ATLANTA, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the financial closing of tax equity investments in 12 solar energy projects totaling 363 MW in Georgia, Indiana, Minnesota, Texas and Virginia. The new renewable energy facilities will generate clean power, support local economies and create jobs. The combined lifetime abatement of the investments is over 10 million MT CO2e, enough to power over 2 million homes for one year.
“The addition of 363 MW of solar power to our clean energy portfolio in a single month is a landmark achievement for Monarch. The largest of the projects in this portfolio was a 305 MW utility-scale solar farm in Texas, which would not have been possible without the leadership of Marsha Harrington, who led our renewable energy acquisitions team, and Melanie Frontczak who was responsible for securing the tax equity,” said Brent Barringer, Partner at Monarch Private Capital.
Monarch entered the renewable energy space in 2012, engaging tax equity financing to create a sustainable future as part of its mission to positively impact communities. The firm has supported renewable energy investments totaling $2 billion in development cost with more than 250 projects and portfolios across 26 states plus D.C., creating 8,600 jobs. The 363 MW of new solar energy bring Monarch’s total clean power capacity to over 2 GW, abating more than 65 million MT CO2e over a 35-year lifespan. This is equivalent to greenhouse gas emissions from over 14 million passenger cars driven for one year or CO2 emissions from charging more than eight trillion smartphones.
According to data from the Solar Energy Industries Association (SEIA), more than 130.9 GW of solar capacity has been installed nationwide, with much of the credit going to federal programs like the solar Investment Tax Credit (ITC) as well as increasing interest from the private sector and declining installation costs.1 The new and extended renewable energy tax incentives and manufacturing provisions recently brought forth by the Biden Administration’s Inflation Reduction Act (IRA) will be instrumental not only in continuing but advancing this progression of U.S. solar capacity.2 Monarch’s tax equity investments in solar and other forms of renewable energy directly support the Nation’s pursuit of a resilient, clean energy economy, enabling its clients to achieve their sustainability goals by contributing to the expansion of the electric grid.
For more information on Monarch’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the U.S.
CONTACT
Jane Rafeedie
Monarch Private Capital
jrafeedie@monarchprivate.com
470-283-8431
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1 “Solar Industry Research Data.” SEIA, https://www.seia.org/solar-industry-research-data#:~:text=Thanks%20to%20strong%20federal%20policies,to%20power%2023%20million%20homes.
2 Person, Kevin, and Michael Such. “Inflation Reduction Act and Renewable Energy Development: Its Advantages and Limitations.” Reuters, Thomson Reuters, 23 Sept. 2022, https://www.reuters.com/legal/legalindustry/inflation-reduction-act-renewable-energy-development-its-advantages-limitations-2022-09-23/
