New Community Solar Sites Financed in Standard Solar and Crestmark Partnership

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Community Solar

A series of 17 community solar sites are coming to Massachusetts and Minnesota thanks to Standard Solar, Inc. The community solar developer entered into a partnership with Crestmark of MetaBank N.A. to secure financing via tax equity for the new solar facilities. All 17 installations will total 24.6-megawatts of solar capacity to service local communities in the two states.

Currently, 16 of the community solar sites have gone operational in Minnesota. Annually, the Minnesota facilities are expected to generate 3.89 million kWh of community solar power. This generated energy is filtered out to customers to help reduce energy costs and increase the positive effects renewable energy has on the local environment. Customers of the Minnesota community solar sites are under long-term contracts that provide monthly credits on their utility bills.

The one 2.8-megawatt project planned for Massachusetts is scheduled for completion in February 2021. Upon becoming operational, the site will push the state closer to achieving its goal of switching its energy portfolio to 35% renewables by 2030. The state has seen a gradual increase in community solar operations over the past few years, with solar energy remaining one of the fastest-growing industries in the state. 

According to Standard Solar’s senior vice president of structure finance, Peter Coleman, the partnership with Crestmark came despite the complications caused by the COVID-19 pandemic. The two have worked tirelessly to reach an agreement that benefits both while serving the local communities in Massachusetts and Minnesota.

Once the Massachusetts facility is completed, Standard Solar will have secured a renewable energy portfolio of 175 megawatts across the United States. By offering community solar access across the nation, Standard Solar is playing an active role in reducing total greenhouse gas emissions and improving the quality of life in low- to middle-income neighborhoods. 

More information about Standard Solar and its efforts to expand to new community solar sites at its official website.


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