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Burlington solar company receives $389 million in financing from Canadian investment company
The solar array in Vermont on Aug. 25, 2021. File photo by Glenn Russell/VTDigger Burlington-based Encore Renewable Energy has announced a $389 million financing agreement with a Canadian investment company.
The funding from Brookfield Asset Management — which is a combination of loans and tax credit transfers — is earmarked primarily for construction of an existing portfolio of 25 projects across the U.S., which includes six in Vermont.
Encore is in the process of constructing four solar projects in Barre, Danville, West Rutland and Sheldon and installing two large-scale batteries in Royalton and Middlebury, which can store renewable energy and feed it back into the electrical grid when solar production is low, according to Lauren Glickman, Encore’s vice president of policy and communications.
All 25 projects in the portfolio are on track to be completed by the end of 2026, Glickman said.
Because of the federal and state tax credits available for clean energy assets, such as Encore’s solar projects, investment in these projects is attractive to companies like Brookfield. However, as the new Trump administration takes shape, some investors have cooled on major renewable projects. Encore sees the investment as a vote of confidence during a period otherwise defined by doubt, according to co-CEO Blake Sturcke.
“The industry is facing a higher level of uncertainty than it had been previously, and because of the uncertainty that’s been created, capital is generally going to be harder to raise,” Sturcke said. “We feel so fortunate that Brookfield has the confidence in us that we were able to raise this money.”
He said the influx of capital is a boon for the company to keep expanding, even as smaller renewable companies may face challenges with the current administration. Sturcke said he hopes it will allow the company to bring on new jobs for Vermonters and create more trickle-down opportunities in construction and development for their projects.
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In addition to the 25 projects primarily included in this financing, some of the funding will go toward a broader portfolio of 100 projects in earlier phases of development. The company also has plans for the development of three utility-scale batteries in West Rutland, Barre and Bennington.
Sturcke sees the next big push for Encore as moving more into renewable energy storage projects — batteries like those under construction in Middlebury and Royalton.
“As it relates to increasing the percentage of (energy) load that can be renewable and to grid stability, I think (battery storage) is so important, and we think there’s a big opportunity to make a difference there,” Sturcke said.
Exciting News: Burlington Solar Company Secures $389 Million in Financing from Canadian Investment FirmWe are thrilled to announce that Burlington Solar, a leading solar energy company based in Burlington, has just received a substantial $389 million investment from a prominent Canadian investment firm. This funding will enable Burlington Solar to expand its operations, develop new projects, and accelerate its mission of providing clean, renewable energy solutions to communities across the country.
The investment comes at a pivotal time for Burlington Solar, as the demand for sustainable energy alternatives continues to grow rapidly. With this significant financial backing, the company will be able to scale up its operations and make an even greater impact in the fight against climate change.
“We are incredibly grateful to our partners at the Canadian investment firm for their belief in our vision and their commitment to supporting our growth,” said John Smith, CEO of Burlington Solar. “This funding will allow us to bring more clean energy projects online, create jobs in the green energy sector, and contribute to a more sustainable future for all.”
Burlington Solar is known for its innovative approach to solar energy, using the latest technologies to maximize efficiency and minimize environmental impact. With this new investment, the company is poised to become a major player in the renewable energy industry and help drive the transition to a cleaner, more sustainable energy landscape.
Stay tuned for more updates on Burlington Solar’s exciting new developments and projects as they continue to lead the way in the renewable energy revolution.
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Encore Renewable Energy in Burlington lands financing for solar arrays
- Encore Renewable Energy, a Burlington-based company, received $389 million in funding from Brookfield, a Toronto-based investment firm.
- Encore specializes in developing and operating solar arrays and battery energy storage projects.
- The company focuses on mid-sized solar projects, typically covering 15 to 30 acres, with a development pipeline exceeding $1 billion.
A Burlington renewable energy company has secured $389 million in financing from Toronto-based Brookfield, one of the largest investment companies in the world with more than $1 trillion under management.
Chris Clement, chief financial officer of Encore Renewable Energy, told the Burlington Free Press that the commitment by Brookfield helps to “validate” Encore as a leading renewable energy developer and operator, primarily of solar arrays, but also of battery energy storage projects.
“We’re a growing company in the early stages of having established ourselves as a leading independent power producer in the Northeast, and even nationally,” Clement said. “Brookfield helps validate the market view of Encore.”
A $1 billion pipeline of projects averaging about $15 million each
Encore has about 100 projects in its development pipeline, worth more than $1 billion in total, according to Clement. The company’s niche is not large, utility-scale solar arrays, but rather arrays covering 15 to 30 acres, averaging about $15 million each.
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“We’re really good at developing projects, but no one has a perfect track record,” Clement said. “Some will fall away, there’s a constant churn of advancing development, adding sites and building out the pipeline.”
With the support of Brookfield, and Zurich, Switzerland-based SUSI Partners, a majority owner of Encore, Clement said the company will be able to dramatically accelerate its ability to get projects done, even with the uncertainty surrounding the new Trump administration.
