Sol Systems arranges funds for 5MW solar project in US

Sol Systems, a solar financing firm, has arranged $18m for the development of the 5MW Celina solar project located in Celina, Ohio.

The company also played a major role in securing New Energy Capital as the investing partner in the project, which is developed by SolarVision.

SolarVision funded the project using new market tax credits, solar renewable energy credits, sponsor equity, and the federal investment tax credit.

Sol Systems CEO Yuri Horwitz said the company is working with its partners to develop and finance solar projects.

"Solar project financing remains a complex, time-intensive process with significant transaction costs," noted Yuri Horwitz, CEO of Sol Systems," Horwitz added.

"The Celina project clearly demonstrates that resourceful deal structuring creates value, and relationships like those we facilitate through SolMarket matter."

The project is scheduled to be commissioned in December 2012.

New Energy Capital Cleantech Infrastructure Fund invests in, owns and operates renewable energy, energy efficiency, waste recycling and distributing generation projects.

SolarVision develops cost-effective solutions for solar power systems that provide an immediate economic benefit.