Stone & Youngberg, an underwriter of California bonds, has completed a $19.7 million renewable energy financing program for the city of Brea, Calif. Under the terms of a contract with Chevron Energy Solutions, the city will use the proceeds of the financing program to install 1.8 MW of photovoltaic solar systems at three city facilities and make various energy efficiency improvements.
The city expects that the program will reduce carbon emissions by about 40% at the three facilities with the solar installations, in addition to providing annual cashflow savings for the city's general fund. In connection with the installation of photovoltaic systems, the city expects to receive approximately $4 million in California Solar Initiative incentives.
Stone & Youngberg served as underwriter and placement agent for the financing program, which included $12.7 million of Water System tax-exempt and Build America Bonds, $2.4 million of Lease Revenue Build America Bonds and $4.6 million of New Clean Renewable Energy Bonds.
SOURCE: Stone & Youngberg