CVE North America and Live Oak Bank close permanent debt financing of two more community solar farms in Massachusetts

Rhea-AI Summary

CVE North America and Live Oak Bank have successfully secured approximately $6.6 million in permanent debt financing for two community solar projects in Acushnet, MA, totaling 4.2 megawatts of capacity. This financing adds to CVE's Massachusetts portfolio, which now includes nine operational solar assets with over 37 megawatts. These projects qualify under the SMART program, providing solar credits to over 800 households and businesses.

The closing enhances CVE's ability to expand its clean energy initiatives, with 250 megawatts of additional projects in development.

Positive

• Secured $6.6 million in permanent debt financing for new solar projects.
• Expanded Massachusetts portfolio to 9 operational assets totaling 37 megawatts.
• Projects qualify for SMART program, enhancing customer accessibility to solar energy savings.

Negative

• None.

NEW YORK, Aug. 3, 2022 /PRNewswire/ -- CVE North America ("CVE") and Live Oak Bank ("Live Oak") have successfully closed a permanent debt financing of approximately $6.6MM for two Acushnet, MA projects totaling 4.2 megawatts (MW).

Over the last two years, CVE has partnered with Live Oak for permanent debt financing on its Massachusetts portfolio, now comprised of nine operating assets with over 37 MW of capacity.

The two latest CVE projects join six others that have qualified as community solar installations under the Solar Massachusetts Renewable Target ("SMART") program, and one project previously qualified under the Solar Carve Out II Program.

With all nine photovoltaic ("PV") plants in operation and generating clean energy, CVE is providing solar credits in the form of discounts on monthly electric bills to over 800 local homes and businesses. Through community solar, customers can enjoy equal access to the benefits of solar generation by subscribing to small local solar farms and supporting local solar development. They then receive a credit on their utility bill for their share of the power that is produced, just as if the panels were on their own roofs. Subscribers receive bills under CVE's community solar brand "Halo" (www.halosolar.com).

"Live Oak couldn't have asked for a better partner than CVE in our recent closings together," said Live Oak Bank's Head of Renewable Energy, Jennifer Williams, "and we are proud to support solar development that brings good jobs, decarbonization, and electricity savings to Massachusetts."

"This financial closing consolidates CVE's position as an independent power producer whose mission is to deliver clean energy to households, businesses, and municipalities. Thanks to our partnership with Live Oak Bank, CVE is developing more distributed solar generation and contributing to the fight against climate change," said Thibaut Delespaul, general manager of CVE NA.

The successful completion of the permanent debt financing provides CVE with additional flexibility to continue expanding its presence in MA and in community solar markets across the US.  CVE currently has approximately 250 MW of projects in development including more than 70 MW beginning construction in 2022 in New York State.

About CVE North America

CVE North America (CVE) is a local, independent solar power producer based in New York City since 2017.  It has the personal attributes of a small to medium sized company and the skills, experience, and financial assets of a large group.  The company currently has plans to expand to over 450 MW across the United States by 2026. CVE draws on the international expertise of its parent company, CVE Group, which has been recognized for financing, building and operating ground-mounted solar installations in communities for 12 years.  CVE Group has over 530 MW in operation and construction in France, Chile, and South Africa. CVE Group is invested to ensure the highest environmental and qualitative performance. It is ISO 9001 (quality management system) and ISO 14001 (environmental management system) certified.

To learn more, visit www.cvenorthamerica.com.

About Live Oak Bank

Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak puts a groundbreaking spin on service and technology to redefine banking. Our products help customers buy, build, and expand their business, and high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com.  

View original content to download multimedia:https://www.prnewswire.com/news-releases/cve-north-america-and-live-oak-bank-close-permanent-debt-financing-of-two-more-community-solar-farms-in-massachusetts-301599173.html

SOURCE CVE North America

FAQ

What is the recent financing secured by Live Oak Bank for CVE North America?

CVE North America secured approximately $6.6 million in permanent debt financing from Live Oak Bank for two community solar projects in Acushnet, MA.

How many solar projects does CVE North America currently operate in Massachusetts?

CVE North America operates nine solar projects in Massachusetts, totaling over 37 megawatts of capacity.

What benefits do customers receive from CVE's community solar projects?

Customers receive solar credits in the form of discounts on their monthly electric bills, allowing access to solar energy savings without installing panels.

What is the significance of the SMART program for CVE's projects?

The SMART program allows CVE's projects to provide solar credits to customers, enhancing the accessibility of solar energy benefits.

What are CVE's future expansion plans?

CVE North America has approximately 250 megawatts of projects in development, indicating significant future growth.