NEW YORK, Aug. 3, 2022 /PRNewswire/ — CVE North America (“CVE”) and Live Oak Bank (“Live Oak”) have successfully completed permanent debt financing of approximately $6.6 million for two projects Acushnet, MA totaling 4.2 megawatts (MW).
Over the past two years, CVE has partnered with Live Oak for permanent debt financing of its Massachusetts portfolio, now comprised of nine operating assets with over 37 MW of capacity.
The latest two CVE projects join six others that have qualified as community solar installations under the Solar Massachusetts Renewable Target (“SMART”) program, and one project previously qualified under the Solar Carve Out II program.
With all nine photovoltaic (“PV”) plants in operation and generating clean energy, CVE provides solar credits in the form of rebates on monthly electricity bills to more than 800 local homes and businesses. Through community solar, customers can enjoy equal access to the benefits of solar generation by subscribing to small local solar farms and supporting local solar development. They then receive a credit on their electricity bill for their share of the electricity produced, as if the panels were on their own roof. Subscribers receive bills under CVE’s “Halo” community solar brand (www.halosolar.com).
“Live Oak could not have asked for a better partner than CVE in our recent shutdowns together,” said Live Oak Bank Renewable Energy Manager Jennifer Williams, “and we are proud to support the solar development that brings good jobs, decarbonization and electricity savings to Massachusetts.”
“This financial close solidifies CVE’s position as an independent power producer whose mission is to provide clean energy to households, businesses and municipalities. Through our partnership with Live Oak Bank, CVE is developing solar generation more distributed and contributes to the fight against climate change,” said Thibaut Delespaul, CEO of CVE NA.
The successful completion of the permanent debt financing provides CVE with additional flexibility to continue to expand its presence in Massachusetts and community solar markets across the United States. CVE currently has approximately 250 MW of projects under development, including more than 70 MW that will begin construction in 2022 in New York State.
About CVE North America
CVE North America (CVE) is a local, independent solar power producer based in New York City since 2017. It has the personal attributes of a small-to-medium business and the skills, experience, and financial assets of a large band. The company currently plans to expand to more than 450 MW across the United States by 2026. CVE leverages the international expertise of its parent company, CVE Group, which has been recognized for financing, construction and operation of ground-mounted solar installations in communities for 12 years. The CVE group has more than 530 MW in operation and under construction in France, Chile and South Africa. The CVE Group is committed to ensuring the best environmental and qualitative performance. It is ISO 9001 (quality management system) and ISO 14001 (environmental management system) certified.
To learn more, visit www.cvenorthamerica.com.
About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digital-focused, FDIC-insured bank that serves customers across the country. Live Oak is taking a revolutionary spin on service and technology to redefine banking. Our products help customers buy, grow and grow their business, as well as high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com.
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SOURCE CVE North America
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