Expanding its growing portfolio, Standard Solar, Inc., a nationally recognized leader in the development, funding, ownership and operation of commercial and community solar assets, today announced the financing and operation of 17 community solar projects in Minnesota and Massachusetts totaling 24.6 megawatts (MW). Tax equity financing for these projects was secured in a partnership with Crestmark, a division of MetaBank®, N.A.
Massachusetts and Minnesota account for about half of cumulative capacity of community solar throughout the U.S. according to the National Renewable Energy Laboratory.
Sixteen of the community solar projects are in Minnesota and all have achieved operation. The projects will generate clean energy on behalf of a mix of commercial and residential customers that want to support a cleaner environment. Minnesota’s community solar program is one of the strongest in the country providing a comprehensive approach that makes developing community solar projects economically viable. The projects are expected to generate 3.89 million kilowatt hours of solar power yearly for customers under long-term contracts.
The 2.8 MW project in Massachusetts is expected to be completed this month (February 2021) and will move the Commonwealth closer to achieving its Renewable Portfolio Standard of 35% by 2030. Community solar is one of the fastest-growing sources of renewable energy in Massachusetts.
“We are pleased with the strong relationship we have established with Crestmark to successfully build and finance this portfolio,” said Peter Coleman, Senior Vice President, Structured Finance, Standard Solar. “Despite challenges created by COVID-19, we have worked collaboratively with our strongest development and financial partners to successfully excel the business during the most challenging times.”
“Crestmark has thoroughly enjoyed working with the professional team at Standard Solar,” said Jon Ellis, Vice President of Alternative Energy Finance at Crestmark. “Crestmark is committed to all forms of alternative energy, including community solar. Partnering with Standard Solar on these projects supports our mission of providing innovative financial solutions to consumers and businesses in underserved niche markets. We look forward to continued growth in our partnership with Standard Solar.”
Community solar is an effective way to provide large numbers of subscribers access to the benefits of clean energy, advance the clean energy workforce and economic impact and drive millions of dollars of investment in the state in which the projects are located.
With the addition of these projects, Standard Solar’s portfolio of community solar projects funded and operating with partners around the United States is in excess of 175 MW.
About Crestmark
Crestmark, a division of MetaBank®, N.A., provides innovative financial solutions for businesses nationwide. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, government guaranteed lending, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, alternative/renewable energy, medical receivables, government contractors, hospitality/hotels, insurance agencies, and technology hardware/software. The Crestmark division is headquartered in Michigan, with additional offices in California, Florida, Louisiana, Tennessee, and representatives nationwide; and a Canadian foreign representative office. For more information, please visit https://www.crestmark.com
About Standard Solar
Standard Solar is powering the nation’s energy transformation – channeling its project development capabilities, financial strength and technical expertise to deliver the benefits of solar, as well as solar + storage, to businesses, institutions, farms, governments, communities and utilities. Building on 16 years of sustainable growth and in-house and tax equity investment capital, Standard Solar is a national leader in the development, funding and long-term ownership and operation of commercial and community solar assets. Recognized as an established financial partner with immediate, deep resources, the company owns and operates more than 160 megawatts of solar across the United States. Standard Solar is based in Rockville, Md. Learn more at standardsolar.com, LinkedIn and Twitter: @StandardSolar.
