While no specific projects have been announced, a spokesperson tells pv magazine that five megawatts of solar will be installed over the next three years. Development will start this summer.
According to a statement released, the facility will be able to provide fixed rate, non-recourse debt financing, including construction financing, for a term up to 18 years. It was provided by Stonebridge Financial Corporation.
Blackstone will develop the solar projects, which will be up to 500 kilowatts in size, both for itself and third party owners. The spokesperson would not give any names away, but they did say that "a number of partner companies in the solar EPC and services (electrical, structural) industries, and the development capital space" will be involved.
"We are delighted to have this funding commitment available to us, to facilitate the development of rooftop solar projects ( )," commented Curtis Chandler, director of Blackstone.
"In particular," he explained, "the non-recourse aspect of this financing makes it particularly attractive, providing project owners with debt funding for up to 80 percent of project costs, based solely on the expected cash flows of the solar rooftop project."
Popular content
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
Becky Beetz
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.