Eight utility-scale solar farms are being added to North Carolina's energy mix. The portfolio totaling 67.3MW equals a reduction of carbon emissions for 7,946,325 million gallons of gasoline consumed. It brings the total North Carolina solar projects to 103.5MW for the partnership between Sol Systems, National Cooperative Bank, and Strata Solar.
"North Carolina has been an especially attractive market for tax equity investors in the solar asset class," commented Dan Yonkin, Tax Equity Director with Sol Systems. "They've been a driving force of growth making the Tar Heel state a national leader in skyrocketing the solar energy market."
North Carolina rose to the 2nd highest state for solar PV installation capacity with 397MW installed in 2014 (2nd only to California). The state has 1,011MW of solar energy currently installed, ranking the state 4th in installed solar capacity, and #11 in solar jobs per capita nationwide, with 5,600 solar workers.
The portfolio is comprised of solar farms in eight communities across North Carolina: Godwin, Grover, Lumber Bridge, Maxton, Oakboro, Roseboro, Salisbury and West End.
"Strata Solar has succeeded through diligent work and by executing on a proven strategy. Having the right partners is an important part of that strategy." said Markus Wilhelm, Co-founder and CEO of Strata Solar.
This marks the fourth time Sol Systems, National Cooperative Bank, and Strata Solar teamed up. All sites in the portfolio should be fully operational in July and August, and will generate enough clean energy to provide electricity for 9,714 homes for one year.
"National Cooperative Bank has had a great track record of financing solar projects in North Carolina", stated Matthew Wright, Senior Vice President. "To date, NCB has funded 266MW consisting of 44 projects/term loans totaling $126 million and 14 bridge loans totaling $51 million in North Carolina alone. Our collaboration with Strata Solar and Sol Systems has been very positive, and we look forward to working together on future transactions."
Sol Systems is on track to deploy over $200 million into the solar asset class, to finance at least 150MW of commercial and utility-scale projects across several states in 2015.