The Long Island Power Authority Clean Solar Initiative Feed-in Tariff began accepting applications on July 16, 2012 following their initial announcement on June 28th. This week, the program began announcing the first winners of the $0.22/kWh, fixed, 20-year contracts. It appears as though LIPA is first notifying smaller projects that have been successful, and will soon be moving up to larger projects.
A total of 50 MW of capacity will be awarded under this fast-moving program. Once LIPA accepts a developer’s application and then gives interconnection cost estimates, the developer has a short three-day window to commit to the contract. In order for many developers to make the decision to move forward, securing a tentative commitment for financing, ideally through an LOI, is key. Sol Systems is working with a several developer partners on SolMarket who have either received or expect to receive contracts for the LIPA program, as well as our financing partners who have expressed interest in investing in LIPA projects.
If your company is currently developing projects in the LIPA pipeline that are seeking funding, please reach out to our SolMarket team via email@example.com and we can discuss financing options with you. We will continue to track this and other incentives as they progress.
About Sol Systems
Sol Systems is a solar finance firm and a leader in financial innovation in the renewable energy industry. Since its inception in 2008, Sol Systems has partnered with 350 installers and developers to bring over 3,000 solar projects from conception to completion by offering innovative financing solutions for residential, commercial, and utility-scale projects.
Sol Systems’ financing programs catalyze investments for a broad set of solar projects by simplifying their origination, diligence, and financing processes. Developers seeking financing for projects can access over $2.5 billion in capital through the Sol Systems investor network.
In addition to providing financing, Sol Systems also offers project due diligence, deal structuring, and asset management services – all designed to reduce overhead and transaction costs and quicken project development timelines.