Conergy has closed a US$55 million financing facility for the construction of its 36-megawatt North Carolina solar portfolio.
The financing came from, MMA Energy Capital, a subsidiary of MMA Capital Management, through its joint venture with Fundamental Advisors. This financing supports Conergy in constructing the first set of assets it will hold under its new strategy to become a solar independent power producer which it announced last week.
Conergy will build, own and operate this portfolio of seven projects and sell the power to Duke Energy Carolinas under a 15-year power purchase agreement.
“We are extremely pleased to complete this transaction with Conergy, one of the pioneers in the solar energy space, and this project will provide the residents of North Carolina with clean, reliable electric power for many years,” said Bob Hopper, Managing Director of MMA Energy Capital.
“As we grow our asset ownership, Conergy is thrilled to build out our North Carolina project portfolio with MMA Energy Capital’s facility. This financing further validates our bankability and access to capital for projects,” said Yann Brandt, Conergy’s Regional Head of The Americas.
Conergy began construction of the seven solar projects in September. The company plans to meet requirements to receive the North Carolina state solar tax credit this quarter and the projects will be placed in service in early 2016.