US ROUND-UP: FlexRack tracker supply, Key Equipment Finances Georgia plant, Coronal in Virginia

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Solar FlexRack is to supply trackers to 7MW Vermont solar project

Credit: Greenwood Energy

11 September: Solar FlexRack is to supply its trackers to a 7MW solar project developed by Greenwood Energy, Brightfields Development and Wolfe Energy on previously unused landfill sites in Vermont.

The Elizabeth Mine Solar Project is being built by Conti Solar on the Superfund site in Strafford and Thetford. The regional substation and power lines to the town of Strafford were upgraded for the project.

Steve Daniel, EVP, Solar FlexRack said: “we are honoured to have been selected for a Superfund Project that has restored a healthy balance to an environmentally challenged site and transformed it to a productive renewable energy power plant.”

Key Equipment Finance supporting Boviet Renewable Power for 1.75MW Georgia Solar Project

11 September: Equipment finance company Key Equipment Finance has provided US$2.4 million in financing to Silicon Valley-based Boviet Renewable Power for a 1.75MW solar power generating facility in Gibson, Georgia, built and installed by New Orleans-based Joule Energy.

Boviet Renewable Power used sale-leaseback financing for the project, which includes a Power Purchase Agreement (PPA) and allows monetisation of the tax benefits, inclusive of the investment tax credit and depreciation. Boviet Renewable Power owns and operates the system and sells the power to Georgia Power Company, an Atlanta utility that serves 2.4 million customers.

“By using a tax lease solution through Key Equipment Finance, Boviet Renewable Power is contributing to Georgia's clean energy future,” said Doug Beebe, vice president of energy finance for Key Equipment Finance's Energy Solutions team. “Solar developers benefit from financing solar capital expenditures by preserving cash and credit lines for other uses.”

The project uses trackers and polycrystalline modules supplied by Boviet Solar Technology, the sister company of Boviet Renewable Power.

Coronal Energy and CVEC partner on Virginia solar

7 September: Coronal Energy and Central Virginia Electric Cooperative (CVEC), a member-owned, electric distribution cooperative serving over 36,000 meters in 14 Virginia counties, are developing two 5MW(AC) solar facilities along Virginia’s Interstate 64 corridor.

The new solar facilities help diversify CVEC’s portfolio of energy sources and contribute to Virginia’s state-wide solar capacity.

“Electric cooperatives are a priority customer class for Coronal,” said Danny Van Clief, chief commercial officer of Coronal Energy. “We understand and respect their mission to deliver affordable, reliable power to their members, as well as the commitment they make to community stewardship. Solar energy represents a strong fit with all aspects of this mission, and CVEC’s decision to add solar to its supply mix represents that.”

Energy from both facilities will be procured by CVEC via 25-year power purchase agreements (PPAs)

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