Solar service provider Conergy launched a fund that provides financing to large-scale construction projects in the United States. The fund has an initial target volume of $100 million and backing by Conergy’s main investor, Kawa Capital Management.
The Conergy Fund I provides financing for solar power plants and qualified commercial projects with renewable energy capabilities between 500 kW and 25 MW. The fund is aimed at mid-to-large size organizations such as municipalities, school districts, utility companies, and investment-grade corporations.
Access to competitive financing that can monetize local and federal incentives is a key barrier to the widespread adoption of solar photovolatics (PV) via PPAs – only about 40 percent of commercial buildings or power plants are able to secure this financing. The Fund bridges this gap by removing the funding barrier that has historically hampered organizations from installing photovoltaic (PV) systems on their facilities.
Through the fund Conergy and its partners also provide project development and engineering, procurement and construction (EPC) services, including engineering, design, and subsequent operations and maintenance management.