Three new utility-scale solar farms have been added to North Carolina’s energy mix. The solar projects are located on rural farmland in Erwin, Efland and Hickory, North Carolina and total 18 MW of solar energy. The projects were completed by a partnership of Sol Systems, National Cooperative Bank and Strata Solar. These projects follow the successful deployment of 18.2 MW that went online earlier this year.
“North Carolina is a robust market for tax structured investments, which have been instrumental in stimulating the state’s solar growth,” said Dan Yonkin, director of Tax Equity at Sol Systems. “Equally, in an industry where long-term relationships are essential for keeping transaction costs low, we are vigilant in working with such esteemed partners.”
Sol Systems managed the investment on behalf of an international bank as part of the firm’s tax equity initiative to produce secure, sustainable solar investments for banks, insurance companies, utilities, and Fortune 100 clients. Strata Solar developed the project opportunities provided EPC services, and National Cooperative Bank served as the lender in the transactions.
North Carolina now ranks fourth in the country in terms of installed solar capacity according to the Solar Energy Industries Association. The 2013 Solar Jobs Census counted 3,100 solar jobs in the Tar Heel State, which will likely be even higher for 2014.
“Reliable, long-term relationships are a key component of success in this industry. Strata Solar chooses partners that are credible and allow us to move our business forward with confidence,” said David Scoglio, CFO of Strata Solar. “Sol Systems and NCB are fine examples of some of the partnerships that help us continue to create great opportunities for business development and investment.”
Matthew Wright, Senior Vice President, National Cooperative Bank added, “The solar industry in the United States is booming, and National Cooperative Bank has been committed to supporting this important sector since 2008, having financed over $300 million and 250 Megawatts. We look forward to working with Strata Solar and Sol Systems in the future.”