The company used its new market tax credits (NMTC) to secure the requisite funds with New Energy Capital Cleantech Infrastructure Fund, Q.CELLS North America, Finance Fund and JPMorgan Chase as partners.
The Celena power project NMTC were monetized by JPMorgan Chase while New Energy Capital invested the balance funds enlisting Q.CELLS as the EPC contractor and panel supplier.
SolarVision president Don Saul sought to highlight the expertise required to execute such a transaction.
"It was a matter of pulling together and coordinating the project with the right partners who could help us allocate the people and resources we needed to successfully complete the Celina solar system project and adhere to the requirements of the new market tax credits," said Saul.
SolarVision had earlier obtained NMTC of $5.3m from Finance Fund for five of its solar energy projects in the state, taking its total NMTC funding to over $23m.
