SolarVision and partners fund 5MW solar power system in US

SolarVision along with New Energy Capital Cleantech Infrastructure Fund; Q.CELLS North America; Finance Fund and JPMorgan Chase & Company has funded an $18m worth 5MW solar power system in the city of Celina, Ohio.

The grid-connected 5MW Celina photovoltaic solar system uses solar panels provided by Q.CELLS and produces adequate electricity to power about 500 homes and address about 8% of the city’s total annual electricity requirement.

The company used new market tax credits to execute the transaction.

SolarVision president Don Saul said such deals are very complex in execution.

"It was a matter of pulling together and coordinating the project with the right partners who could help us allocate the people and resources we needed to successfully complete the Celina solar system project and adhere to the requirements of the new market tax credits," Saul added.

"A deal of this magnitude requires an extreme degree of specialized knowledge."

JPMorgan Chase & Company monetised the project, whereas Finance Fund secured federal and state NMTC for the Celina power project based on its earlier experience with SolarVision.

The remaining finance for the project was contributed by New Energy Capital, and Q.CELLS provided a bridge loan for the deal.
Q.CELLS was selected for the engineering, procurement, and construction contract of the project.