Standard Solar, Inc. has announced the financing and operation of 17 community solar projects in Minnesota and Massachusetts totaling 24.6 MW of capacity. Tax equity financing for these projects was secured in a partnership with Crestmark, a division of MetaBank.
Massachusetts and Minnesota account for about half of cumulative capacity of community solar throughout the U.S. according to the National Renewable Energy Laboratory.
Sixteen of the community solar projects are in Minnesota and all have achieved operation. Minnesota’s community solar program is one of the strongest in the U.S. and the projects are expected to generate 3.89 million kilowatt hours (kWh) of solar power yearly for customers under long-term contracts, said Standard Solar.
The last project, a 2.8-MW solar array in Massachusetts, is expected to be completed this month (February 2021) and will move the Commonwealth closer to achieving its Renewable Portfolio Standard of 35% by 2030. Community solar is one of the fastest-growing sources of renewable energy in Massachusetts.
With the addition of these projects, Standard Solar’s portfolio of community solar projects funded and operating with partners around the U.S. reaches 175 MW.
Jon Ellis, Vice President of Alternative Energy Finance at Crestmark, said, “Crestmark is committed to all forms of alternative energy, including community solar. Partnering with Standard Solar on these projects supports our mission of providing innovative financial solutions to consumers and businesses in underserved niche markets.”
Community solar is an effective way to provide customers access to the benefits of clean energy, advance the clean energy workforce and economic impact and drive millions of dollars of investment in the area the projects are located.
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Source: Renewable Energy