Solar Alliance Energy Inc. has signed a memorandum of understanding with Redball Energy for the supply of tax fairness financing of as much as $530,000 for the corporate’s preliminary portfolio of solar tasks in New York.
The tax fairness funding shall be by means of a customary partnership-flip settlement, which is non-dilutive and structured on the particular person undertaking degree, the corporate says. The MOU additionally outlines the intention of the events to collaborate on future tax fairness investments as Solar Alliance expands its portfolio of property below possession.
“Securing tax equity financing for our New York projects is a critical milestone,” says CEO Myke Clark. “Tax equity financing allows Solar Alliance to reduce the amount of sponsor equity required for these two projects and increases the return on investment. Combined with future project debt, the tax equity structure can be replicated as we target additional solar projects and seek to grow our portfolio of assets that will generate recurring revenue for Solar Alliance.”
Solar Alliance will personal and function two ground-mounted solar tasks in New York:
US1: 389 kW positioned within the Village of Union Springs, Cayuga County
VC1: 298 kW positioned within the Village of Cazenovia, Madison County
Both tasks are anticipated to attain business operation in This autumn 2022.