Foley Hoag Client BCC Solar Energy Advantage Closes Financing on Solar Portfolio
November 13, 2013
Foley Hoag LLP congratulates its client BCC Solar Energy Advantage, Inc. ("BCC SEA") on its successful closing of $7.5 million financing of nine solar projects in Massachusetts totaling 1.5 MW. The projects will be installed in the City of Gardner, the City of Cambridge, the City of New Bedford, and the Roxbury, South Boston and Jamaica Plain sections of Boston. The financing involved a number of sources of capital, including debt from Boston Community Loan Fund and tax credit equity from U. S. Bank.
Foley Hoag attorneys Adam Wade, Jonathan Book and Diana Lo advised BCC SEA in negotiations of the solar side of the deal, including power purchase agreements, rooftop lease agreements and financing matters related to existing lenders' subordination, non-disturbance and attornment of the solar project companies' lease rights in host property rooftops and other real estate matters.
Once constructed, this portfolio of distributed solar is expected to result in savings to host customers of at least $1.3 million over the next 20 years. The transaction brings BCC SEA's financed and operating portfolio of distributed solar to 5+ MW of rooftop and ground-mounted solar, nearly all of which serves the electricity needs of affordable housing and low income communities.
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