Conergy, one of the world’s largest downstream solar companies, and Holocene Clean Energy (Holocene) announced today the financial close of a 28 megawatt portfolio of North Carolina solar projects, most recently valued at $60M USD. Conergy and Holocene arranged federal and North Carolina state tax equity investments from two prominent US banks and provided development and sponsor equity capital. The transaction marks Conergy’s focus on growing its US market share following its latest equity round, led by major utility RWE.
Holocene, of Raleigh, North Carolina, and Conergy’s U.S. team completed development of the portfolio of projects after ESA Renewables, Sunlight Partners and Community Energy initiated project development. Conergy and Holocene collaborated on a financing solution and Conergy provided engineering, procurement, construction (EPC) and O&M services.
Anthony Fotopoulos, Conergy’s Regional Business Head for North America, said,“Conergy is pleased at this opportunity to bring our global development, financing, and EPC capabilities to North Carolina, and to serve as sponsor in this significant endeavor. Development partners are important to us at Conergy; we were able to capture local expertise by investing in the projects brought together by Holocene.”
“We are thrilled to bring these utility scale solar projects to North Carolina,” said Ralph Thompson, CEO of Holocene. “Thanks to the hard work of our team and our partners at Conergy, the solar farms will represent a major achievement by our companies. Developing solar projects is dependent on the team’s capabilities and balance sheet, and I am glad we were able to bring the group together.”
The solar farms are located across five locations in Eastern North Carolina. Construction began in February and will be completed in 2015. The facilities, located in Johnston, Duplin, and Franklin counties, will bring significant employment opportunity, while boosting local tax revenue without burdening existing municipal services. Duke Energy will purchase electricity generated by the systems under a 15-year agreement.
Conergy (conergy.com) is one of the world’s largest downstream solar companies, specializing in the design, finance, build and operation of high performance solar systems for homes, businesses and utility-scale power. Founded in 1998, the company pioneered the expansion of solar power internationally, and today combines innovative technology, industry-leading engineering and access to capital. Headquartered in Hamburg, Germany, Conergy has a global sales network and established subsidiaries in 15 countries. The company is privately held and majority-owned by Miami-based asset management firm Kawa Capital Management, Inc.
Based in Raleigh, North Carolina, Holocene develops ground mounted utility scale photovoltaic systems. Holocene was founded in 2009 and boasts core competencies in renewable energy systems development, complex financial structuring and syndication, large-scale construction and renewable energy systems asset management.