ANNAPOLIS, Md., Sept. 8, 2021 /PRNewswire/ — New Energy Equity, a developer and financier of community and commercial solar projects throughout the United States, today announced the closing of a $50 million facility, with $41 million led by Silicon Valley Bank and joined by SVB Capital, two innovative financial partners in the renewable energy and technology sector. The unitranche revolving facility will be used for the construction of community solar projects in New York State and other markets, expected to total more than 60MW of installed capacity.
Community solar is at the cutting edge of the energy transition promoting access to safe, accessible and affordable renewable power to a broad range of customers, including commercial, industrial, municipalities, universities, schools, hospitals and residential customers without requiring the installation of solar systems on their property.
Silicon Valley Bank is the Sole Coordinating Lead Arranger with SVB Capital acting as Lender. The financing supports the construction of community solar assets within state-sponsored distributed generation programs. The facility finances a large portion of the construction and financing costs of the projects, helping New Energy Equity with its working capital needs while allowing for flexibility on assets to be financed, subject to lender approval.
“New Energy Equity is excited to enter into this new partnership with Silicon Valley Bank and SVB Capital,” said Matthew Hankey, President, Co-Founder and CEO of New Energy Equity. “Their commitment to making community solar work will help us to bring the clean energy transformation to more communities and customers on better terms. We look forward to a long and successful relationship together.”
“SVB is proud to provide this financing to New Energy Equity,” said Bret Turner, Market Manager and co-lead of the project finance team at Silicon Valley Bank. “We are committed to catalyzing solar innovation and lowering the cost of energy for households and communities to make renewables affordable for all.”
About New Energy Equity
Founded in 2013 and headquartered in Annapolis, Maryland, New Energy Equity develops and finances solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. New Energy Equity has successfully developed over 250MW of solar projects since 2013. The company was ranked as the 7th Top Solar Developer and the 8th Top Solar Contractor on Solar Power World’s “2021 Top Solar Contractors” list and was voted as one of the fastest-growing energy companies in D.C., Maryland, and Virginia by Inc. Magazine in 2020. To learn more, visit www.newenergyequity.com.
About SVB Financial Group
For nearly 40 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group’s businesses, including Silicon Valley Bank (SVB), offer commercial, investment and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. SVB’s project finance group works with project owners, sponsors and investors to finance large residential, commercial and industrial, and utility-scale projects. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. To learn more, visit svb.com.
SVB Financial Group is the holding company for all business units and groups © 2021 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group.
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SOURCE New Energy Equity
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