Sol Systems has teamed up with Clean Energy Infrastructure (CEI), a subsidiary of Capital Dynamics to form a joint venture called Sol Customer Solutions that will carryout financing Renewable Energy Projects across the United States. The joint venture has secured a Distributed Generation (DG) Tax Equity Commitment from Bank of America to finance the project.
Sol Customer Solutions is mainly focused on offering large pools of institutional capital to facilitate exposure to the DG market, which has some of the most compelling and competitive renewable energy solutions for commercial, educational, and municipal customers. The program will carryout financing Renewable Energy Projects designed and developed by the Sol Customer Solutions joint venture.
The first batch of funding was released in July 2020 and went towards financing the construction of twenty projects with a total output of around 30 megawatts (MWdc). The first round of funding is expected to fully complete the twenty projects and will form the basis of funding for additional projects.
Among the projects to be developed in the First Tranche Funding are; Altamont, a 645 kWdc ground-mount solar project located in Illinois, and which supply energy to the City of Altamont. This plant supplies power to the city through a power purchase agreement with Illinois Municipal Electric Agency (IMEA). The first round is also financed by the Amazon ACY2, a 5.5 MWdc rooftop solar project on the Amazon fulfillment center based in New Jersey. Finally, the first round of funding was used to finance American Bottoms, a 1.8 MWdc ground-mount solar project, which is also located in Illinois. This project provides energy used to power Sauget Sanitary Development & Research Association (SSDRA).
The first round also funded the 20.7 MWdc Walmart Portfolio, which is made up of seventeen rooftop plus ground mount projects used to power Walmart Supercenter and several distribution centers in Illinois.
The second part of the project was released in September and funded an additional four projects among them Rock Falls, a 1.3 MWdc ground-mount solar project in Illinois.