Pure Power Advisors and Verengo Solar bring clean, renewable power to low-income communities in Los Angeles.
Pure Power Advisors (www.PurePowerAdvisors.com) announced an agreement with Verengo Solar (www.VerengoSolar.com), the leading installer of residential solar systems in Los Angeles County, granting Verengo the exclusive right to sell, qualify, install, bill and manage O&M for all qualified residential solar projects for the Los Angeles Solar New Market Tax Credit Fund (the "Fund"). Pure Power Advisors launched the Fund February 1, 2011, immediately after securing a sub allocation of New Market Tax Credits for aggregate project cost of $10 million. The Fund is targeting solar installations in the City of Los Angeles, within LADWP territory, to the populations targeted to be served under the New Market Tax Credit Program.
The Fund will deploy the entire $10 million New Market Tax Credit allocation in 2011. New Market Tax Credits leveraged as part of the Fund's capital structure will yield substantially increased returns to Fund investors and the project developers while providing benefits to the low income community served by the New Market Tax Credit program. The Fund's mission-based focus on solar projects in qualifying low income census tracts in Los Angeles provides a unique opportunity to "twin up" New Market Tax Credits with the Section 1603 cash grant for renewable energy property and deliver solar energy to locations and users who may not otherwise have access, and provide reduced energy costs.
The Fund delivers a structured financing vehicle to investors who are "mission driven" to achieve community impacts that help meet Community Reinvestment Act requirements or other institutional "community investment goals." In addition to furthering the adoption of clean, solar power in Los Angeles County, the Fund will target the County's low-income community, providing a direct economic benefit through a reduction in household energy costs. For more information, please visit http://www.purepoweradvisors.com/project-funds/los-angeles-solar-nmtc-fund.
"We are excited to offer a targeted financing solution for solar installations that will directly benefit the low-income communities of Los Angeles," said Norris Lozano of Pure Power Advisors. "We believe the Los Angeles Solar New Market Tax Credit Fund is a novel approach for furthering Los Angeles' ambitious solar goals while expanding solar energy's reach and access across the County," noted Paul Le Blanc, Chief Financial Officer of Pure Power Advisors.
ABOUT PURE POWER ADVISORS
Pure Power Advisors, LLC (www.PurePowerAdvisors.com), based in Santa Monica, is a leading advisory and management firm for tax credit (equity) funds targeting solar energy projects. Pure Power Advisors and its principals have led tax credit motivated funding in transactions in excess of $1 Billion in total project cost. Our team is comprised of finance, tax, legal, development and technology experts targeting the solar energy landscape. Collectively, our team has successfully built and managed tax equity funds with a proven track record of delivering or exceeding targeted returns for investors. For further information, please contact Norris Lozano, CEO: firstname.lastname@example.org.
ABOUT VERENGO SOLAR PLUS
Verengo Solar Plus is the leading residential solar integrator in Southern California offering comprehensive financial options and superior customer service consistently earning an A+ with the Better Business Bureau. Verengo has reduced carbon emissions through its solar systems, accomplishing the equivalent of planting 73,680 acres of trees, taking more than 29,000 cars off the road and saving homeowners $61 million in energy costs over the lifetime of Verengo's installed systems to date. For more information on Verengo Solar Plus, please visit www.VerengoSolar.com Contact: David Thoreau, Verengo Media Consultant (949-439-8032); email@example.com