Churchill Stateside Group Completes North Carolina State Tax Equity Fund to Finance $100M in Solar Projects

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Churchill Stateside Group completes $34.3 million renewable energy tax credit fund. The fund will be combined with other financing sources to build 32.5MW of solar energy farms throughout North Carolina.

Churchill Stateside Group (CSG) has completed the Churchill Stateside NC Tax Credit Fund, a $34.3 million North Carolina state renewable energy tax credit fund. CSG is a privately owned real estate and energy financial services company and the fund was placed by the company’s related broker dealer, Churchill Stateside Securities.

The NC Tax Credit Fund will be combined with other financing sources to build 32.5MW of solar energy farms throughout North Carolina. The utility-scale solar farms, commissioned in the second and third quarters of 2013, will cover approximately 40 acres each.

Construction of the solar projects will boost North Carolina’s economy by generating over 350 direct jobs and by pumping tens of thousands of dollars into the local economies of regions where the solar farms will be built. Once complete, the solar farms will be powered by approximately 135,000 solar panels and generate over 47,000MWh of electricity per year, equivalent to the average power consumed by 5,200 homes. Together the projects will offset over 31,000 tons of carbon dioxide emissions, the equivalent of planting of 23,500 trees.

Keith Gloeckl, Chief Executive Officer of CSG said, “CSG is committed to sustainability because we are committed to making a difference. We forge partnerships with thought leaders and visionary organizations—groundbreakers who take sustainability a step further by investing in projects that align the often conflicting goals of idealism and profit. Solar energy achieves this: it is the fastest growing energy technology in the world, while it provides society’s most basic need–while creating local jobs, increasing energy independence, and reducing pollution.”