Strata Solar, has installed nine utility-scale solar projects across North Carolina (NC) using more than $100 million of tax-equity financing provided by a subsidiary of Wells Fargo & Company. When combined, the projects produce enough electricity to power 5,000 homes and were in part made possible by a 35 percent North Carolina Renewable Energy Tax Credit. The power will be purchased by NC utility Progress Energy Carolinas.
“We are very proud of our ability to invest and build in North Carolina’s rural communities. These projects bring jobs, significant local spend, and an increase in the tax base without the requirement of county dollars which is typical of development projects,” said Markus Wilhelm, Strata Solar’s CEO. “On a number of occasions we’ve witnessed these projects having an impact on attracting additional investors who are looking for business-friendly environments.”
The three largest projects – Bladenboro, Wagstaff and Nash 58 – all exceed six MWs in capacity and provide a significant boost to the local tax base without requiring additional county expenditures on sewer, roads or any other infrastructure.
“As a leading provider of capital in renewable energy and cleantech across the U.S., Wells Fargo is excited to participate in the rapid expansion of solar in the Southeast,” said Barry Neal, Head of Wells Fargo’s Environmental Finance Group. “We are proud to partner with top-tier developers like Strata who share in our commitment to support communities and deploy clean energy.”