Secure Futures Obtains $25 Million Commitment to Finance Commercial Solar Power Projects in Southeast
Equity Investment from Alerion RE will Support Solar Projects in Education, Healthcare and Local Government in Virginia, West Virginia and North Carolina
STAUNTON, Va., June 22, 2021 /PRNewswire/ -- Secure Futures Solar has signed an agreement with Alerion RE, LLC, to provide up to $25 million in equity financing to develop, own and operate solar power projects in Virginia, West Virginia and North Carolina. Solar projects will include K-12 public schools, colleges and universities, hospitals and local government facilities.
Prior to obtaining project financing from Alerion, Secure Futures had to seek capital for each new solar project from a variety of sources, which often delayed project construction. Funding with Alerion will greatly shorten the development cycle from years to months.
"We can now compress the timeline to provide on-site solar power to customers in education, healthcare and local government," said Dr. Tony Smith, President and Founder of Secure Futures. "We are pleased that Alerion has recognized the potential for commercial solar projects in sunny southeastern states that have recently removed legal barriers to making solar power affordable."
States in the U.S. Southeast are poised for growth in solar capacity over the next five years. Distributed commercial-scale solar power has been enabled by new state laws that allow customers to obtain solar energy systems with no upfront capital cost through power purchase agreements (PPAs) and service agreements with solar developers like Secure Futures.
With 2,546 megawatts in total solar generating capacity installed, Virginia currently ranks 11th nationwide and is projected to add 6,454 MW over the next five years, rising to 4th place among U.S. states, according to the Solar Energy Industries Association. West Virginia currently ranks 50th nationwide, with 12.5 MW of solar generating capacity but is expected to add another 249 MW over the coming five years, rising to 46th place, according to SEIA. North Carolina has installed 7,132 MW of solar capacity, currently ranking the state 3rd nationally. In a competitive national market for solar power, the state's ranking is projected to fall to 10th place in five years, but North Carolina will still add another 2,993 MW in solar capacity over that period, according to SEIA.
Commercial solar power in Virginia was given a boost when power purchase agreements were legalized in most parts of the state in 2020. A similar boost for commercial solar is now expected in West Virginia, after the state legalized PPAs in May, 2021. PPAs are not yet allowed in North Carolina, but solar equipment leasing has been legal since 2018. State regulators have approved Secure Futures to offer a variation on a lease that provides many of the same benefits to a commercial solar customer as a PPA.
Once Secure Futures exhausts the $25 million in funding, Alerion has the option to make additional equity contributions to support additional projects.
"Coming in to projects with financing in advance at the favorable terms provided by Alerion will also allow Secure Futures to offer the most competitive rates on PPAs and service agreements to our customers, providing the best value on solar power," said Smith.
GreeneHurlocker PLC represented Secure Futures in the transaction. GreenFront Energy Partners served as Secure Futures' exclusive financial advisor, performing investment banking and advisory work to support the capital raise. GreenFront is an independent investment banking and advisory firm based in Richmond, Va, focused on the new energy economy.
"GreenFront team members were great to work with throughout our capital search process, and in securing and negotiating with the right investment partner to support our growth trajectory. We could not have imagined better teaming or investment partners," said Smith.
About Alerion RE, LLC
Alerion is a subsidiary of The Hartz Group, Inc. ("Hartz"), one of the largest privately-owned real estate development firms in the United States. Hartz has ranked among the top 25 U.S. Corporate Solar Users each year since 2013 as rated by the SEIA. Alerion was established in 2014 by Hartz to serve as an investment vehicle for renewable energy projects developed on non-Hartz properties.
About Secure Futures, LLC
As a market and policy leader, Secure Futures builds, owns, manages and funds affordable Resilient Solar Solutions® for colleges and universities, schools, hospitals and businesses. Based in Staunton, Va., with offices in Richmond, Va, Wise, Va, and Charlotte, NC, the company combines state-of–the-art solar technology with an innovative business model to make commercial scale solar readily affordable in the Mid-Atlantic and Southeast, helping customers to realize the economic, environmental, and community benefits of solar energy. As a Certified B Corp®, Secure Futures has met the exacting standards for social and environmental performance, transparency and accountability established by the nonprofit B Lab®. For more information: www.securefutures.solar.
About GreenFront Capital Partners
GreenFront Energy Partners is an investment banking and advisory platform focused on the new energy economy. GreenFront brings together the financial, intellectual, entrepreneurial, and natural resources to help meaningfully decarbonize the energy sector. GreenFront's service offering covers all aspects of Debt and Equity Capital Raising, PPA Advisory, and Buy-side and Sell-side M&A Advisory.
About GreeneHurlocker, PLC
GreeneHurlocker, PLC, located in Richmond, Virginia, provides a broad range of administrative law, business and corporate law, energy law, regulatory law and litigation legal services throughout the Mid-Atlantic. The firm's lawyers represent clients before state and local agencies, state commissions, the Federal Energy Regulatory Commission, and state and federal courts in Virginia, Maryland, Delaware, Washington, D.C., and around the United States.
Media Contact:
Erik Curren
Marketing Advisor
Secure Futures Solar
(540) 466-6128
[email protected]
SOURCE Secure Futures LLC
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article