KDC Solar advised that it had closed the financing provided by a subsidiary of US Bancorp, which will go towards developing a portfolio of projects in New Jersey through KDC Solar’s wholly owned subsidiary. The financing will support long-term renewable energy tax equity financing for multiple distributed generation, net-metered solar projects with the first two solar projects totaling nearly 7MW.
The first installation, a 3.25MW rooftop solar system at a warehouse in Cranbury, New Jersey, was completed on November 14, while the second 3.5MW rooftop system in South Brunswick, New Jersey is anticipated to be finished by late December or early 2012.
“We are extremely pleased to partner with US Bank on this unique transaction,” said Hal Kamine, KDC Solar's CEO. “This addition to our capital structure will allow us to continue to pursue and accelerate our commitment to 'behind-the-meter' solar electric systems for businesses, governments and institutions in New Jersey, which in turn creates or preserves long-term jobs for New Jersey.”