor, in addition to a syndicate consisting of four regional lenders led by First Niagara Financial Group. Assurant Inc. is providing an insurance bundle and warranty management program.
"Notably, this is the first residential tax fund to include debt in its structure, but our focus on renewable energy meant we were able to bring all the moving parts together to make it work," says RCMS President Rob Sternthal.