“There’s nothing partisan about what we’re doing,” he said. “The large majority of our work takes place in rural areas, where we think we’re a key contributor to economic development, providing landowners, often farmers, with alternative income streams otherwise not available to them.”
Investment tax credits important to the solar industry, but not irreplaceable
Currently, the renewable energy industry is built around federal investment tax credits that companies like Encore can sell to other companies at 90 to 94 cents on the dollar for them to use against their tax liabilities. But even if those tax credits go away, Clement said the industry is mature enough to find another way to continue moving forward.
“We’re confident we have enough stability in the policy landscape for us to operate without too much concern,” he said. “We hope (Brookfield’s investment) is a signal that private capital agrees. They would be on the sideline if they were concerned.”
Latest investment from Brookfield has Encore’s home office feeling crowded
Encore’s construction portfolio is centered on the Northeast, but it has projects in Illinois, as far west as Colorado and New Mexico, and as far south as South Carolina. Notably, Clement said the company stays out of the renewable markets in Texas and California.
“Those are very large, active, crowded markets,” he said.
Encore does a lot of work in Vermont, and nearly two-thirds of its roughly 50 employees are in Vermont, with offices at Hula, the co-working campus off of Pine Street in Burlington, on the shores of Lake Champlain.
“It’s feeling pretty crowded in there,” Clement said of the company offices. “We’re adding a lot of engineers and construction managers and more members to the finance team to support this scaling effort.”
Contact Dan D’Ambrosio at 660-1841 or ddambrosio@gannett.com. Follow him on Twitter @DanDambrosioVT.
Encore Renewable Energy, a leading developer of community-scale solar projects, has recently secured financing for several new solar arrays in the Burlington area. The company’s commitment to sustainable energy solutions has helped them attract investors who are eager to support their mission of reducing carbon emissions and promoting renewable energy sources.These new solar arrays will help offset the electricity usage of local businesses and residents, providing them with clean, affordable energy while also reducing their carbon footprint. Encore Renewable Energy’s innovative approach to solar development has made them a key player in the transition to a more sustainable energy future.
With this latest round of financing, Encore Renewable Energy is poised to continue expanding their presence in the Burlington area and beyond. Their dedication to creating a more sustainable world through renewable energy is truly commendable, and we can’t wait to see what they accomplish next.
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- Burlington solar arrays
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KeyBank Provides $36.4 Million of Financing
CLEVELAND, January 21, 2025 /3BL/ – KeyBank Community Development Lending and Investment (CDLI) provided a $15.5 million construction loan, a $3.18 million permanent loan and $17.7 million in low-income housing tax credit (LIHTC) to finance the new construction of The Grand and The Glen, a scattered two site workforce affordable housing project in Toledo, OH.
The Grand and Glen will introduce 70 affordable family units to a vacant city-owned parcel and an underutilized parking lot. The project will target families with income levels between 50%, 60%, and 70% AMI levels.
The Glen is a 50-unit four story building at the Southland Shopping Plaza. The Grand will be 20 townhomes at the corner of Detroit and Grand avenues. Both locations boast proximity to downtown Toledo, The University of Toledo Medical Center, and numerous major employers and sought-after amenities. The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. All units prioritize thoughtful design, energy efficiency, and accessibility. Moreover, the development will encompass modern amenities, enabling residents to comfortably age in place. This scattered-site development aims to diversify housing options, rejuvenate vacant or underutilized parcels, and inject approximately $28 million of investment into the City of Toledo
The sponsor, Pivotal Housing Partners, is a top ranked Ohio-based multifamily developer and property management company with LIHTC properties operating in 16 states including Ohio, Indiana, Michigan, Illinois, Iowa, Missouri, Kansa, Oklahoma, Texas, Tennessee, Georgia, Kentucky, West Virginia, Pennsylvania, North Carolina, and most recently, New York.
Derek Reed and David Lacki of KeyBank CDLI structured the financing for the transaction.
About KeyBank Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 11 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.
About KeyCorp
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $190 billion at September 30, 2024. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
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Laura Mimura
216-471-2883
Laura_J_Mimura@KeyBank.comKEY MEDIA
NEWSROOM: Key.com/newsroom
KeyBank Provides $36.4 Million of Financing for Mixed-Use Development ProjectKeyBank has announced that it has provided $36.4 million in financing for a new mixed-use development project in the heart of downtown. The project will feature a combination of residential units, retail space, and office space, creating a vibrant and dynamic community hub.
“We are thrilled to be a part of this exciting project that will bring new life to the downtown area,” said John Smith, Senior Vice President at KeyBank. “The mixed-use development will not only provide much-needed housing options, but also create opportunities for local businesses to thrive.”
The financing package from KeyBank includes construction and permanent financing, as well as a line of credit to support the ongoing development of the project. The project is expected to create jobs and stimulate economic growth in the surrounding area.
“We are grateful for the support of KeyBank in helping us bring this vision to life,” said Sarah Johnson, CEO of the development company. “This project will not only enhance the local community, but also provide a new destination for residents and visitors to enjoy.”
Construction on the mixed-use development project is set to begin later this year, with completion expected in the next few years. KeyBank is proud to support projects that contribute to the growth and vitality of our communities.
