Sol Systems, a provider of financial services for renewable energy projects, says it has placed $15 million in tax equity into two 2.5 MW North Carolina solar projects on behalf of an unnamed Fortune 100 company.
The financing arrangement marks the Fortune 100 company's first investment in solar and provides the solar energy industry with a new source of tax equity, Sol Systems says, adding that it was able to arrange both the state and federal tax credit investor for these projects.
‘This investment from a nontraditional solar investor demonstrates that the solar asset class is now commanding the attention it deserves as an impactful, profitable and stable investment,’ explains Yuri Horwitz, CEO of Sol Systems. ‘If our industry is to continue the growth we have all worked so hard to achieve, we must continue to build and diversify the pool of investors.’
FLS Energy, a solar integrator and developer, built the two solar energy systems, which are located in eastern North Carolina. Sol Systems provided the project origination, third-party underwriting and investment structuring, as well as facilitated the entire financing arrangement, from project origination to financial close. Sol Systems will also assist with post-construction asset management services.