Sol Systems announced today that it successfully financed a 944 kilowatt solar project in partnership with its investor client, Washington Gas Energy Systems (WGES), a subsidiary of WGL (NYSE: WGL). The operational solar energy system is located at Valley Baptist Church in Bakersfield, Calif., and A-C Electric served as the engineering, procurement and construction (EPC) provider.
“The whole project team worked hard on this deal and we are proud to have worked with partners like A-C Electric, who really stepped up and went beyond the call of duty to deliver a quality project,” said Ben Margolis, Sol Systems’ Director of Finance. “We are looking forward to continued collaboration to make future DG projects a reality.”
Solar projects for churches and non-profits are typically challenging to finance and are regarded as unconventional financial counterparties. However, Valley Baptist’s strong financial base satisfied the credit requirements of Sol Systems’ mid-market collaboration with WGES, launched in 2013 to finance mid-sized distributed generation (DG) projects. Sol Systems worked closely with all parties to negotiate legal documents and guide the project to financial close.
“A critical part of our business strategy is to consistently seek opportunities to invest in renewable energy assets,” said Sanjiv Mahan, Chief Operating Officer of Washington Gas Energy Systems. “We are happy to support Valley Baptist Church in their efforts to reduce greenhouse gases and provide their parishioners and community with a sustainable, clean energy source.”
Sol Systems represents and advises over a dozen investors like WGES, who are looking to place capital in the solar asset class, including independent power producers, family offices, insurance companies and private equity funds. To date, Sol Systems has facilitated financing for approximately 165 megawatts of distributed generation solar energy projects through a combination of its tax structured investments, construction and term debt offerings, project purchases, and solar renewable energy credit financing.
About Sol Systems
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for 165MW and over $600 million of distributed generation solar projects on behalf of Fortune 100 corporations, insurance companies, utilities, banks, family offices, and individuals. It has over $300 million in assets under management as of September 2014. Sol Systems provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers. The company’s tailored financial services range from tax structured investments and project acquisition, to debt financing and SREC portfolio management. For more information, please visit www.solsystemscompany.com.
About Washington Gas Energy Systems
Washington Gas Energy Systems, Inc., an affiliate of Washington Gas Light Company and a subsidiary of WGL Holdings (NYSE: WGL), design-builds and owns custom energy solutions that deliver financial, operational and carbon reduction results for non-residential customers across the United States. Washington Gas Energy Systems is focused on federal energy efficiency projects and commercial distributed generation assets including solar. Washington Gas Energy Systems currently holds over 55 MW of commercial-scale solar projects throughout the U.S. in 11 different states, including Arizona, California, Connecticut, Delaware, the District of Columbia, Georgia, Hawaii, Maryland, Massachusetts, New Jersey, and New Mexico. For further information about Washington Gas Energy Systems, please visit www.wgesystems.com.