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AVANA is proud to have contributed to the furtherance of clean energy through this high-impact project, which enables de-centralization of energy and a transition to a renewable source for many citizens in Massachusetts
CVE, an experienced international project developer and operator based in Europe, had major plans for expansion in the United States and needed a financing partner that could help make their projects a reality. Their proposed North American portfolio consisted of six initial projects with two additional projects to follow soon thereafter. The total capacity would be approximately 40 MWp, all would be in Massachusetts and the projects qualified for the state’s Solar Massachusetts Renewable (SMART) Program. Additionally, the two remaining projects would combine solar + storage.
AVANA’s renewable energy team had a prior relationship with NextPower Capital, the investment bank working with CVE in the United States, and was contacted by NextPower to provide construction financing in the transaction. The project was at a critical stage and was stalled due to the fact that tax equity and permanent debt had not yet been lined up. Although CVE had an extensive footprint internationally, this portfolio represented CVE’s entry in the North American market. CVE was in search of a financial partner that understood their situation as well as the unique attributes of these projects.
When contacted by NextPower Capital, AVANA’s renewable energy team quickly began evaluating the six New England-based projects. Although some lenders, including one that had previously agreed to financing, could not get comfortable without the tax equity and permanent debt in place,
AVANA thoroughly investigated, and determined that CVE’s track record and the fundamentals of these projects warranted a funding commitment.
In total, AVANA provided construction financing totaling $68 MM, which supported the development of eight solar photovoltaic (“PV”) plants in Massachusetts. These projects qualify for the state’s SMART program, which began in January 2018, to provide a 20-year sustainable solar incentive to promote cost-effective, high-value solar development.
AVANA is proud to have contributed to the furtherance of clean energy through this high-impact project, which enables de-centralization of energy and a transition to a renewable source for many citizens in the state. Further, AVANA prides itself on being nimble and fast – especially when timely participation can affect the success of a beneficial renewable energy project. Partnerships with solid, successful developers like CVE are of significant value to our team, and lead to tremendous growth in the transition to renewable energy.
AVANA Capital is focused on both stimulating the U.S. economy through job creation as well as developing clean energy sources across the country. Through projects like this one, AVANA Capital promotes and supports the use of energy efficiency solutions, expanding the impact of clean energy in the lives of American citizens. Through this portfolio, approximately 1,4000 gW/h of electricity will be generated over the life of the system — eliminating the burning of over one billion pounds of coal and resulting in a significant positive impact on our local and global environment.