Onyx Renewable Partners and Corvias announce financing for military housing solar project

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Onyx Renewable Partners and Corvias announce financing for military housing solar project

Onyx Renewable Partners and Corvias Solutions announced in mid-December 2015 that as part of their strategic alliance announced in June, they will install solar installations to serve over 1,000 homes on two U.S. military bases in Maryland, Aberdeen Proving Ground and Fort George G. Meade.

With financing secured from RBC Capital Markets LLC, these are the first renewable energy projects to be installed as part of the two companies' work together across Corvias's public-private partnership portfolio.

Once fully constructed and interconnected to Baltimore Gas & Electric's grid, solar production will account for up to one third of total housing energy consumption at these two bases. Implementing solar offerings at these and other bases will help the U.S. military and other public partners to create more resilient and sustainable power solutions as well as energy cost savings and predictability, and supports the Department of Defense Privatized Housing Solar Challenge as part of President Obama's Build America Initiative.

Corvias and Onyx plan to install solar arrays on housing at 10 other military bases, and received initial approval in 2015 to move forward on installing solar power infrastructure at Fort Bragg, N.C., Fort Polk, La., Fort Rucker, Ala., Fort Sill, Okla., and Fort Riley, Kan. This initiative is expected to generate 100 megawatts of power and reduce annual carbon emissions by 92,000 tons, the White House announced in August.

Ja Kao, President of Onyx, said: 

"We are thrilled to announce our first installations with Corvias and look forward to continued work together. With the support of financing from our partners at RBC, these efforts also support the U.S. military in its renewable energy goals, enabling significant cost savings and providing an energy solution that is sustainable for the long term."

Greg Cannito, Managing Director of Corvias Solutions, said:

"Developing innovative solutions that provide additional value for our partnerships with the public sector is our biggest priority. We're pleased to have the commitment from RBC to help us structure long term solutions that enables the achievement of renewable energy goals across our portfolio."

Bob Spangler, Managing Director of RBC, said:

"We are pleased to be investing our capital in solar projects alongside such great partners as Onyx and Corvias, which benefits the U.S. military and advances the Administration's renewable energy initiative."

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