Solar PPA Fund develops, acquires, owns and operates utility scale energy projects in the PJM, MISO and CAISO markets.
Welcome to Solar PPA Fund
About Us
Solar PPA Fund provides early-stage development capital and specialized, one-off financing structures for utility scale solar projects. Solar PPA Fund provides early-stage high risk capital and development services for merchant and fixed rate utility scale renewable energy projects.
Solar PPA Fund can bundle many onsite and offsite solar PV assets into a single Master PPA for municipal, government, utility and corporate clients. Our clients include cities, counties, government agencies, municipal utilities, Electric Co-ops and publicly traded utility companies in the U.S. power markets.
Columbus, Ohio
In December 2011, our company acquired the Columbus solar PPA from the original local developer, who was unable to secure financing after the collapse of Ohio SREC market.
After acquiring the PPA, our company provided all of the development services and risk capital needed to “Safe Harbor” the Treasury Department 1603 Cash Grant and begin construction. The Columbus project was completed in May 2013.
This was the first City of Columbus facility with a roof-top PV solar system and at the time of commissioning in 2013, was the largest of its kind in Ohio. The project was sold to GES, a publicly traded solar panel company.
The City of Columbus solar project is another example of our company providing early-stage risk capital and development services to solve complex, unique financing challenges for municipal solar projects.
Clyde, Ohio
The City of Clyde signed a solar PPA in 2011. Due to the collapse of the Ohio SREC market, without amending the PPA, the local developer was unable to finance the project or obtain any approvals in 4 years. In 2015, our company acquired the Clyde PPA.
After providing all of the development services and the capital required to design, permit and build the 3.7 MGW PV single axis ground mount solar system was interconnected to the municipal utility’s distribution grid, At the time of commissioning in May 2016, the Clyde Solar PV project was 6th largest PV Solar System in the state of Ohio.
The Clyde project was sold to American Electric Power Company Inc. (NYSE: AEP). AEP is one of the largest utility companies in the U.S. and the wholesale power provider to Clyde Power & Light.
The City of Clyde solar project is another example of our company providing early-stage risk capital and development services to build and finance municipal infrastructure projects.
Humboldt Harbor District - California
In 2016, the Humboldt Bay Harbor District was awarded an allocation of NMTC Tax Credits, to fund infrastructure work on an abandon paper mill. The Harbor District still required additional capital to complete the renovation of the Redwood Marine Terminal.
Our company was retained to structure a one off solar PPA for the Harbor District, which would fund the renovation project shortfall. We were able to provide the gap financing required to complete the
infrastructure project, by structuring a unique long-term lease and by utilizing offsite virtual Net Metering.
This resulted in lower utility bills for the Harbor District and an upfront payment for the Harbor District. Our team managed the project from concept to commercial operation. Our company provided the upfront development capital, engineering/design, procurement, construction, and commissioning services. The solar generating facility was commissioned in February 2018.
The completed solar project was sold to a subsidiary of one of the largest natural gas companies in Canada with over $7B in assets.
The Humboldt Bay Harbor District solar project is another example of our company providing early-stage risk capital and specialized finance structures to solve financing issues for municipal infrastructure projects.
Crestline, Ohio
Since 2011, the Village of Crestline in Crawford County, Ohio has been working on securing the funding for a new Wastewater Treatment Plant (WWTP) as required by the Ohio EPA. Due to many different financial constraints, it has been unable to secure the long-term funding needed to replace the old WWTP that had reached the end of its useful life.
In 2020, the Village of Crestline began working with REC Infrastructure and Solar PPA Fund to structure a transaction that would fund the $20 million investment without raising taxes on the residents or imposing any new fees for water or sewer. The customized financing structure would completely remove the debt service burden from the residents, businesses and schools located in the Crestline area.
On February 6, 2023, Crestline Village Council approved an agreement with Solar PPA for multiple utility scale solar projects, spread throughout the region. The solar project is expected to generate over $500,000 per year of new long term contracted revenue that will enable the Village to pay for the new WWTP.
Alex Lemus, CEO of Solar PPA Fund, was pleased with the news. “We have been working with the Village of Crestline officials for three years to structure and fund this transaction. We are very excited about the long-term financial and economic development impact this investment will have on the Village of Crestline and Crawford County.
Solar PPA was able to secure site control for all of the land needed to build up to an estimated 100MW of solar PV generation to fund this infrastructure project for Crestline.
The new WWTP is another example of Solar PPA and REC using renewable energy to fund infrastructure for municipal clients. This in-house capital markets expertise allows the company to offer clients customized one-off financing structures and terms for each municipal infrastructure project.
Municipal Solar Development
Solar PPA Fund can structure a PPA financing which allows the municipal client to significantly reduce their fixed utility costs without any capex investment. The municipal client can then leverage the annual reoccurring savings to secure the long-term financing necessary to improve, repair or build new infrastructure projects.
Municipal Infrastructure has never been easier
Project Finance Experience
Solar PPA Fund recognizes that development of solar generation assets is a transaction that requires a sophisticated understanding of the regulatory environment. Solar PPA Fund has been successful in the development of renewable energy projects and has utilized its full suite of development strategies to ensure commissioning of every solar PV project it undertakes. As an energy developer, Solar PPA Fund can provide unique renewable solutions for every type of project. Our management team has over 10 years of Solar financing experience and 25 years of securities/ investment banking experience.
Development Services and Infrastructure Financing
- Real Estate Acquisition
- Development Capital
- Construction Financing
- Site Control Agreements
- Interconnection Agreements
- Power Purchase Agreements
- Wholesale Market Participation Agreements
- Permits & Approvals
- Turnkey Utility Scale Solar PV Systems
- Social Infrastructure, which includes schools, affordable housing and hospitals
- Economic Infrastructure, which includes transportation, communication, water, wastewater, airports, harbors, ports and power (e.g., Substations, Peaker Plants).