Capital Dynamics and Tangent Energy Solutions have signed a joint development agreement, which will see the two companies working together on commercial-scale solar energy projects throughout the United States. Under the agreement, Capital Dynamics will arrange the funding necessary to build, own and operate existing and future solar projects developed by Tangent.
Capital Dynamics recently obtained ownership for 13 of Tangent’s solar PV projects that are being developed on 11 sites in Pennsylvania. Tangent will maintain its position as the engineering, procurement and construction contractor and operator for the lifetime of the projects. The thirteen solar projects are anticipated to be completed by July 31.
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As Capital Dynamics and Tangent continue to investigate further project opportunities, the two companies stated that funding would be provided in part through grants from the Commonwealth of Pennsylvania under the state’s Commonwealth Financing Authority. They will also be able to take part in the Recovery Act Section 1603 cash grant in lieu of the 30% investment tax credit that the U.S. Federal Treasury makes available.
Dean Musser, president and CEO of Tangent, remarked, “Capital Dynamics is the ideal partner in our effort to provide clean energy solutions that help develop the smart grid from the customer’s side of the meter. We have a shared vision. Because of our expertise in creating energy solutions, not just solar projects, we are uniquely able to provide better returns and more sustainable results for all stakeholders.”