Sol Systems is pleased to announce the successful financing of a 2.8 megawatt (MW) solar portfolio in Rhode Island. Megawatt Energy Solutions developed the four project opportunities, which are located in Cumberland and Providence. The systems reached operational status in April. Sol Systems facilitated the financing process by providing due diligence, working with Megawatt to alter the site lease and lower the EPC costs, bundling the projects into a portfolio, and obtaining financing from a capital source with previous experience in the Rhode Island solar market.
This was Megawatt’s first commercial-sized deal, and the first time they sought third-party financing. “We are glad to have worked with an experienced financing partner like Sol Systems to bring our first third-party financing deal over the finish line,” said Steven Depina, President of Megawatt Energy Solutions.
“We pride ourselves on bringing C&I solar projects like this one to fruition through our diverse pool of capital,” said Andrew Gilligan, Sol Systems’ Director of Investments. “We look forward to working with the Megawatt team on future investments.”
This transaction is another example of Sol Systems’ success in the commercial and industrial (C&I) solar sector, a typically underserved sector of the market. One of the firm’s key differentiators is its ability to secure financing for commercial projects in the 200-500 kW range through project purchasing, tax equity, debt vehicles, and SREC monetization strategies. To date, Sol Systems has facilitated financing for over 90 MW of solar energy projects.
About Sol Systems
Sol Systems is a renewable energy finance firm that provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers. Founded in 2008, Sol Systems focuses on meeting the industry’s most critical solar financing needs, including tax structured investments, capital placement, debt financing, and SREC portfolio management. To date, the company has facilitated financing for thousands of distributed generation solar projects and hundreds of millions in investment on behalf of Fortune 100 corporations, utilities, banks, family offices, and individuals. For more information, please visit www.solsystemscompany.com.