NEW YORK, Feb. 18, 2020 /PRNewswire/ -- CVE North
America ("CVE") and AVANA Capital ("AVANA Capital") have
successfully closed construction financing totaling $57MM for the
31.3MW portfolio of six solar photovoltaic ("PV") plants in the US
(the "CVE SMART Portfolio"). Principals of the NextPower Capital
team served as Financial Advisor to CVE on the transaction.
The CVE SMART Portfolio consists of six assets with a capacity
of 31.3 MW in Massachusetts,
which qualified for the SMART program. The CVE SMART Portfolio
helps to fulfill the vision of tomorrow's energy models carried out
by CVE: decentralized production of renewable energy, sold directly
to consumers through private contracts to respond to the needs of
businesses and local authorities. This financing consolidates CVE's
long-term industrial presence in Massachusetts and the expansion of its
community solar offering.
The CVE SMART Portfolio will provide power and solar credits
through "Halo," CVE's branded offering to a pool off-takers
comprised of residential and commercial customers.
"We are delighted to have supported CVE's solar energy project
expansion in the United States
through the funding of these six solar PV plants. AVANA Capital is
dedicated to furthering clean energy across the country and looks
forward to continuing our partnership with CVE for many years to
come," said Sanat Patel, Co-Founder
and Managing Director of AVANA Capital.
Walter Cuculic, Senior Vice
President and Head of AVANA Capital's Renewable Energy Group,
added, "Our team has seen tremendous growth in the solar industry
in North America, particularly in
renewable energy-focused states such as Massachusetts. It is our mission to
continuously augment this growth through strategic funding
opportunities. Our team is dedicated to this effort and to
increasing our impact in this arena."
"By closing this financing and launching the construction of
this first portfolio, CVE is now strengthening its presence and its
balance sheet in North America as
CVE already did with success in Chile," said Cyril
Gilot, Investment Director of CVE Group. "We are sincerely
grateful to our financial partners, AVANA Capital and Next Power
Capital, which have enabled us to get the CVE SMART Portfolio over
the line."
"The Next Power Capital team was proud to put its
extensive network of financiers and robust expertise in financing
renewable projects to good use by accompanying CVE, an
out-of-the-country developer, on its first financing steps on the
North American continent," said Benjamin
Cook, Manager Partner of Next Power Capital.
Community Solar in Massachusetts is driven by the SMART program,
which began in early January 2018. It is a long-term
(20-year) sustainable solar incentive program to promote
cost-effective, high-value solar development where it is needed
most. The program provides fixed incentives and compensation adders
for eligible solar developers.
CVE currently has 16 projects in development in Massachusetts and New York state, totaling 82 MWDC.
"In the coming years, we plan to keep a steady pace of
development of around 80 MW per year, reaching a renewable
generating capacity of 350 MW by 2024," said Thibaut Delespaul,
Vice President of CVE North America.
About CVE North America
CVE North America is a
local, independent solar power producer based in New York City since 2017. It has the
human attributes of a medium sized company and the skills,
experience and financial assets of a large group. The
company plans to expand to 350 MW across the United States by 2024. CVE North
America draws on the international expertise of its parent
company, CVE, which has been recognized for financing, building and
operating ground-mounted solar installations in communities for 10
years. CVE has 295 MW in operations and construction in
France, in Chile and in South-Africa. CVE is invested to ensure the
highest environmental and qualitative performance. It is ISO 9001
(quality management system) and ISO 14001 (environmental management
system) certified. More info: https://www.cvegroup.com/en
About AVANA Capital
AVANA Capital is a
commercial real estate lender and asset manager specializing in
niche industries including hospitality and renewable energy. Since
2002, our team has helped business owners within these industries
access the capital they need to grow and thrive – leading to
American job creation and economic stimulation, as well as
significant clean energy improvements.
More info:
www.avanacapital.com
About Next Power Capital
Next Power Capital is a
San Francisco Bay Area based clean
energy infrastructure investment bank focused on Capital Raises,
M&A, and Advisory Services across North America. Leveraging its extensive
network of capital providers, Next Power Capital specializes in
structuring tax-equity and debt transactions across utility-scale,
commercial, and residential projects that employ renewable energy
and storage technologies. More info: nextpowercapital.com/
Principals of NextPower Capital acted in their capacity of licensed
securities agents of Burch & Company, Inc., member
FINRA/SiPC.
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SOURCE CVE North America