Distributed Generation Fund for commercial and industrial photovoltaic solar projects provided by:
WGL Energy Systems, Inc.
Empower Energies, Inc. (“Empower” or the “Company”) successfully closed the Distributed Generation Fund (“DG Fund”) for commercial and industrial (“C&I”)
photovoltaic solar projects originated and developed by Empower and its co-development partners.
Marathon Capital served as the exclusive financial advisor and evaluated a variety of tailored, structuring options in the process of successfully raising a substantial commitment of tax equity and cash equity financing for the DG Fund.
Empower and WGL Energy Systems, Inc. ("WGL Energy"), a WGL company (NYSE: WGL) plan to originate, develop, construct and manage rooftop, ground mount, and canopy PV solar projects through the DG Fund for commercial and industrial (C&I) customers, municipalities, universities, schools and hospitals over the next two years. Tax equity financing will be provided by a major strategic investor.
The DG Fund enables Empower to offer a complete ‘capital stack’, including development capital, construction financing, and project buyouts at different points during the development process, depending on the needs of the co-developer. The DG Fund also creates efficiencies for C&I customers, simplifying the project approval process, and enabling a single decision point, thereby accelerating development.