2015 promises to be a big year for new renewable energy capacity in North Carolina.
- With North Carolina’s state tax incentive sunset at the end of this year, developers will push hard to max out new installations, especially in light of the still uncertain position of North Carolina’s state legislature on solar power incentives and Renewable Energy Portfolio Standards.
- There remains plenty of ideal farmland, especially in Eastern North Carolina, to provide a long-term home for new installations at an attractive rental rate.
- The North Carolina Utilities Commission recently sided with developers and rebuffed the utilities’ proposal to reduce the term of power purchase agreements from fifteen years to ten years and require negotiated rates for any installation of more than 100kw.
Since 2011, the lawyers at WF have closed over $375,000,000 in solar and other renewable energy financing transactions, aggregating approximately 88 farms and over 237 MW of new renewable energy capacity in back leverage, construction and construction to permanent loans. When taken together with all capital sources committed to the transactions in the form of tax credit equity investments, additional permanent debt and sponsor equity, the value of the renewable energy transactions approaches $1,000,000,000.