SUPERIOR, Colo., Sept. 11, 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 $2.4 million in
financing to Silicon Valley-based Boviet Renewable Power, a
renewable energy developing and holding company, for a 1.75 (DC)
megawatt solar power generating facility in Gibson, Georgia, built and installed by
New Orleans-based Joule Energy, a
leading solar provider.
Boviet Renewable Power used sale-leaseback financing for the
project, which includes a Power Purchase Agreement and allows
monetization of the tax benefits, inclusive of the investment tax
credit and depreciation. In this solar tax lease structure, Boviet
Renewable Power owns and operates the system and sells the power to
Georgia Power Company, an electric utility headquartered in
Atlanta that serves 2.4 million
customers in all but four of Georgia's 159 counties.
"By using a tax lease solution through Key Equipment Finance,
Boviet Renewable Power is contributing to Georgia's clean energy future," said
Doug Beebe, vice president of energy
finance for Key Equipment Finance's Energy Solutions team, which
provides leases tailored to the energy market. "Solar developers
benefit from financing solar capital expenditures by preserving
cash and credit lines for other uses."
The solar power facility sits on 11 acres and features a 1.75
(DC) megawatt ground single-axis-tracker solar power generating
facility that is comprised of high-efficient polycrystalline
modules supplied by Boviet Solar Technology Co. Ltd, the sister
company of Boviet Renewable Power.
"By partnering with Key Equipment Finance, Boviet Renewable
Power is helping Georgia Power use renewable energy to meet the
state's power needs for the next 30 years," said Eric Ma, president of Boviet Solar USA and managing director of Boviet Renewable
Power. "We are proud to contribute to Georgia's growing clean energy movement by
enabling green, lower-cost power for residents."
The system's 30-year lifespan will produce 89,000 megawatt hours
(MWh) of solar energy equivalent to reducing 62.56 metric tons of
carbon dioxide, planting 14,600 trees or eliminating 96 million
miles of driving.
"Joule Energy is proud of our collaboration with Boviet
Renewable Power and Key Equipment Finance to make a positive
environmental impact," said Robert
Schmidt, president of Joule Energy. "These valued
partnerships enable us to optimize projects through every stage and
progress every day toward a sustainable 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 $135.8
billion at June 30, 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 Boviet Solar USA and
Boviet Renewable Power
Headquartered in Silicon Valley,
Boviet Solar USA and its project
developing subsidiary Boviet Renewable Power are the North American
arm of Boviet Solar Technology Co. Ltd., the largest manufacturer
of solar cells and panels in Vietnam. A wholly owned subsidiary of Powerway
Alloy Materials Co., Boviet Solar USA delivers commercial-grade solar modules,
cells, and related products to contractors, integrators, and
distributed generation (DG) providers in North America. Boviet Solar USA offers innovative, state-of-the-art
technology products developed and manufactured at the company's
530,000 square foot facility in Vietnam, which is designed to produce 700+MW
of solar cell and module capacity each year. Boviet Solar
USA also delivers solar products
where and when they are needed, shipping from six fully stocked
warehouses spread strategically across the U.S. with locations at
both East and West coast shipping ports. Boviet Renewable Power is
providing turnkey solutions to renewable energy market through
acquisition, construction and equity financing of utility, C&I
solar facilities.
About Joule Energy
Since 2009, Joule Energy has been a
leading energy solutions provider, installing over 1,500 solar and
LED lighting projects for utility, commercial and residential
clients alike. Joule Energy holds a strong position in the Southern
solar market, funded by internal cashflow. With a commitment to
in-house project staffing, lucrative financing partnerships and
continuous data collection, Joule Energy maximizes operating
efficiency throughout every stage of a project to deliver the
highest energy savings to its customers. To learn more about Joule
Energy, visit www.joule-energy.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