Suncrest Solar Inc. closes its first tax-equity fund, working with U.S. Bank, KeyBank and Silicon Valley Bank
Written By: Tracy Dawson Roses
September 10, 2015
On September 10, Suncrest Solar, Inc. announced the closing of its first tax equity fund, making the company a full-service provider of residential solar energy systems, With the tax equity fund, Suncrest not only designs, permits, sells and installs solar panels on the roofs of residential electric utility customers, but it also owns, operates and maintains those systems throughout the entire contract period.
Suncrest partnered with industry-leading tax equity provider U.S. Bank and commercial lenders KeyBank and Silicon Valley Bank to create a flexible fund that supports nearly unlimited growth through 2016.
Suncrest Senior Vice President of Sales Josh Hatch commented:
“This tax equity fund enables our sales force to sell on our own power purchase documentation and shorten the time customers have to wait for final completion.”
The primary shareholders of Suncrest Solar are Tenaska and Sorenson Capital, and the closing of this fund includes a second investment from independent energy company Tenaska. Tenaska owns more than 340 megawatts of utility-scale and distributed solar projects operating or under construction in California and the northeast United States. Sorenson Capital, a Utah-based middle-market private equity firm with more than $1 billion in assets under management has been a primary investor since inception in 2013.
Dan Siegel, vice president of U.S. Bancorp Community Development Corporation, a division of U.S. Bank that provides renewable energy tax credit financing, commented: “U.S. Bank welcomes the opportunity to work with Suncrest Solar as well as its investors, Tenaska and Sorenson Capital.”