Loans from City National Bank will finance solar projects at public schools and a homeless services center
Secure Futures obtains $8m to finance solar power projects in Virginia. (Credit: Michael Schwarzenberger from Pixabay.)
Secure Futures Solar has signed an agreement with City National Bank to provide a total of $8 million in loan financing to cover the construction of solar projects at Augusta County Schools, Orange County Schools and at the CARITAS center in Richmond.
Using loan financing from the bank, Secure Futures will install a second round of solar panels on Augusta County Schools, which previously received 1.8 megawatts of solar panels on seven school campuses in 2019. Now, five additional campuses will receive a total of nearly two megawatts of solar arrays.
At Orange County Schools, the company will install 2.5 megawatts of solar arrays on eight campuses. In each school system, the company will restore roofs on three campuses to make them solar-ready prior to installing solar arrays.
Finally, loan financing will help Secure Futures install 427 kilowatts of solar arrays at the CARITAS center in Richmond, currently under construction. Once completed, CARITAS will host the largest solar energy system of any facility offering services to homeless people in Virginia.
“Solar power is a new industry in Virginia and few lenders have experience with the tools that solar companies use to make solar affordable for schools and community service organizations,” said Dr. Anthony Smith, CEO of Secure Futures. “City National Bank understood the market opportunity early on and has been a trusted partner of our company ever since. We look forward to partnering with City National Bank for years to come.”
Secure Futures will complete all three solar projects at no upfront capital cost to customers through a power purchase agreement, a financing system that Secure Futures introduced to Virginia in 2011. For the two school divisions, the cost of roof restoration is included in monthly payments for solar power, eliminating the capital expense of making roof repairs that were required regardless of whether the roofs would host solar panels or not.
“Enhancing the quality of life in our communities is paramount at City, and local schools and social service organizations play an important role in the daily lives of our customers and employees. We are excited to take part in the great work Secure Futures is doing in Augusta and Orange counties, and in Richmond,” said Charles R. “Skip” Hageboeck, President and CEO of City National Bank.
The relationship between Secure Futures and City National Bank dates back to 2016, when the bank helped finance the first power purchase agreement to provide a public school district, Albermarle County Public Schools, with rooftop solar at no upfront cost. Since that time, Secure Futures has done more than $13 million in loan business with City National.
“One of my greatest joys is working closely with a client like Secure Futures, who’s focused on bettering our communities. Through the past few years of getting to know the team and their goals, we’ve been able to provide the right products to meet their individual needs and get their projects off the ground as quickly as possible,” said Lyle Moffet, SVP / Commercial Lender, City National Bank.
Source: Company Press Release