Tioga Energy says it has closed on construction and long-term financing with Wells Fargo & Co. and De Lage Landen (DLL) for the first tranche of projects completed as part of Tioga's 4.4 MW, multi-site solar power purchase agreement (PPA) program for the Hemet Unified School District in Hemet, Calif.
The solar electric systems for Hemet are the first to be developed under a master financing agreement between Tioga Energy and DLL, a provider of asset-based financing to manufacturers and distributors of capital goods.
Financed through SurePath solar PPAs from Tioga Energy, the solar electric systems for the school district double as shade structures for 17 facilities within the district, Tioga explains, adding that the installations will save administrators an estimated $300,000 in utility costs annually.
DLL previously collaborated with Tioga Energy on an 856 kW installation for Oceanic Time Warner in Honolulu.
