Monolith Solar Associates and Key Equipment Finance Relationship Surpasses $7 Million in Financed Solar Installations for Schools and Municipalities
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.
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.