Strata solar announces that it has installed nine more utility-scale solar projects across the state. The projects, which were funded using more than $100 million of tax-equity financing, will produce enough electricity to power 5,000 homes.
More big solar has come to North Carolina. Strata Solar, a utility-scale solar provider, has been building a number of large solar projects there. Today, the company announced that it has installed nine more utility-scale solar projects across the state. The project were funded using more than $100 million of tax-equity financing provided by a subsidiary of Wells Fargo & Company (NYSE: WFC).
North Carolina utility Progress Energy Carolinas will purchase the power generated by the solar plants. The projects will produce enough electricity to power 5,000 homes, and the power generated will offset 28,000 metric tons of CO2 per year. Supported by a 35% North Carolina Renewable Energy Tax Credit, the projects create local jobs. They also provide additional income for those who lease their land for the solar projects.
These are big projects. The three largest of the projects all exceed 6 MW in capacity.
“We are very proud of our ability to invest and build in North Carolina’s rural communities. These projects bring jobs, significant local spend, and an increase in the tax base without the requirement of county dollars which is typical of development projects,” said Markus Wilhelm, Strata Solar’s CEO. “On a number of occasions we’ve witnessed these projects having an impact on attracting additional investors who are looking for business-friendly environments.”
“As a leading provider of capital in renewable energy and cleantech across the U.S., Wells Fargo is excited to participate in the rapid expansion of solar in the Southeast,” said Barry Neal, Head of Wells Fargo’s Environmental Finance Group. “We are proud to partner with top-tier developers like Strata who share in our commitment to support communities and deploy clean energy.”
Since 2006, Wells Fargo has provided over $4 billion in tax equity and construction financing for renewable energy projects in 28 states, including over $1.3 billion for more than 300 solar projects.