Churchill Stateside Group completes funding for a $7.05 million North Carolina state renewable energy tax credit fund. The fund, combined with other financing sources, will be used to build a 7.11 MW solar energy farm in Whiteville, North Carolina.
More big solar is coming to North Carolina. Big solar there isn’t such big news anymore, given recent solar developments in the state. North Carolina has already reached the #2 Solar State position in terms of its installed solar capacity, largely thanks to utility-scale installations.
While financing can be a challenge, more options are becoming available. But investment by tax equity partners is still a major financing mechanism to fund solar projects, one that’s being used even for residential installations. It’s definitely a useful financing tool for big solar projects.
Churchill Stateside Group, LLC, a privately owned real estate and energy financial services company, is active in finding financing solutions like these for solar. Today, the company announced the completion of the Churchill Stateside NC Tax Credit Fund II, LLC, a $7.05 million North Carolina state renewable energy tax credit fund. The fund was placed by CSG’s related broker dealer, Churchill Stateside Securities, LLC.
CSG’s NC Tax Credit Fund II will be combined with other financing sources to build a 7.11 MW solar energy farm in Whiteville, North Carolina. This ground-mounted solar farm, commissioned at the end of 2013, will include over 23,000 solar panels and cover approximately 40 acres.
“The closing of this second North Carolina Fund shows our continued efforts in North Carolina and represents CSG’s commitment to market leadership in delivering financing solutions to the evolving renewable energy marketplace,” said Devin Sanderson, Senior Vice President and Director of Renewable Energy for CSG.
Joseph Switzer, Senior Vice President of Churchill Stateside Securities, LLC, the fully licensed broker-dealer for CSG, said, “Responsible corporations are looking for ways to enhance their carbon emission profile while still meeting all of their internal risk and return hurdles. We have managed to make new investors comfortable with the renewable energy asset class without requiring them to dedicate a large amount of resources to the opportunity. These efforts bring great benefit to our investors, the environment, and the State of North Carolina.”