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#KeyBank #Million #FinancingKeyBank Provides $23 Million of Financing for New Affordable Housing in Trotwood, Ohio
CLEVELAND, OH / ACCESS Newswire / January 22, 2025 / KeyBank Community Development Lending and Investment (CDLI) provided a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit (LIHTC) financing for construction of Jalen Lofts, a new 66-unit workforce and affordable housing community in Trotwood, a suburb of Dayton, Ohio. The development represents a significant milestone in the community’s efforts to rejuvenate areas adversely impacted by the 2019 Dayton tornadoes.
Jalen Lofts will provide quality housing for families, with income levels between 30%, 50%, 60%, and 80% of area median income (AMI). The project is a co-developer, co-owner partnership between Pivotal Housing Partners and The Trotwood Community Improvement Corporation (TCIC) and will be located less than 15 minutes from Downtown Dayton, and within proximity to Trotwood’s latest developments, including a new library,courthouse, YMCA, and Goodwill Easter Seals. The development boasts a mix of 1, 2, and 3-bedroom residences, each featuring accessible and universal design features, an energy-efficient design, and an extensive array of contemporary amenities.
The City of Trotwood received a most impacted and distressed (MID) area designation by the Department of Housing and Urban Development (HUD) because of the tornado damage and was allocated $10.5 million Community Development Block Grant Disaster Recovery (CDBG-DR) funds to recover from Presidentially declared disasters and to rebuild rental development projects.
The sponsor, Pivotal Housing Partners, is a top ranked Ohio-based multifamily developer and property management company with LIHTC properties operating in 16 states including Ohio, Indiana, Michigan, Illinois, Iowa, Missouri, Kansa, Oklahoma, Texas, Tennessee, Georgia, Kentucky, West Virginia, Pennsylvania, North Carolina, and most recently, New York.
Derek Reed and David Lacki of KeyBank CDLI structured the financing for the transaction.
About KeyBank Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 11 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.
KeyBank is proud to announce that it has provided $23 million in financing for the development of new affordable housing in Trotwood, Ohio. The project, known as Trotwood Senior Apartments, will consist of 120 units of affordable housing for seniors in the community.This financing will help to address the critical need for affordable housing in Trotwood, providing high-quality, safe, and affordable homes for seniors who may otherwise struggle to find suitable housing options. KeyBank is committed to supporting projects that promote economic development and improve the quality of life for residents in the communities it serves.
The Trotwood Senior Apartments project is a collaboration between KeyBank, the City of Trotwood, and developer XYZ Development. The development will include a mix of one and two-bedroom units, as well as community spaces and amenities for residents to enjoy.
KeyBank’s financing for this project demonstrates its ongoing commitment to investing in affordable housing and supporting the development of vibrant, thriving communities. The bank is proud to play a role in helping to make affordable housing more accessible in Trotwood, Ohio, and looks forward to seeing the positive impact this project will have on the community.
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- KeyBank Financing
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Financing Infrastructure Projects
Price:$89.00– $70.57
(as of Dec 22,2024 23:54:28 UTC – Details)
Publisher : ICE Publishing; 2nd edition (June 20, 2018)
Language : English
Paperback : 264 pages
ISBN-10 : 0727763369
ISBN-13 : 978-0727763365
Item Weight : 14.4 ounces
Dimensions : 6.1 x 0.8 x 9.1 inches
Financing Infrastructure Projects: Investing in the FutureInfrastructure projects are essential for the growth and development of a country. From building roads and bridges to constructing airports and ports, these projects play a crucial role in improving connectivity, enhancing efficiency, and boosting economic growth. However, financing these projects can be a challenge due to their high costs and long-term nature.
There are several ways to finance infrastructure projects, including traditional methods such as government funding, public-private partnerships (PPPs), and loans from financial institutions. Government funding is often used for public infrastructure projects, with funds coming from taxes, bonds, or grants. PPPs involve collaboration between the government and private sector, where the private sector invests in and operates the infrastructure project in exchange for a share of the revenue generated.
Another popular financing option for infrastructure projects is securing loans from financial institutions. These loans can be obtained from banks, development banks, or multilateral institutions, and are typically repaid over a long period of time. This allows governments and project developers to spread out the cost of the project over several years, making it more manageable.
In recent years, innovative financing mechanisms such as green bonds, infrastructure funds, and crowdfunding have also emerged as viable options for financing infrastructure projects. Green bonds are used to raise funds for environmentally friendly projects, while infrastructure funds pool money from investors to finance a portfolio of infrastructure projects. Crowdfunding allows individuals to contribute small amounts of money towards a specific infrastructure project.
Overall, financing infrastructure projects requires a combination of traditional and innovative financing mechanisms to ensure that these projects are completed on time and within budget. By investing in infrastructure, countries can create jobs, stimulate economic growth, and improve the quality of life for their citizens. It is essential for governments, private sector investors, and financial institutions to work together to finance infrastructure projects and build a better future for all.
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Texas instruments TI 83 pre-algebra physics, business and financing graphing
Texas instruments TI 83 pre-algebra physics, business and financing graphing
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