SolRiver planned to develop a solar farm to provide Portland General Electric Company with electric for their customers in Oregon, and needed a financing partner through which they could secure funding to both purchase the land and build the project. This was a time-sensitive project, as the option to purchase the land was expiring within a couple of weeks. The developer knew that they needed to secure financing quickly or the project would fall apart. SolRiver did not want to purchase the land without having the construction loan in place.
As SolRiver has worked with AVANA Capital previously, their management team knew about the company’s ability to be flexible, competitive and quick in situations like this. Thus, they called our Renewable Energy Team and asked us to come up with an efficient solution.
AVANA Capital is focused on both stimulating the U.S. economy through job creation as well as developing clean energy sources across the country.
Upon learning of SolRiver’s urgent financing request, our team immediately began working to acquire the relevant documents and to collaborate with SolRiver to complete the transaction as quickly as possible. AVANA Capital provided SolRiver with an $8.4MM loan to support the purchase of the land and the construction of the solar farm.
This loan was delivered just in time to beat the expiring land option, and enabled SolRiver to complete the land purchase prior to the option expiration and to begin construction of the solar farm.
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 Sol River’s solar farm project, which resulted in 198,425,000 kw/h of power generated, we have eliminated the burning of 146,884,404 pounds of coal, leading to a significant positive impact on our local and global environment.
To learn more our renewable energy practice and our financing capabilities, please contact:
Walter Cuculic – Senior Vice President – Renewable Energy
Sanat B. Patel, Managing Partner and CSO