Innovative Solar

LOAN AMOUNT: $4,650,000

LOAN TYPE: USDA REAP Loan

INDUSTRY: Energy/Solar

LOAN DETAILS

Location

Laurinburg,
North Carolina

Term

25 years

Rate

10 Years Fixed, Resetting Every 5 Years

Prepayment Penalty

10,9,8,7,6,5,4,3,2,1

History

Innovative Solar was developed by a large scale solar system developer to generate 6.5 MW DC solar array in Laurinburg, North Carolina. North Carolina is a suitable location for solar arrays due to solar radiation characteristics. The developer has a history of successful projects since 2006. Technology has been implemented globally on a massive scale over 40 years.

Innovative Solar entered into an Offtake/Power Purchase Agreement with Duke Energy, a regulated electric utility in North Carolina, to purchase the electricity generated by the solar array for 15 years. Duke Energy is the largest utility in the U.S. with a strong A2 long term issuer rating from Moody’s with a stable outlook.

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