A partnership agreement between Strata Solar, National Cooperative Bank and solar investment and financing firm Sol Systems will help usher in three new utility-scale solar farms in North Carolina.
The projects will be located on farmland in Erwin, Efland and Hickory, North Carolina, and will total 18MW of solar capacity.
Sol Systems managed the investments related to the deal, Strata developed the projects and provided EPC services while National Cooperative Bank led the transactions.
Dan Yonkin, director of tax equity at Sol Systems, said: “North Carolina is a robust market for tax structured investments, which have been instrumental in stimulating the state's solar growth. Equally, in an industry where long-term relationships are essential for keeping transaction costs low, we are vigilant in working with such esteemed partners.”
David Scoglio, CFO of Strata Solar, added: “Reliable, long-term relationships are a key component of success in this industry. Strata Solar chooses partners that are credible and allow us to move our business forward with confidence. Sol Systems and NCB are fine examples of some of the partnerships that help us continue to create great opportunities for business development and investment.”
The three new solar installations will help displace 15,000 tonnes of carbon dioxide annually.
Matthew Wright, senior vice president of the National Cooperative Bank, said: “The solar industry in the United States is booming, and National Cooperative Bank has been committed to supporting this important sector since 2008, having financed over $300 million and 250 Megawatts. We look forward to working with Strata Solar and Sol Systems in the future.”