$100 Million Pops Up For California Solar

Thinking about developing a 1.5 to 20 megawatt (MW) ground-mounted solar project in the state of California? Financing may now be available through the just announced Pure Power Advisors’ California Solar FIT Fund, a new $100 million tax-equity investment fund that will provide all financing for construction, completion, purchase and operation of qualifying projects.

By aggregating and acquiring California ground-mounted solar projects–utilizing the various California investor-owned utilities tariffs, offers, and proposed auction programs–the fund is said to offer developers collective negotiating power and financing efficiencies. Funding entails a structured acquisition of solar projects from developers under a structure that reportedly can make use of Section 1603 Treasury grants or Section 48 energy tax credits.

Pure Power Advisor's Solar FIT Fund

image via Pure Power Advisors

The California Solar FIT Fund will include one or more equipment manufacturers as sponsors, said the financial firm, which will benefit from a project pipeline of qualified facilities to showcase its technology and products. Pure Power Advisors will serve as fund manager, and will manage the request  for qualifications (RFQ) process.

Interested developers and equipment manufacturers are encourages to download the RFQ documents online if interested.

Susan DeFreitas has covered all manner of green technology for EarthTechling since 2009. She is a graduate of Prescott College for the Liberal Arts and the Environment, and has a background in marketing green businesses. Her work on green living has been featured in Yes! Magazine, the Utne Reader and Natural Home.

    • This sounds like a great program to make large scale solar a viable option in the only way that it originally was not- in the financing department. Hopefully even more big projects will soon be announced.