Sol Systems has facilitated financing for an 806 kW solar portfolio in Deming, New Mexico, consisting of three separate solar arrays sized 84 kW, 151 kW, and 571 kW. The recent portfolio closing enhances Sol Systems’ track record of financing mid-sized distributed generation solar projects. Together, the three photovoltaic arrays will provide power for three facilities in the City of Deming’s water system.
The project developer, New Mexico-based Affordable Solar, approached Sol Systems to arrange project financing. The Sol Systems team swiftly secured an investor who executed quickly and helped the developer to secure financing in only two weeks.
“The team at Sol Systems worked diligently and efficiently to secure capital and move the project forward in a matter of weeks,” said Ryan Centerwall, General Manager of Affordable Solar. “Their team was very accommodating to our needs, and we were impressed with the competitive financing options that they presented to us.”
“At Sol Systems, we pride ourselves in securing the most optimal path to project financing through a combination of pricing, velocity, and of course execution ability, ” said Andrew Gilligan, who helps lead Sol Systems’ investor advisory team. “We were glad we could move quickly to meet Affordable Solar’s deadline and help them succeed in developing these projects.”
This portfolio marks another success in a hot summer for the Sol Systems team. In August, Sol Systems was ranked #91 on Inc. 500’s prestigious list of the fastest growing companies in the U.S., and #3 in the solar industry. Since June, the solar finance firm has secured financing for 10 commercial-scale projects in Hawaii, California, Indiana, Washington, D.C., Maryland, and now, New Mexico. With 10 additional projects currently at term sheet, Sol Systems expects several more project closings this fall. Sol Systems also estimates that it will place around $40 million in tax equity into the solar industry in 2013 through its tax structured finance group.