ATLANTA--(BUSINESS WIRE)--Renewvia Energy Corporation, a provider of solar power systems, announced today it closed an investment fund to finance the installation of a 200 Kilowatt (kW) solar power system in Georgia under the Tennessee Valley Authority (TVA) Green Power Switch Partners Program, a plan which promotes production of electricity from renewable sources.
Under a 10 year site lease, the solar power system will be hosted in Calhoun, Ga. on a multi-generational poultry farm. After 10 years, ownership will be conveyed to the poultry operation. The TVA, a federally owned corporation in the United States that provides electricity generation, among other things, in the Tennessee Valley, will guarantee the purchase of all solar power produced there for 10 years at $0.12 per kilowatt per hour at premium indexed to the local retail power rate.
The Fund will receive the financial benefits from this project in the form of a federal grant, federal and state depreciation, state tax credits and revenue from the sale of electricity. The Fund Participants are capable of absorbing multiple forms of tax benefits to achieve the stated return on the project.
From an environmental perspective, the solar power plant’s carbon dioxide offset, a reduction in emissions of carbon dioxide or greenhouse gases, annually is expected to total 89 tons and over a 25 year period will reach 527 tons. That is the equivalent of annually planting 17 acres of pine trees. The Solar Power System will produce over 100 percent of the poultry farm’s operational power requirements for the life of the system.
“We are excited to install this exciting PPA project in Georgia,” said Eric Domescik, principal of Renewvia Energy. “Last year, we developed several large commercial solar power systems and this latest project is another example of our strong momentum in the renewable energy market. This project also illustrates Renewvia Energy’s ability to finance projects with multiple forms of tax benefits.”
Renewvia Energy worked closely with Clean Energy Capital, a provider of investment banking and financial advisory services to companies operating in the renewable power and clean technology, to appropriately structure the investment.
About Renewvia Energy Corporation:
Renewvia Energy develops, builds and operates central and distributed solar power systems. Based in Atlanta, Renewvia Energy manages the full life cycle of the solar power development process from engineering, structuring, and financing to construction management and ongoing operational management. The company’s solar power systems deliver strong economics to owners and tenants of commercial properties through reduced energy costs, improved net operating income and increased leasing velocity, while providing a lower carbon footprint, and less reliance on the power grid systems. For more information please visit www.renewvia.com.
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