One of the largest banks in the world, Wells Fargo, is investing $100 million of tax equity financing into nine new solar PV projects being developed by Strata Solar in North Carolina, according to recent announcements.
The projects will all be utility-scale and will sell electricity directly to the utility company Progress Energy Carolinas. Out of said projects, Strata Solar says that 3 of them will exceed 6 MW in capacity — the Bladenboro, Wagstaff and Nash 58 projects. Exact figures aren’t yet available, however.
North Carolina’s renewable energy tax credit — which is largely responsible for the growth of the industry in the state in recent years — will no doubt be utilized by all of the eligible projects involved in the investment deal.
Strata Solar’s CEO, Markus Wilhelm, commenting on the projects, stated: “These projects bring jobs, significant local spend, and an increase in the tax base without the requirement of county dollars which is typical of development projects. On a number of occasions we’ve witnessed these projects having an impact on attracting additional investors who are looking for business-friendly environments.”
In related news — as you’re no doubt well aware, the state has been hit hard this last year by a number of high-profile fossil fuel and chemical spills. The most prominent of these was the Dan River coal ash spill in February.
With all of the ongoing problems caused by such spills, it would seem as though the state may now have some extra impetus to make a faster switch to renewable energy. Of course if the fossil resources are there to be profited from and remain incentivized themselves, then there will surely be someone looking to extract/develop them.
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Image: North Carolina solar farm via Strata Solar
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