Financing can still be a major hurdle for companies trying to get solar projects off the ground. This is a recognized problem, and companies such as ET Solar are establishing financing companies to make this task easier.
GSSG Solar, LLC (GSSG) has accomplished this task, and completed the financing of a 4.75 MW portfolio of solar PV projects in the Denver metro area. The last of the seven ground-mounted, fixed-tilt projects was interconnected in July of 2014, and all are now delivering electricity to their users at costs significantly below retail electricity rates. The energy users include Denver International Airport, the Colorado Department of Corrections, and the City of Greeley. The installations will be maintained by Colorado solar professionals over the course of the projects’ 25-plus year operational lives.
The portfolio is expected to generate enough solar power to serve approximately 1200 Colorado homes.
GSSG provided advisory services to the Colorado-based equity participant relating to financing the projects. The projects were developed by Oak Leaf Energy Partners and were financed through a combination of equity and debt, in part supported by a cash subsidy bond product created by the Federal government to increase the development of renewable energy projects. They were further enabled by the strong credit of the energy users.
“It is a testament to the hard work and collaborative spirit of all the excellent participants in this transaction that these projects are now in the ground and delivering inexpensive solar electricity to the residents of, and visitors to, the great state of Colorado. We are proud to have participated in securing competitively priced permanent financing for this portfolio of solar projects, lowering the energy costs for this group of tax exempt entities,” said GSSG Solar CEO Tomakin Archambault.