Pacific Ethanol, Inc., a leading producer and marketer of low-carbon renewable fuels in the United States, is purchasing and installing a new 5 megawatt (MW), solar photovoltaic (PV) power system at its bio-refinery that produces ethanol, wet distiller grains and corn oil. The $10 million project will be cash flow positive from day one, reducing annual utility costs by $1 million. This is the first ever commercial solar electricity system at a US plant and represents the largest solar PV system (based on power generating capacity) to be funded through a PACE program. By financing this project through PACE, the industrial owner is able to retain full ownership of the system from day one and capture the tax incentives afforded to solar system owners.
PACE Houston can work with your industrial solar project whether or not the owners have the ability to adequately utilize all available tax benefits. This is done by financing solar systems on a direct-ownership basis, as well as through an indirect ownership structure utilizing a power purchase agreement. With PACE, when a property is sold, the future cash flow benefits and the financing transfer to the new owner. In multi-tenant properties, both owners and tenants can share in the costs and benefits of solar energy, which is normally not possible with self-financing or bank financing.
Call Tim Crockett for more information on IndustrialPACE.