Power Purchase Agreement Fund Will Finance Solar Photovoltaic Projects in United States; Funding Not Dependent on the Federal ITC Grant
SAN FRANCISCO, CA – OCTOBER 12, 2010 – HelioPower, an integrated energy solutions company with over 1600 solar and clean energy systems engineered and installed since 2001, today announced a new power purchase agreement (PPA) fund to finance solar photovoltaic projects in the United States. The fund offers attractive solar financing terms and is not dependent on the Federal Grant in lieu of ITC under Section 1603 of The American Recovery and Reinvestment Act of 2009 (ITC Grant).
“This is our second fund and it allows us to specifically focus on the 350 kilowatt (kW) to 3 megawatt (MW) project range,” said Ty Jagerson, President of HelioPower. “It’s also good timing for those projects that are at risk of losing funding from the federal tax grant at the end of this year.”
The HelioPower solar fund is available to solar integration firms, commercial property owners, and municipal or educational institutions for solar photovoltaic projects from 350 kW to 3 MW in size. The energy off taker must have an investment grade debt rating. The program is particularly well suited to projects that require flexible terms up to 20 years.
This is HelioPower’s second project fund. The company’s initial fund, the Green Energy Community Investment Fund, was a joint financing program of HelioPower and Citi Community Capital, a division of Citi, to finance solar power systems on qualifying commercial and public sector facilities throughout the U.S. The fund had an emphasis on underserved communities and included such high profile installations as the solar photovoltaic system on The Tech Museum of Innovation (The Tech), located in San Jose, California.
For more information contact Sue Sparks, Vice President of Project Finance, [email protected].
HelioPower is an integrated energy solutions company with over 1600 solar and clean energy systems engineered and installed since 2001. We reduce energy costs and develop energy assets by leveraging renewable energy production, demand side management and return on investment strategies for clients in the U.S. and abroad. For more information please visit http://www.HelioPower.com.
SOURCE: HelioPower, Inc.
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