Power Purchase Agreement Fund Will Finance Solar Photovoltaic Projects inUnited States; Funding Not Dependent on the Federal ITC Grant
HelioPower, an integrated energy solutions company with over 1600 solar and cleanenergy systems engineered and installed since 2001, announced at theSolar Power International industry show, a new power purchase agreement(PPA) fund to finance solar photovoltaic projects in the United States. The fund offers attractive solar financing terms and is not dependenton the Federal Grant in lieu of ITC under Section 1603 of The AmericanRecovery and Reinvestment Act of 2009 (ITC Grant).
“This is our second fund and it allows us to specifically focus onthe 350 kilowatt (kW) to 3 megawatt (MW) project range,” said TyJagerson, President of HelioPower. “It’s also good timing for thoseprojects that are at risk of losing funding from the federal tax grantat the end of this year.”
The HelioPower solar fund is available to solar integration firms,commercial property owners, and municipal or educational institutionsfor solar photovoltaic projects from 350 kW to 3 MW in size. The energyoff taker must have an investment grade debt rating. The program isparticularly well suited to projects that require flexible terms up to20 years.
This is HelioPower’s second project fund. The company’s initial fund, the Green Energy Community Investment Fund, was a joint financingprogram of HelioPower and Citi Community Capital, a division of Citi, to finance solar power systems on qualifying commercial and public sectorfacilities throughout the U.S. The fund had an emphasis on underservedcommunities and included such high profile installations as the solarphotovoltaic system on The Tech Museum of Innovation (The Tech), located in San Jose, California.
For more information contact Sue Sparks, Vice President of Project Finance, SSparks@HelioPower.com
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