32.5 Megawatts of Solar Energy Farms Coming to North Carolina. CSG introduces new investors to the renewable energy tax equity market.
CLEARWATER, Fl., October 18, 2013—Churchill Stateside Group, LLC (CSG), announces the completion of the Churchill Stateside NC Tax Credit Fund, LLC (“The Fund”), a $34.3 million North Carolina state renewable energy tax credit fund. CSG is a privately owned real estate and energy financial services company and The Fund was placed by the company’s related broker dealer, Churchill Stateside Securities, LLC.
CSG’s NC Tax Credit Fund will be combined with other financing sources to build 32.5 megawatts of solar energy farms throughout North Carolina. These ground-mounted solar farms, commissioned in the second and third quarters of 2013, are utility-scale: each one will cover approximately 40 acres.
“We are pleased to complete this project in partnership with a leading developer and to introduce a new investor to the renewable energy tax equity marketplace,” said Devin Sanderson, Senior Vice President and Director of Renewable Energy for CSG. “The Fund’s successful closing speaks to the quality of its structure, the development team, and the projects themselves. This latest implementation reinforces CSG’s reputation among institutional investors for developing contemporary investment opportunities with concrete social benefits.”
Construction of these solar farms will boost the North Carolina economy by generating over 350 direct jobs and by pumping tens of thousands of dollars into the local economies of regions where the solar farms will be built. Once complete, the solar farms will:
- Be powered by approximately 135,000 solar panels
- Generate over 47,000 megawatt hours of electricity per year, equivalent to the average power consumed by 5,200 homes
- Offset over 31,000 tons of carbon dioxide emissions
- Equal the planting of 23,500 trees
Keith Gloeckl, Chief Executive Officer of CSG said, “CSG is committed to sustainability because we are committed to making a difference. We forge partnerships with thought leaders and visionary organizations—groundbreakers who take sustainability a step further by investing in projects that align the often conflicting goals of idealism and profit. Solar energy achieves this: it is the fastest growing energy technology in the world, while it provides society’s most basic need–while creating local jobs, increasing energy independence, and reducing pollution.”
About Churchill Stateside Group
Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction and permanent financing solutions. The company’s investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. CSG has long-standing and successful investment relationships with numerous corporate investors, pension funds, and insurance companies. The company is also an approved USDA Rural Development and FHA MAP lender. CSG pursues high quality lending and investment opportunities across the nation.
Ask CSG about investment opportunities in renewable energy.