Private asset management firm Capital Dynamics announced today that Sol Customer Solutions, the joint venture between its Clean Energy Infrastructure business and solar finance and development platform Sol Systems, has secured a Distributed Generation (DG) Tax Equity Commitment from Bank of America. The commitment aims to fund nearly 76 MW of distributed generation renewable energy projects over the next year.
According to Capital Dynamics, the DG market offers some of the most competitive and compelling renewable energy solutions for commercial, municipal, and educational customers. The joint venture aims to provide large pools of institutional capital with direct exposure to the DG market, to finance a pipeline of DG opportunities originated and developed by Sol Customer Solutions.
Tim Short, Managing Director, Clean Energy Infrastructure at Capital Dynamics, said:
“Distributed generation is a cornerstone of our investment strategy going forward, providing our rapidly growing base of energy customers with a broader set of solutions to complement our customized utility-scale renewable energy offerings. Together with Sol Customer Solutions, we are able to deliver the highest quality portfolios of contracted, distributed solar and storage assets, offering our investors access to a differentiated set of opportunities in this critical part of the US energy transition.”
Projects funded by earlier tranches of the Tax Equity Commitment include a 5.5 MWdc rooftop solar project on the Amazon fulfillment center in New Jersey, ground mounted solar projects supplying power to the cities of Altamont and Rock Falls, IL, seventeen rooftop and ground mount projects that supply power to Walmart Supercenter and distribution centers across Illinois, and three additional Walmart projects in California.
Andrew Gilligan, Sol Customer Solutions’ Vice President, said:
“The key to scaling distributed generation is building a platform that combines competitive capital with proven expertise and laser focus on the customer. The muscle behind this partnership with Capital Dynamics, together with Bank of America through the Tax Equity Commitment, means we can offer customers unmatched end-to-end service.”