Tioga Energy, Wells Fargo and DLL Complete First Financing Tranche for Hemet USD
Tioga Energy, a leading provider of renewable energy services to commercial, government and non-profit organizations, today announced it has closed construction and long-term financing with Wells Fargo & Company WFC -0.24% and De Lage Landen (DLL) for the first tranche of projects completed as part of Tioga’s 4.4 MW, multi-site solar PPA program for the Hemet Unified School District in Hemet, Calif.
The solar electric systems for Hemet are the first to be developed under a master financing agreement between Tioga Energy and DLL. A global provider of high-quality asset-based financing products to manufacturers and distributors of capital goods, DLL previously collaborated with Tioga Energy on an 856-kW installation for Oceanic Time Warner in Honolulu, Hawaii. Wells Fargo’s participation in the projects as a construction lender and tax equity investor alongside DLL’s tax equity investment has further broadened the scope of the Tioga-DLL financing facility.
“Tioga Energy has a history of smart project selections and exceptional execution capabilities,” said Mark McGovern, General Manager, Clean Technology Group, De Lage Landen. “Our relationship with the company has proven to be a strong asset to DLL and our firm remains committed to supporting Tioga’s developments over the long term.”
Financed through SurePath(TM) Solar power purchase agreements (PPAs) from Tioga Energy, the solar electric systems for the Hemet Unified School District double as shade structures for 17 facilities within the district. The installations will save administrators an estimated $300,000 in utility costs annually.
“The Hemet projects represent the cornerstone of Tioga’s growing relationship with two highly-respected financial entities,” said Paul Detering, CEO of Tioga Energy. “We are committed to delivering high quality projects to our finance partners and low-cost energy to our customers as we expand access to renewable energy for customers from coast to coast.”