Conergy and Holocene collaborated on a financing solution, with Conergy providing engineering, procurement, construction (EPC) and O&M services.
MIAMI / RALEIGH, April 14, 2015 - Conergy, one of the worlds largest downstream solar companies, and Holocene Clean Energy (Holocene) announced today the financial close of a 28 megawatt portfolio of North Carolina solar projects, most recently valued at $60M USD. Conergy and Holocene arranged federal and North Carolina state tax equity investments from two prominent US banks and provided development and sponsor equity capital. The transaction marks Conergys focus on growing its US market share following its latest equity round, led by major utility RWE.
Holocene, of Raleigh, North Carolina, and Conergys U.S. team completed development of the portfolio of projects after ESA, Sunlight and Community Energy initiated project development. Conergy and Holocene collaborated on a financing solution, with Conergy providing engineering, procurement, construction (EPC) and O&M services.
Anthony Fotopoulos, Conergys Regional Business Head for North America, said, "Conergy is pleased at this opportunity to bring our global development, financing, and EPC capabilities to North Carolina, and to serve as sponsor in this significant endeavor. Development partners are important to us at Conergy; we were able to capture local expertise by investing in the projects brought together by Holocene."
"We are thrilled to bring these utility scale solar projects to North Carolina," said Ralph Thompson, CEO of Holocene. "Thanks to the hard work of our team and our partners at Conergy, the solar farms will represent a major achievement by our companies. Developing solar projects is dependent on the teams capabilities and balance sheet, and I am glad we were able to bring the group together."
The solar farms are located across five locations in Eastern North Carolina. Construction began in February and will be completed in 2015. The facilities, located in Johnston, Duplin, and Franklin counties, will bring significant employment opportunity, while boosting local tax revenue without burdening existing municipal services. Duke Energy will purchase electricity generated by the systems under a 15-year agreement.