ANNAPOLIS, Md., Sept. 8, 2021 /PRNewswire/ — New Power Fairness, a developer and financier of local community and commercial photo voltaic jobs throughout the United States, nowadays declared the closing of a $50 million facility, with $41 million led by Silicon Valley Financial institution and joined by SVB Funds, two revolutionary money companions in the renewable power and technologies sector. The unitranche revolving facility will be used for the building of community photo voltaic tasks in New York Point out and other marketplaces, anticipated to full a lot more than 60MW of mounted capability.
Group photo voltaic is at the reducing edge of the energy transition selling access to secure, obtainable and cost-effective renewable energy to a wide assortment of shoppers, including commercial, industrial, municipalities, universities, educational facilities, hospitals and household shoppers devoid of requiring the installation of solar devices on their assets.
Silicon Valley Bank is the Sole Coordinating Guide Arranger with SVB Funds acting as Loan company. The funding supports the construction of local community photo voltaic assets within point out-sponsored distributed generation courses. The facility funds a significant part of the construction and financing charges of the tasks, assisting New Energy Equity with its doing work capital demands though making it possible for for adaptability on belongings to be financed, topic to lender acceptance.
“New Energy Fairness is fired up to enter into this new partnership with Silicon Valley Lender and SVB Cash,” explained Matthew Hankey, President, Co-Founder and CEO of New Power Fairness. “Their dedication to generating neighborhood solar operate will aid us to bring the thoroughly clean strength transformation to much more communities and clients on improved terms. We search ahead to a extended and profitable marriage with each other.”
“SVB is very pleased to deliver this financing to New Power Fairness,” reported Bret Turner, Market Supervisor and co-guide of the venture finance group at Silicon Valley Financial institution. “We are fully commited to catalyzing photo voltaic innovation and reducing the cost of electricity for homes and communities to make renewables very affordable for all.”
About New Vitality Equity
Founded in 2013 and headquartered in Annapolis, Maryland, New Vitality Fairness develops and funds solar ability generation assets, furnishing clear electric power to commercial, industrial, municipal, and utility buyers under very long-expression contracts. New Strength Equity has effectively created over 250MW of photo voltaic projects since 2013. The firm was rated as the 7th Prime Photo voltaic Developer and the 8th Major Photo voltaic Contractor on Solar Electrical power World’s “2021 Top Photo voltaic Contractors” list and was voted as 1 of the fastest-expanding electrical power businesses in D.C., Maryland, and Virginia by Inc. Magazine in 2020. To understand extra, check out www.newenergyequity.com.
About SVB Money Team
For approximately 40 decades, SVB Economical Group (NASDAQ: SIVB) and its subsidiaries have assisted impressive organizations and their traders go bold strategies ahead, fast. SVB Economical Group’s organizations, including Silicon Valley Financial institution (SVB), offer business, expenditure and private banking, asset management, non-public wealth management, brokerage and expenditure expert services and funds administration services to businesses in the technological know-how, everyday living science and health care, personal fairness and undertaking funds, and premium wine industries. SVB’s job finance team works with undertaking entrepreneurs, sponsors and buyers to finance big household, professional and industrial, and utility-scale projects. Headquartered in Santa Clara, California, SVB Economic Team operates in facilities of innovation about the earth. To learn extra, pay a visit to svb.com.
SVB Economical Group is the keeping business for all business enterprise models and groups © 2021 SVB Money Team. All rights reserved. SVB, SVB Money Team, SILICON VALLEY Lender, MAKE Following Happen NOW and the chevron gadget are trademarks of SVB Money Team, employed beneath license. Silicon Valley Financial institution is a member of the FDIC and the Federal Reserve Technique. Silicon Valley Bank is the California bank subsidiary of SVB Financial Team.
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Source New Electricity Fairness