Key Equipment Finance, one of the nation’s largest bank-held equipment finance companies and an affiliate of KeyCorp (NYSE: KEY), today announced it has provided a $3 million solar tax lease for The Monroe Cable Company’s 1-megawatt solar installation by OnForce Solar. Monroe Cable, based in the Town of Wallkill, N.Y., is a manufacturer of quality cable, as well as a leading provider of shipboard electrical wire and cable for the U.S. Navy. OnForce Solar, based in the Bronx, N.Y., is a vertically integrated, turnkey solar provider that owns and installs solar photovoltaic energy systems for residential, commercial and utility scale projects.
“With this solar installation, Monroe Cable is now able to meet its goal of getting about 25% of our energy from renewable sources,” said Abraham Wieder, Monroe Cable’s president and CEO. “Electricity is very expensive in upstate New York, and our new solar system offsets a portion of our utility bill while reducing our carbon footprint.”
Key Equipment Finance provided a solar tax lease that uses the 30 percent federal Investment Tax Credit (ITC) and depreciation to reduce Monroe Cable’s lease payments.
“With a financing solution that takes advantage of tax credits, manufacturers can realize multiple benefits,” said Doug Beebe, vice president, energy finance, Key Equipment Finance. “The solar tax lease enables Monroe Cable to reduce its utility bills while making a positive environmental impact in its community.”
“The Town of Wallkill is proud to partner with industry on these types of projects,” said Dan Depew, supervisor, Town of Wallkill. “Not only does it make our industries more competitive but also accrues a net positive environmental impact on our community as a whole.”
OnForce Solar designed and installed the system for Monroe Cable’s factory roof and adjacent land. The solar array will generate about 1.25 million kilowatt hours of clean, renewable electricity annually, or enough to power about 250 homes.
“OnForce Solar is proud to help manufacturers such as Monroe Cable implement custom solar installations that move their businesses forward with clean energy solutions,” said Charles Feit, CEO of OnForce Solar. “The team at Monroe Cable is very forward thinking and made an intelligent, long-term investment in their business by significantly reducing their expenditures on electricity.”
Support for the project came from the NY Sun Incentive Program, an initiative including a nearly $1 billion commitment to advance the scale-up of solar and move the state closer to having a sustainable, self-sufficient solar industry.
“Through several years of planning, these partners in conjunction with the Town of Wallkill worked seamlessly to deliver a solar installation that sets a positive example for upstate New York’s industrial sector,” said Michael Mayfield, Monroe Cable’s senior vice president of marketing. “Monroe Cable is a leader in the shipboard and transit cable industry, and due to our participation in this project we have successfully executed a photovoltaic (PV) wire market entry producing over 800,000 feet of PV interconnect wire for a utility scale PV project in Puerto Rico.”
Key Equipment Finance offers energy and water equipment finance solutions to a range of business types and industries. Learn more at http://www.keyequipmentfinance.com/partner/energy_and_water.
About Key Equipment Finance
Key Equipment Finance has been in the equipment finance business for 43 years and is one of the largest bank-based equipment finance providers in the U.S. The company provides tailored equipment lease and finance solutions for commercial clients and government entities. Through its manufacturer and vendor alliances unit, equipment finance programs are developed for manufacturers, distributors and resellers.
Key Equipment Finance’s specialty finance group includes a specialty finance lending team, which provides structured facilities to various sectors of the specialty finance market, and a lease capital markets team to support corporations looking to optimize risk and revenue. Headquartered outside Denver, Colorado, Key Equipment Finance manages nearly $11 billion in assets and originates more than $5 billion of equipment financing annually. For more information, visit http://www.keyequipmentfinance.com.
AboutKeyCorp
KeyCorp’s (NYSE: KEY) roots trace back 190 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 $101 billion as of June 30, 2016. The acquisition of First Niagara Financial Group, which became effective on August 1, 2016, added assets of approximately $40 billion, based on June 30, 2016 balances. Key provides deposit, lending, cash management, insurance and investment services to individuals and small and mid-sized businesses in 15 states under the name KeyBank National Association and First Niagara Bank, National Association, through a network of more than 1,200 branches and more than 1,500 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 www.key.com. KeyBank and First Niagara Bank, National Association are Member FDIC Institutions.
About The Monroe Cable Company
The Monroe Cable is an electrical wire and cable manufacturer based in the Town of Wallkill, NY. The small, family-owned company has been operating since 1978 and serving its customers for more than 30 years. A leading supplier of shipboard electrical wire and cable for the United States Navy, the company also supplies the New York Transit Authority Communications and Traction Power, signal cables for the New York fire department, Photovoltaic (PV) wire and has the ability to manufacture wire and cable in accordance with customer specifications. For more information, visit http://www.monroecableusa.com/.
About OnForce Solar
OnForce Solar is a vertically integrated, turnkey solar provider that owns and installs solar photovoltaic energy systems for residential, commercial and utility scale projects. Headquartered in the Bronx, New York, the company has regional offices in Staten Island, New Jersey, Connecticut, and Massachusetts. Please visit www.onforcesolar.com.