TGC Gets Financing for 70 MW New York Community Solar Portfolio

• TGC has actually closed on $42.8 million in financial obligation funding and $41.1 million in tax equity financing for a 70 MW community solar portfolio located in New york city State.

True Green Capital Management (TGC), a specialized energy facilities property management company, today announced that its has actually closed on USD 42.8 million in financial obligation financing and USD 41.1 million in tax equity funding supporting NY Solar Farms, a 70 MW community solar portfolio situated in main and northeastern New York State.

The solar portfolio –-- one of the biggest of its type consisting of 10 jobs across 6 various websites –-- is owned by TGC’& rsquo; s 3rd fund. Integrated, TGC’& rsquo; s funds have roughly 400 megawatts of solar tasks running and over 200 megawatts under construction or development, including an extra 80 megawatts of NY neighborhood solar projects.

“& ldquo; Community solar tasks are an essential pillar of New york city’& rsquo; s clean energy strategy, & rdquo; said Chris Kirkman, head of project finance at TGC. “& ldquo; The NY Solar Farms portfolio is another example of how solar projects can support regional economies and power houses and companies while decreasing our dependence on fossil fuels.”

& rdquo; Financial obligation funding for the portfolio was supplied by CIT Group Inc.’& rsquo; s Power and Energy Unit and NY Green Bank, a state-sponsored financial entity working to increase investments into New York’& rsquo; s tidy energy markets. U.S. Bank, through its subsidiary U.S. Bancorp Neighborhood Development Corporation, offered tax equity funding for the portfolio.

“& ldquo; CIT is one of the leading banks financing renewable resource jobs,” & rdquo; stated Mike Lorusso, handling director and group head for CIT’& rsquo; s Power and Energy unit. “& ldquo; We are excited to be working in this vital market and delighted to help Real Green Capital with a funding package that supports the growth of community solar power in New York.”

& rdquo; Both of these financings are believed to be the largest such investments in NY community solar to date. TGC anticipates expanding or duplicating these facilities to partly fund its ongoing growth of its NY neighborhood solar portfolio.

“& ldquo; In any developing market such as this, U.S. Bank puts an elevated concentrate on dealing with best-in-class sponsors and designers,” & rdquo; said Dan Siegel, senior vice president for U.S. Bancorp Community Advancement Corporation. “& ldquo; Real Green Capital Management has actually proven themselves time and time again to be exceptional partners and we are delighted to be dealing with them on these job-creating projects that will supply solar access to a vast array of clients.”