Country / Language

CohnReznick and Reznick Capital Markets Securities assist in 9.6 MW distributed generation solar portfolio for Just Energy


Financing from U.S. Bank and Seminole Financial Services brings renewable energy to municipalities,
school districts and non-profits in New Jersey and Massachusetts

July 29, 2013 – New York, NYReznick Capital Markets Securities (RCMS) and CohnReznick LLP have assisted in the completion of renewable energy tax equity and construction-to-term debt financing for Hudson Energy Solar, a subsidiary of green energy firm Just Energy, to install 9.6 megawatts (MW) of distributed generation (DG) photovoltaic solar (PV) facilities. The portfolio will provide a total of seven municipalities, school districts and non-profit organizations in New Jersey, as well as one local business in Massachusetts, with access to clean and cost-effective electricity.

The assets financed as part of the initial fund that closed at the end of 2012 are now fully operational. A second tranche closed in Q1 of this year for which the assets are expected to come online in Q2-Q3 of 2013.

Financing includes renewable energy tax equity from U.S. Bank, construction-to-term non-recourse debt from Seminole Financial Services, and equity provided by Hudson Energy Solar. The portfolio consists of solar DG assets combining rooftop, carport and ground-mount photovoltaic systems.

Hudson Energy Solar allows municipalities, local retailers, and school districts throughout the region to switch to clean solar power by developing and owning DG assets and entering into Power Purchase Agreements (PPAs) with its customers. Under long-term contracts ranging from 15-25 years, Hudson Energy Solar delivers financial benefits to its constituents, as well as helping further their social missions.

The RCMS team deployed an innovative financing approach to facilitate the investment, using a structure that combined both non-recourse debt and tax equity financing for a portfolio with Solar Renewable Energy Credits (SRECs).

RCMS President Rob Sternthal said, “We were able to guide both the lender and the tax equity provider through the process of placing project-level debt on a tax equity structure. Our structuring expertise played a crucial role in defining the parameters for the debt and assuring that this structure satisfied all sides of the transaction.”

CohnReznick partner Joel Cohn commented, “We were able to deliver a multi-service platform on this project -  including structuring, providing valuation services and helping to facilitate the due diligence process for the developer.”

Search Our People

Search Our People

Look ahead. Gain insight. Imagine more. Is your business ready to break through?

View our new TV commercial..

Industry Outlooks

Industry Outlooks

Gain insight into what is ahead for the Commercial Real Estate, Technology and Middle Market Private Equity industries.

READ MORE

Learn about our upcoming events.

READ MORE

Working With Us

Working With Us

What makes CohnReznick different from others in our profession? And what should our clients come to expect when working with us? The answer is The CohnReznick Advantage. Contact us to learn how we can out the CohnReznick Advantage to work for your business.


People

The value of an organization is determined by the skills and qualities of its leaders. With more than 280 partners serving clients nationwide, CohnReznick is renowned for the diverse experiences, knowledge and backgrounds of its leadership.

Learn More

Services

We align our services in three segments: Accounting and Assurance, Tax, and Advisory. This approach allows us to provide holistic solutions to complex business problems and to seize upon opportunities requiring an integrated approach.

Learn More

Industries

Accounting and tax issues different significantly based on an organization's industry. We provide clients with expertise in nearly two dozen industries – we know the opportunities, the obstacles, the competitive landscape.

Learn more

Insights

CohnReznick professionals are thought leaders in their industries. Clients benefit from relevant and timely economic, legislative and industry insights that can keep them a step ahead of competition.

Learn More

Global Reach

Our involvement in the Nexia International network of firms enables us assist our clients wherever they do business-providing local expertise and connections wherever they needed. Nexia is comprised of 20,000 professionals operating in over 100 countries.

Learn More