Safety Harbor, Fl. – November 2017 – Kenyon Energy, LLC in partnership with The Town of Deerfield, Key Equipment Finance, and Lake Street Development Partners, today announced that a 5.99-megawatt (MW) solar array at 901 River Road in Deerfield, MA is due to begin commercial operation in November 2017.
The ground mount array comprises 18,720 high-efficiency solar panels and sits on about 23 acres of privately-owned land. In its first year, the array is projected to produce more than 7,200 MWh of electricity.
The solar array is the first to be installed in South Deerfield and could be groundwork for future solar energy projects. The Deerfield array marks an important step in the city’s sustainability initiatives, and the agreement sets a fixed property tax rate on the development over a span of 20 years, instead of it fluctuating based on a yearly valuation. The Town of Deerfield is expected to net a total of $1.24 million from this tax.
“We have been proud to work with Lake Street Development Partners, along with Key Equipment Finance, and The Town of Deerfield to complete this renewable installation,” said Ray Gonzalez, President of Kenyon Energy. “These efforts are part of the town’s long-term strategy to cut the environmental footprint and deliver long-term value to the businesses and communities where people live and work.”
Kenyon Energy, one of the nation’s leading solar technology and energy services provider, managed all aspects of the project from the point of arranging the engineering, procurement, and construction (EPC) services, through the construction process and forward to commercial operation of the project. Key Equipment Finance, one of the nation’s largest bank-held equipment finance companies and an affiliate of KeyCorp, provided financing in the form of a sale leaseback supported by a Power Purchase Agreement (PPA). With the closing of financing, Bay4 Energy Services will provide asset management services including operations and maintenance for the life of the system.
“Key Equipment Finance’s long-term partnership with Kenyon Energy enables them to monetize tax benefits, including investment tax credit and depreciation,” said Doug Beebe, vice president, energy finance, Key Equipment Finance. “Creative financing solutions like this make it possible for Kenyon Energy to own and operate solar projects and sell the power at a discounted rate to cities and towns like Deerfield, to support their sustainability goals.”
About Kenyon Energy, LLC
Kenyon Energy is a leading developer, owner, and operator of solar energy projects in the United States. Kenyon Energy takes great pride in providing excellent customer service, while developing cost-effective, turnkey, and creative solar energy solutions for a diverse set of customers, including utilities, municipalities, schools and universities, federal and state government facilities, small and large industrial facilities, and Fortune 500 companies. For more information, visit www.kenyonenergy.com.
About Key Equipment Finance
Key Equipment Finance has been in the equipment finance business for 44 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 approximately $12 billion in assets and originates more than $4.5 billion of equipment financing annually. For more information, visit http://www.keyequipmentfinance.com.
About Bay4 Energy Services, LLC
Bay4 Energy is a leading independent renewable energy service organization that provides a comprehensive suite of energy and asset performance management services designed to keep owners, investors, and operators in touch with their renewable assets, while delivering optimized energy production and financial returns. Bay4 is trusted by its partners to manage every aspect of a project or portfolio including asset management, O&M, independent engineering reviews, monitoring, and more. For more information, visit www.bay4.com.