FOR IMMEDIATE RELEASE: December 15, 2011
KDC Solar Closes Portfolio Financing With U.S. Bank
KDC Solar LLC (“KDC Solar”), a developer of large scale behind the meter commercial solar projects headquartered in Bedminster, New Jersey has closed its most recent financing for a portfolio of projects in New Jersey through a wholly owned subsidiary. The financing, provided by a subsidiary of U.S. Bancorp (NYSE: USB), provides long-term renewable energy tax equity financing for multiple distributed generation, net-metered solar projects, the first two of which total approximately 7 MW.
The first installation in the portfolio - a 3.25 MW rooftop mounted solar system at a warehouse in Cranbury, New Jersey – was completed on November 14th. The second installation – a 3.5 MW rooftop mounted solar system at a warehouse in South Brunswick, New Jersey is expected to be completed in late December or early 2012.
“We are extremely pleased to partner with U.S. Bank on this unique transaction,” said Hal Kamine, KDC Solar’s CEO. “This addition to our capital structure will allow us to continue to pursue and accelerate our commitment to ‘behind-the-meter’ solar electric systems for businesses, governments and institutions in New Jersey, which in turn creates or preserves long-term jobs for New Jersey.”
Reznick Group, collectively with Reznick Capital Markets (RCM), acted as advisor to KDC Solar. Reznick Group and RCM conducted the financial modeling for all parties to the transaction, provided tax and structuring advice, advised on Section 1603 eligibility and provided appraisals for each of the solar systems.
“As U.S. Bank continues to drive clean-energy growth through investment, we value new partners like KDC Solar, whose experience in developing commercial scale projects ensures a sound relationship,” said Adam Altenhofen, Assistant Vice President of Renewable Energy Investments for U.S. Bancorp. “We look forward to additional opportunities with KDC Solar and appreciate Reznick Group’s critical role in the partnership.”