CVE North America and AVANA Capital closed construction financing totaling $57 million for a 31.3 MW portfolio of six solar PV plants in Massachusetts, which qualified for the state’s SMART program. Principals of the NextPower Capital team served as Financial Advisor to CVE on the transaction.
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CVE North America is a solar power producer based in New York City since 2017 but draws on the international expertise of its parent company, CVE, which has been recognized for financing, building and operating ground-mounted solar installations in communities for 10 years. CVE has 295 MW in operations and construction in France, in Chile and in South-Africa. CVE is invested to ensure the highest environmental and qualitative performance. CVE North America plans to expand to 350 MW across the United States by 2024.
“By closing this financing and launching the construction of this first portfolio, CVE is now strengthening its presence and its balance sheet in North America as CVE already did with success in Chile,” said Cyril Gilot, Investment Director of CVE Group. “We are sincerely grateful to our financial partners, AVANA Capital and Next Power Capital, which have enabled us to get the CVE SMART Portfolio over the line.”
This financing consolidates CVE’s long-term industrial presence in Massachusetts and the expansion of its community solar offering. The CVE SMART Portfolio will provide power and solar credits through “Halo,” CVE’s branded offering to a pool off-takers comprised of residential and commercial customers.
“We are delighted to have supported CVE’s solar energy project expansion in the United States through the funding of these six solar PV plants,” said Sanat Patel, Co-Founder and Managing Director of AVANA Capital. “AVANA Capital is dedicated to furthering clean energy across the country and looks forward to continuing our partnership with CVE for many years to come.”
Community Solar in Massachusetts is driven by the SMART program, which began in early January 2018. It is a long-term (20-year) sustainable solar incentive program to promote cost-effective, high-value solar development where it is needed most. The program provides fixed incentives and compensation adders for eligible solar developers.
CVE currently has 16 projects in development in Massachusetts and New York state, totaling 82 MWDC.