Conergy closes financing for North Carolina 36 MW facility

MMA Capital Management, LLC, a Delaware limited liability company, has announced that its subsidiary, MMA Energy Capital, LLC, through its joint venture with Fundamental Advisors, LP, an alternative asset manager dedicated to the municipal markets in the United states, closed a $55 million financing facility with Conergy to be used for the construction of its 36 MW North Carolina solar portfolio.

This financing supports Conergy in constructing the first set of assets it will hold under its new strategy to become a solar independent power producer (IPP), as announced last week. Conergy will build, own and operate this portfolio of seven projects and sell the power to Duke Energy Carolinas under a 15-year power purchase agreement (PPA).

Bob Hopper, Managing Director of MMA Energy Capital, stated:

“We are extremely pleased to complete this transaction with Conergy, one of the pioneers in the solar energy space, and this project will provide the residents of North Carolina with clean, reliable electric power for many years.”

Yann Brandt, Conergy’s Regional Head of The Americas, said:

“As we grow our asset ownership, Conergy is thrilled to build out our North Carolina project portfolio with MMA Energy Capital’s facility. This financing further validates our bankability and access to capital for projects.”

Conergy began construction of the seven solar projects in September. The company plans to meet requirements to receive the North Carolina state solar tax credit this quarter and the projects will be placed in service in early 2016.