SUPERIOR, Colo., July 19, 2017 /PRNewswire/ -- Key Equipment
Finance, one of the nation's largest bank-held equipment finance
companies and an affiliate of KeyCorp (NYSE: KEY), today announced
it has provided financing for 16 community solar projects across
Massachusetts for Clean Energy
Collective (CEC), the nation's leading community solar solutions
provider, and ENGIE, a global energy developer focusing on
responsible growth and the challenges of the energy transition to a
low-carbon economy.
Using financing from Key Equipment Finance, CEC and ENGIE will
own and operate the community solar projects and sell the energy to
utilities, creating savings on electric bills for the commercial,
municipal, nonprofit and residential customers. The combined CEC
and ENGIE projects are adding 22.1 megawatts of clean capacity,
which is equivalent to fully offsetting energy for 3,700
residential homes.
"ENGIE and CEC are industry leaders using Key Equipment
Finance's financing solutions to bring a broad expansion of
community solar to customers across Massachusetts," said Luis Gutierrez, vice president of energy finance
for Key Equipment Finance's Energy Solutions team, which provides
leases tailored to the energy market. "Customized financing plays a
vital role in bringing the benefits of community solar to more
customers, which contributes to Key's broader sustainability
goals."
The 16 community solar projects in Massachusetts are constructed and
interconnected, and will serve customers in the Eversource and
National Grid utility territories. They include solar arrays in the
towns of Sutton, Williamsburg, Orange, Goshen, Phillipston, Uxbridge, West
Bridgewater, Kingston,
North Adams, Clarksburg, and Wareham. The economic benefits of these
projects will be seen for years to come – including decades of
property tax payments in each of the project towns, millions of
dollars of construction investment through utilizing local
electricians and other contracted specialists to maintain the
arrays and the long-term savings, which area businesses and
residential customers will receive throughout the duration of the
community solar program.
"Key Equipment Finance's partnership has allowed CEC to bring
its RooflessSolar™ community solar options to more Massachusetts customers, giving them greater
choice in how they meet their power needs," said Tom Sweeney, CEC's president of renewables.
"Funding community solar projects can be a very complicated and
capital-intensive process, and we are proud to be collaborating
with Key Equipment Finance and ENGIE to 'uncomplicate' clean energy
access and sustain the growing energy movement in Massachusetts."
The 25-year lifespan of the systems will produce solar energy
output equivalent to reducing 1 billion pounds of carbon dioxide,
planting 1.5 million trees or eliminating 1.1 billion miles of
driving.
"Community solar projects enable anyone, including businesses,
nonprofits, public entities, residents and even renters to 'go
green' and save money with nothing on their roof or property," said
Vikram Kulkarni, vice president,
ENGIE renewables. "This collaborative project adds much needed
renewable energy to the grid while providing the serving utilities
with reliable power; ultimately contributing to a lower-carbon
future."
To learn more about solar financing solutions, visit
www.keyequipmentfinance.com/partner/solar_financing.
About Key Equipment Finance
Key Equipment Finance has
been in the equipment finance business for 44 years and is one of
the largest bank-based equipment finance providers in the U.S. The
company provides tailored equipment lease and finance solutions for
commercial clients and government entities. Through its
manufacturer and vendor alliances unit, equipment finance programs
are developed for manufacturers, distributors and resellers.
Key Equipment Finance's specialty finance group includes a
specialty finance lending team, which provides structured
facilities to various sectors of the specialty finance market, and
a lease capital markets team to support corporations looking to
optimize risk and revenue. Headquartered outside Denver, Colorado, Key Equipment Finance
manages approximately $12 billion in
assets and originates more than $4.5
billion of equipment financing annually. For more
information, visit http://www.keyequipmentfinance.com.
About KeyCorp
KeyCorp's roots trace back 190 years to
Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $134.5 billion at March 31,
2017.
Key provides deposit, lending, cash management, insurance, and
investment services to individuals and businesses in 15 states
under the name KeyBank National Association through a network of
more than 1,200 branches and more than 1,500 ATMs. Key also
provides a broad range of sophisticated corporate and investment
banking products, such as merger and acquisition advice, public and
private debt and equity, syndications and derivatives to middle
market companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information,
visit https://www.key.com/. KeyBank is Member FDIC.
About Clean Energy Collective
Clean Energy Collective
(CEC) is the nation's leading developer of community solar
solutions. CEC pioneered the model of delivering clean
power-generation through medium-scale solar PV facilities
accessible to all utility customers. Since establishing the
country's first community-owned solar array near El Jebel, Colorado in 2010, CEC has built or
has under development more than 175 RooflessSolar™ projects with 32
utility partners across 17 states, serving thousands of customers,
and representing more than 400 MW of community solar capacity. CEC
is also the leading provider of community solar software and
services to the utility, development and financial industries
through its Community Solar Platform™. Visit www.cleanenergyco.com
for more information.
About ENGIE
With its North American headquarters in Houston, ENGIE manages a range of energy
businesses in the United States
and Canada, including electricity
generation and cogeneration, natural gas and liquefied natural gas
(LNG) distribution and sales, retail energy sales, and
comprehensive services to help customers run their facilities more
efficiently and optimize energy use and expense. Nearly 100 percent
of the company's power generation portfolio produces no carbon
emissions or very few. Nationally, ENGIE is the third-largest
non-residential retail electricity supplier, serving customers in
14 markets. Serving nearly 90,000 accounts with innovative
products and services. Globally, the company is present in 70
countries and employs 153,090 people, including 1,000 researchers
in 11 R&D centers. For more information, please
visit www.engie-na.com, @ENGIENorthAm,
and www.engie.com.
CONTACT:
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Stacey
Hartmann
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303-880-8451
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stacey@keetonpr.com
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SOURCE Key Equipment Finance