Open Energy, an innovative provider of debt financing solutions for commercial solar projects, has announced the closing of a loan with an affiliate of Guzman Energy, a specialty energy company that finances, trades and operates energy assets across North America. The loan provides project financing for a ground mount solar facility that will generate 1.2 megawatts of electricity for the city of Aztec, New Mexico. Aztec has a population of approximately 6,500.
“The city of Aztec is helping to drive New Mexico’s Renewable Energy Portfolio Standard of 10 percent renewables by 2020 for rural electric cooperatives,” said Graham Smith, CEO of Open Energy. “We will continue to work with firms like Guzman to enable the non-residential solar market to flourish across the United States.”
This project is part of Guzman’s seven-year agreement with Aztec to be the city’s primary wholesale power provider starting on July 1, 2016. The solar facility was constructed on an eight-acre parcel of undeveloped land and will generate approximately 8 percent of Aztec’s electricity. Aztec City Manager Joshua Ray stated, “The City of Aztec is excited to begin this new partnership with Guzman Energy and Open Energy to provide the citizens of Aztec with cleaner, more efficient, environmentally friendly energy.”
“Open Energy is providing capital for Aztec to reap the benefits of renewable energy while also lowering electricity rates for its residents,” said Ruslan Magdeev, Head of Investment Banking & Capital Markets at Guzman Energy. “We are helping the city’s residents save on their electricity bills and will facilitate Aztec’s purchase and ownership of the solar facility when the contract ends in 2023.”