SolarVision LLC, a solar energy provider and developer, has executed an $18 million transaction using new market tax credits (NMTC) to fund a 5 MW solar power system in Celina, Ohio.
The deal, which took 18 months to culminate, was formed out of a comprehensive partnership including SolarVision, New Energy Capital Cleantech Infrastructure Fund, Q.CELLS North America, Finance Fund and JPMorgan Chase & Co.
‘These types of deals are incredibly intricate and complex to execute,’ says Don Saul, president of SolarVision. ‘It was a matter of pulling together and coordinating the project with the right partners who could help us allocate the people and resources we needed to successfully complete the Celina solar system project and adhere to the requirements of the new market tax credits.’
The NMTC program helps finance business investments in economically distressed communities nationwide. With the Celina solar power deal, SolarVision says it has now received a combined total of $23 million in NMTC.
The Celina solar power project's tax credits were monetized by JPMorgan Chase & Co. The balance of funding was provided by New Energy Capital, which joined the Celina solar power project as an investor and enlisted Q.CELLS as an engineering, procurement and construction provider, as well as solar module supplier. In the end, a bridge financing loan provided by Q.CELLS brought the deal to a close, SolarVision adds.