“The most often heard news surrounding solar, of recent, has been the lack of financing availability for solar projects and especially a lack of financing for smaller commercial rooftop scale solar projects,”
Sonoma, Calif. (PRWEB) November 8, 2010
Adam Capital Clean Energy Asset Finance, the leading collateral-based lender serving distributive commercial renewable energy developers, today announced the completion of financing to RENU, LLC., allowing them to complete the install and interconnection of 211.00kW rooftop mounted net metered solar power system (1,144 panels) serving a Pacoima-based Corporation’s manufacturing facility.
“The most often heard news surrounding solar, of recent, has been the lack of financing availability for solar projects and especially a lack of financing for smaller commercial rooftop scale solar projects,” said Adam Boucher, CEO Adam Capital Clean Energy Asset Finance. “Our unique lending structure of securing a renewable energy loan primarily by federal grant payments made in lieu of tax credits allows a developer to offer no out-of-pocket costs and immediate substantial savings to their commercial clients.”
Utilizing construction financing from Adam Capital Clean Energy Asset Finance, LLC., a private investment fund with a successful track record extending project financing to clean energy developers in loan amounts of less than $5 million, the Adam Capital loan was extended to RENU to install the manufacturing facilities rooftop solar power system using a service lease agreement. Under the terms of the lease agreement, RENU was able to claim local and federal incentives, including the Federal Investment Tax Credit Grant, which was directly assigned to Adam Capital. Adam Capital has also assisted other developers in creating their own internal lease and finance programs. Thus far in 2010, Adam Capital has provided financing for more than 125 projects ranging form 5kW (residential) to 300 kW systems serving industry and schools in Arizona and California.
“We are seeing the commercial rooftop solar market take off and we are positioned to offer developers a reliable source of capital to move forward with project installations. “In addition to construction project financing, Adam Capital is now offering long-term financing and we are preparing to launch a tax equity fund in the first quarter of 2011,” adds Boucher.
Adam Capital & RENU 2
The completion of this solar installation demonstrates that even heavy industry can benefit from going “green”. The system consists of 1,144 solar panels. In terms of pollution and green house gases, placing a system of this size in service is equivalent to removing 1,734 cars from the road or planting 11,590 trees. As a result of Adam Capital’s unique financing structure, the manufacturing facility had no out-of-pocket costs to install the system and benefits from immediate savings from its use.
About Adam Capital
Adam Capital extends construction and long-term senior secured debt and provides tax equity related services to rooftop scale, clean energy projects throughout the Western US. We lend to commercial power users and developers who seek funding to deploy commercial, rooftop scale solar, small wind, biofuel, waste recovery, and pooled residential PV systems, as well as other mature clean energy technologies. With over 50 years of combined experience in collateralized asset lending, law, taxation, and corporate finance, the firm works with energy developers seeking initial funding for the deployment of renewable energy systems. For more information please visit: http://www.AdamCapital.com.
# # #