INDIANAPOLIS--(BUSINESS WIRE)--Hoosier Solar Holdings, LLC is developing solar power facilities in economically distressed, rural communities across Indiana that have been designated as Qualified Opportunity Zones.
Several solar and battery storage projects that collectively have the potential to generate over 1,600 megawatts, enough to power 285,000 homes, are currently in active development. Many of these projects are expected to be operational by 2023, boosting Indiana’s standing as a clean energy and technology hub.
“Indiana has a unique opportunity to take advantage of solar power and battery storage technology to deliver reliable, low-cost power to serve the needs of residential and industrial customers,” said Paul Mitchell, Chief Executive Officer of Energy Systems Network, an Indianapolis-based partner of Hoosier Solar. “Importantly, we can attract investment capital to support development in economically distressed rural communities that have been designated as Opportunity Zones by Governor Eric Holcomb.”
Indiana’s 156 Opportunity Zones, in 58 counties across the state, provide federal capital gains tax advantages in order to attract investments in economically distressed urban and rural communities.
Hoosier Solar is an Indiana-based solar development company whose partners have decades of experience in energy development, financing, and economic development. Hoosier Solar will help meet the increasing demand for renewable energy by Indiana’s municipal and regulated utilities, as well as Indiana’s unique access to wholesale energy buyers across Midcontinent Independent System Operator (MISO) as well as the Mid-Atlantic region through the PJM regional interconnection organization.
Hoosier Solar selected South Bend, Indiana-based Inovateus Solar as the provider of engineering, procurement, and construction services, and Inovateus is leading Hoosier Solar’s engagement with landowners across Indiana. “As multi-generational Hoosiers, we are thrilled to bring our deep experience in Indiana to this exciting initiative,” said T.J. Kanczuzewski, Chief Executive Officer of Inovateus Solar. “Hoosiers have deep ties to the land and we look forward to working with community leaders to encourage rural economic development while delivering competitively priced, reliable power.”
Hoosier Solar intends to use an Indiana-based workforce comprised of Hoosier businesses, utilizing Indiana’s strong manufacturing sector by purchasing finished equipment and raw materials from Indiana-based suppliers. Hoosier Solar also plans to involve local school groups and universities to provide job training and research opportunities for Indiana students.
“Indiana has remarkable resources for solar power,” said Carl Weatherley-White, Chief Executive Officer of Hoosier Solar, and Managing Director of Advantage Capital. “With deep agricultural roots, Hoosiers want to preserve productive land for multiple generations, and solar projects provide farmers with long-term, steady income that is neither seasonal nor dependent on weather or crop pricing. During the period that the land is not actively farmed, it can regenerate for future generations.”
ABOUT HOOSIER SOLARTM
Hoosier Solar is an Indiana-based solar energy development company, led by Indiana companies with the financial support of Advantage Capital, an investment firm with a 28-year history of participating in public-private partnerships focused on local and community investment and clean energy financing, as well as Indiana’s Brilliant Capital, a South Bend-based project finance firm focused on solar project financing.
ABOUT INOVATEUS SOLAR
Headquartered in South Bend, Indiana, Inovateus Solar is a leading solar and energy storage development, EPC (engineering, procurement, and construction), and supply company in the Midwest. Inovateus Solar has built over 500 MW of utility, commercial, industrial, and education sector solar projects. With deep roots in the communities it serves, Inovateus has invested millions of dollars in the Indiana economy in support of its commitment to invest in the energy future of its clients and the state.
ABOUT ENERGY SYSTEMS NETWORK
Energy Systems Network (ESN) was founded in 2009, as a non-profit organization, to accelerate the pace of energy and transportation technology development and commercialization in Indiana and beyond. ESN works with companies throughout the world to advance new technologies and solutions through industry research, pilot projects, collaborative convening and the development and deployment of innovation models.
Advantage Capital is an investment adviser registered under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. The information in this document is not intended to be an advertisement concerning investment advisory services or an offer to sell or a solicitation of an offer to purchase an interest in any security. Any such offer or solicitation will be made in compliance with applicable state and federal securities laws pursuant to a confidential private offering memorandum and related documentation. Prospective investors should carefully review such documentation, including any disclosures and risks factors contained therein, and conduct such investigations as the prospective investor deems necessary and consulting the investor’s own investment, legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the fund. Advantage Capital is an equal opportunity provider.
Any reference to third parties in this document is not intended to imply these entities are endorsing Advantage Capital, nor is Advantage Capital making a representation or warranty as to the level of satisfaction regarding any prior or existing relationship that a third party has had with Advantage Capital.