ROCKVILLE, Md.--(BUSINESS WIRE)--Standard Solar, Inc., a leading solar energy company specializing in the development and financing of commercial solar electric systems nationwide, today announced it has closed a tax equity commitment for up to $105 million to finance distributed generation (DG) solar projects located in Arizona, California, Massachusetts, New York and Rhode Island.
The financing was secured through tax equity commitments from Fifth Third Bank, National Association and IBERIABANK. The portfolio of nine projects is a combination of community solar and traditional DG projects located in five states throughout the United States.
“Completing this tax equity deal demonstrates both the market’s continued confidence in renewables and underscores Standard Solar’s reputation for success and ability to move projects forward despite challenging times,” said Peter Coleman, Senior Vice President, Structured Finance, Standard Solar. “Adding this portfolio of solar projects to our growing asset base is an exciting step as we expand our business of financing DG solar projects around the country.”
“This financing highlights the continued growth of the DG solar market, and Fifth Third’s commitment to the renewable energy industry,” said Eric Cohen, group head of Renewable Energy Finance at Fifth Third Bank, N.A. “As a financer in the industry since 2012, Fifth Third is proud to help clients across the country access capital and achieve their objectives.”
“IBERIABANK is pleased to be a part of this tax equity financing and adding Standard Solar as a valued client relationship,” said Scott McClain, Executive Vice President & Managing Director, IBERIABANK | Corporate Asset Finance. “Providing capital for this portfolio of solar projects demonstrates IBERIABANK’s commitment to supporting green energy investment by providing both debt and tax equity financing solutions to meet our client’s needs.”
Two of the projects within the portfolio have achieved operation, while the others are projected to be completed throughout this year.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2020, Fifth Third had $185 billion in assets and operated 1,123 full-service banking centers and 2,464 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2020, had $374 billion in assets under care, of which it managed $42 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.
IBERIABANK Corporation, a Louisiana corporation, is a financial holding company with 322 combined locations, including 191 bank branch offices and three loan production offices, in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York, 28 title insurance offices in Arkansas, Tennessee and Louisiana, and mortgage representatives in 85 locations in 12 states. The Company also has 14 wealth management locations in five states and one IBERIA Capital Partners L.L.C. office in Louisiana.
About Standard Solar
Standard Solar, Inc. is a leading solar energy company specializing in the development and financing of solar electric systems nationwide. Dedicated to making distributed generation solar more accessible to businesses, institutions, governments and utilities, the company is forging the path for clean, renewable energy development through turnkey solutions. Standard Solar is one of the most trusted and respected solar companies in the US. Owned by Énergir, a leading energy provider with more than $5.8 billion US in assets, Standard Solar operates nationally and is headquartered in Rockville, Md. For more information, please visit www.standardsolar.com