Sol Systems is pleased to announce the financial closing of a 940 kilowatt (kW) solar energy system in Alamogordo, New Mexico. The project was the second deal that Sol Systems financed on behalf of New Mexico-based developer, Affordable Solar. Sol Systems also closed an 806 kW Affordable Solar project in the fall of 2013.
This recent project closing coincides with a new partnership that Sol Systems and Affordable Solar launched to streamline financing for distributed solar energy projects. Through the partnership, Sol Systems will work closely with Affordable Solar and their national installer network to unearth, provide due diligence, and refine projects before securing financing for each deal opportunity. The partnership will provide project development and analysis tools for Affordable’s installer network, while opening up a broad range of finance options for the projects.
“The Alamogordo transaction was executed quickly and smoothly, and we are excited to extend our financing partnership to Affordable Solar’s installer network,” said Matthew Chou, Director of Project Finance at Sol Systems. “This partnership will expand our robust access to solar project pipeline and minimize the transaction costs that challenge commercial solar.”
“We are excited to continue our work with Sol Systems to bring more third-party financed distributed generation projects to fruition in 2014,” said Kevin Bassalleck, Director of Business Development for Affordable Solar. “Sol Systems’ expertise in solar project due diligence and financing make them an ideal partner in our efforts to secure financing for more of our installer network’s solar projects. We look forward to providing our installers with access to established project development resources, vetted legal documents, and experienced financing sources through our new partnership with Sol Systems. This new partnership will help our installer network develop more commercial projects efficiently and successfully.”
The 940 kW project in Alamogordo was funded with take-out financing from Sol Systems’ aggregate pool of diverse capital. To date, Sol Systems has facilitated financing for 85 megawatts (MW) of solar through a combination of its tax equity, take-out finance, debt, and solar renewable energy credit (SREC) portfolio management solutions.