FOR IMMEDIATE RELEASE
For More Information Contact:
Josh Miller, KeyState Renewables, LLC
, [email protected]
KEYSTATE RENEWABLES LAUNCHES SOLCAP FUND I LLC, A SOLAR TAX CREDIT FUND FOR COMMUNITY BANK INVESTORS
LAS VEGAS, Nevada (September 20, 2019) The KeyState Renewables, LLC announced the launch of SOLCAP FUND I, LLC, an institutional investor tax credit fund dedicated to mid-size solar power generation projects.
KeyState, in conjunction with solar industry veterans at Corner Power, have launched the Fund, which allows community banks to invest in solar tax credits at a size and scope typically not attainable to them. Corner Power’s management team has developed, financed and operated a global distributed generation solar portfolio of over 300 MW since 2010. The Fund anticipates funding $45 million in mid-size solar projects throughout the US in 2019 with additional capacity for 2020.
KeyState Renewables’ CEO said the Fund is a vehicle for community banks to invest in the renewable energy field and diversify their investment across numerous projects. “Large national and regional banks have been investing in solar projects to utilize the associated investment tax credits for over a decade. KeyState has worked with community banks for nearly three decades and has the expertise to identify and underwrite solar projects that are appropriate for community banks.” The projects will include solar power facilities for municipalities, schools, churches, small utilities, and commercial & industrial facilities. The Fund structure allows community banks to aggregate their renewable energy tax credit appetite into one platform and broaden the scope of their investment.
“Investment in the SOLCAP Fund will allow Horizon Bank to further demonstrate its commitment to the environment and the communities we serve. Solar ITCs are a great example of a successful public-private partnership that has accelerated renewable power generation across the US and resulted in meaningful energy cost savings for our schools, churches, and municipalities,” notes Mark Secor, CFO of Horizon Bank (Michigan City, IN), one of the Fund’s investors.
SOLCAP FUND will provide community banks with a consistent vehicle to place tax equity investments annually without having to identify and underwrite individual solar projects on their own. The Fund’s initial investors have indicated they intend on making similar size investments annually, so KeyState Renewables anticipates launching similar funds to investors in 2020 and 2021.
ABOUT KEYSTATE AND CORNER
Founded in 1991, The KeyState Companies are based in Las Vegas, NV and provide community banks with independent expertise and innovative services in the areas of investments, risk management, regulatory compliance and corporate governance. Its affiliate, KeyState Renewables, LLC, is the co-manager of SOLCAP FUND I, LLC, a fund launched in September 2019 to provide community banks with a vehicle for investing in mid-size solar projects and recognizing the associated tax credits.
Corner Power, LLC’s team has over 10 years of experience in the renewable energy sector, particularly with respect to the development, financing (tax equity and debt) and asset management of distributed generation solar projects, as well as offering advisory services to investors, power purchasers and financing partners. Corner is the co-manager of SOLCAP FUND I, LLC.
Developers interested in submitting solar projects for SOLCAP’s tax equity investment consideration should contact Josh Miller at [email protected] or 702.598.3738.