Community solar company SunShare has secured $11 million in construction/term project financing from ANB Bank for the construction of 8.2 MW of community solar gardens in Minnesota.
Construction has begun on the SaintSun (6.9 MW) and ZumbroSun (1.3 MW) projects in Saint Michael and Zumbro Falls. They are expected to reach mechanical completion starting in October.
“We’ve been building community solar gardens for almost a decade to make solar energy accessible and affordable to everyone. Securing construction financing through our own balance sheet is a critical proof point that speaks to the bankability of SunShare and its residential-focused community solar model,” says David Amster-Olszewski, SunShare’s founder and CEO. “With the support of partners like ANB Bank, we’ll be able to continue to execute on our pipeline of community solar projects and expand the power of clean energy choice to even more communities across the country.”
Both the SaintSun and ZumbroSun community solar projects are being built by Conti Solar. They will consist of six total community solar gardens, which will serve approximately 1,200 households in Carver, Wabasha and adjacent counties, as well as Saint Mary’s University. Subscribers will begin receiving credits on their Xcel Energy utility bills for energy generated by the gardens once the interconnection process is completed in late 2018 or early 2019.