WAYNE, Pa., September 19, 2011 – De Lage Landen, a global provider of high-quality asset-based financing products to manufacturers and distributors of capital goods, announced today that its Clean Technology Group has closed a transaction with Tioga Energy to provide long-term financing of a solar power project for Oceanic Time Warner in Honolulu, Hawaii. This 856 kW combination rooftop and solar parking canopy project is the largest of its kind in the state of Hawaii.
De Lage Landen worked in conjunction with partner Tioga Energy to finance the project at Oceanic Time Warner Cable’s Mililani Tech Park. The project was designed, engineered and constructed by Chevron Energy Solutions. Under the terms of Tioga’s SurePath™ Solar power purchase agreement, Tioga will own and operate the installations for 20 years. Tioga will sell the electricity generated by the system back to Oceanic Time Warner Cable at predictable rates less than those of the local utility.
“This transaction provides another tangible example of our power purchase agreement financing expertise, as well as the support we provide to our strategic solar developer relationships such as Tioga Energy,” says Mark McGovern, General Manager, Clean Technology Group, De Lage Landen. “With more than 230 solar financing projects under management nationwide, we are uniquely positioned to fuel renewable energy adoption through financing.”
“We are proud to be among the select partners De Lage Landen has chosen to work with in the U.S. solar power industry,” says Paul Detering, CEO of Tioga Energy. “Their commitment to solar power and the experience of their solar tax equity financing team is reflected in the smoothness in which the Oceanic Time Warner transaction was executed. We look forward to strengthening this relationship as we continue to expand access to clean power across the country.”
Tioga Energy enables commercial, government and non-profit organizations to reduce energy costs while lowering carbon emissions. Through the SurePath™ solar power purchase agreement (PPA), Tioga Energy owns and operates renewable energy systems that provide organizations a hedge against energy price volatility and accelerate their access to clean energy without any capital outlay. For more information call 877.333.9787. To access and download Tioga Energy’s SurePath™ Solar PPA, please visit: www.tiogaenergy.com/annotated-ppa-index.php.
