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Renewable Ventures, a Fotowatio company, announced that it has completed Solar Fund V to finance more than US $200 million of new solar energy projects across the United States. The fund's first project is a two-megawatt solar photovoltaic project located in Ft. Collins, Colorado that will sell energy to Colorado State University and renewable energy credits to Xcel Energy.
Solar Fund V is structured to include both debt from John Hancock and equity from Renewable Ventures and Wells Fargo, and will enable the construction and permanent financing of around 35 megawatts in the next year.
Solar Fund V is the fifth fund organized by Renewable Ventures and the first as Fotowatio’s U.S.-based subsidiary. The fund will focus on the development and acquisition of commercial, public sector, and utility-scale solar projects from one to 10 megawatts in size.
“With this new infusion of capital, we stand ready to work with businesses, utilities and others to immediately finance, develop, or acquire megawatts of large-scale solar projects in the U.S.,” said Matt Cheney, Renewable Ventures' CEO.
Solar Fund V is structured to include both debt from John Hancock and equity from Renewable Ventures and Wells Fargo, and will enable the construction and permanent financing of around 35 megawatts in the next year.
The combination of debt and equity enables the fund to seek a broader range of federal government incentives, improving project economics for prospective customers such as municipalities, universities, electric utilities and companies, Renewable Ventures said.
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