Key Equipment Finance has provided the financing for a solar array in Deerfield, Massachusetts, which is due to begin commercial operation later this month.
It is projected to produce more than 7,200MWh of electricity in its first year.
The lender worked in partnership with supplier Kenyon Energy, the Deerfield and Lake Street Development Partners on the project, which marks the first solar array to be installed in the area and is an important step in the city's sustainability initiatives.
Key Equipment Finance, one of the largest US-based bank-held equipment finance companies, provided financing in the form of a sale and leaseback arrangement, supported by a Power Purchase Agreement (PPA).
Doug Beebe, vice-president, energy finance for Key Equipment Finance, said: “Key Equipment Finance's long-term partnership with Kenyon Energy enables them to monetize tax benefits, including investment tax credit and depreciation.
“Creative financing solutions like this make it possible for Kenyon Energy to own and operate solar projects and sell the power at a discounted rate to cities and towns like Deerfield, to support their sustainability goals."
