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Key EF Provides Financing for Community Energy’s Solar Garden Project

January 21, 2015, 07:05 AM
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Key Equipment Finance and Community Energy, Inc., a leading renewable energy development and marketing company, announced the completion of a solar garden installation in Antonito, Colorado.

With $890,000 in financing from Key Equipment Finance, the 500-kilowatt solar array was installed on 3.2 acres on the edge of the southern Colorado town. Through a 20-year Power Purchase Agreement (PPA) with Antonito Solar, a subsidiary of Community Energy, the Town of Antonito and approximately 40 other solar garden subscribers receive a 10% discount on their electricity costs and get to participate in solar energy generation without putting it on their roofs.

“Working with our private and public partners, Community Energy has created a community solar garden for Antonito that provides an income stream to the county and a source of inexpensive energy for community members,” said R. Brent Alderfer, CEO and founder of Community Energy. “With this project, the Town of Antonito and its forward-thinking community leaders are closer to their goal of becoming energy self-sufficient.”

The installation of RenaSola panels with ATI single-axis trackers by Namasté Solar is designed to follow the sun from east to west and generate over a million kilowatt hours of clean, renewable electricity annually, or enough to power about 100 homes. 

“Namasté Solar would like to thank Community Energy and KeyCorp for the opportunity to bring renewable solar energy to Antonito,” said Ben Griffin, commercial project developer, Namasté Solar. “This project represents an outstanding example of successful community solar in Colorado, and also demonstrates the city of Antonito's commitment to sustainability and renewable energy.”

Colorado passed legislation in 2010 that created the Colorado Community Solar Gardens Act, allowing for a subscription model to make community solar garden development possible.

“Working with our partners, Key Equipment Finance was able to provide a creative financing solution to bring this project to fruition,” said Doug Beebe, vice president, energy finance, for Key Equipment Finance. “We look forward to helping more communities realize the benefits of community solar gardens.”

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