SUPERIOR, Colo., June 12, 2017 /PRNewswire/ -- 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 $7.2 million in
financing to Monolith Solar Associates LLC since 2016 for 17
projects benefitting schools and municipalities. Monolith Solar is
a Rensselaer, N.Y.-based provider
of best-in-class engineering, design, financing and installation of
solar PV systems for residential, commercial, non-profit and
municipal clientele.
Developers such as Monolith Solar are using sale leasebacks to
finance projects that include a Power Purchase Agreement (PPA),
allowing monetization of the tax benefits, inclusive of the
investment tax credit and depreciation. In this structure, solar
developers own and operate the system and sell the power at a
discounted rate to the school districts and municipalities.
"Monolith Solar is a leader in using sale-leaseback financing
for distributed solar installations for municipalities and school
districts that have a unique opportunity to monetize investment tax
credits to make the project financeable," said Doug Beebe, vice president, energy finance, Key
Equipment Finance, which offers energy equipment finance solutions
to a range of business types and industries. "Customers of Monolith
Solar benefit from reduced energy costs, which helps them retain
funds for other needs while participating in clean energy
practices."
Founded in 2008 by two entrepreneurs who put solar on their own
houses, Monolith Solar moved on to power the Rensselaer
Library, Union College and KeyBank before growing into one of
the largest solar installers in the state of New York.
"As a longtime KeyBank customer, Monolith Solar naturally turned
to the energy solutions team at Key Equipment Finance to address
our growing customer needs with specialized expertise in renewable
energy financing," said Mark Fobare,
co-founder and CEO of Monolith Solar. "The relationship has enabled
us to leverage Power Purchase Agreements in financing transactions
that monetize federal tax incentives, as well as New York State Energy Research and Development
Authority (NYSERDA) grants, and partner with schools and
municipalities to pass on savings in the form of reduced energy
costs."
This sampling of the projects financed through the Monolith
Solar and Key Equipment Finance partnership will generate a
combined $2.1 million in energy
savings based on 20 years of production:
- County of Schenectady (800kw)
- $593,052
- Albany City School District
(250kw) - $200,128
- Scotia Glenville High School
(200kw) - $159,271
- Marion Central School District (250kw) - $202,530
- South Colonie Central Schools (700kw) - $561,752
- Fort Plain Central School District (200kw) - $154,726
- Mayfield Central School District (200kw) - $286,002
"Our partnership with Key Equipment Finance has produced
financing structures that scale easily and follow industry trends
of lower costs per watt," said Steven
Erby, co-founder, president and COO of Monolith Solar. "The
projects also provide monitors so the schools can track the clean
energy savings they generate, which serves as a teaching tool for
students."
The projects benefit from grants from NYSERDA, a state program
committed to advancing the scale-up of solar and moving toward a
sustainable, self-sufficient solar industry.
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 KeyCorp
KeyCorp's 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 $134.5 billion at March 31,
2017.
Key provides deposit, lending, cash management, insurance, and
investment services to individuals and businesses in 15 states
under the name KeyBank 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 https://www.key.com/. KeyBank is Member FDIC.
About Monolith Solar Associates LLC
Monolith Solar
Associations LLC, based in Rensselaer,
N.Y., is a leading provider of engineering, installation,
and maintenance of solar PV systems for residential, commercial,
municipal and non-profit solar customers. Monolith Solar has become
one of the top three solar installers in New York State, and is climbing the ranks of
the top 100 nationally ranked solar installers. Learn more
https://monolithsolar.com/.
CONTACT:
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Stacey
Hartmann
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303-880-8451
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stacey@keetonpr.com
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SOURCE Key Equipment Finance