By: greenbank On: June 01, 2018 In: Comments: 0

BQ is a Wappingers Falls, New York-based renewable energy project developer specializing in landfill and brownfield site redevelopment. NYGB’s $4.9 million construction loan enables BQ to complete the 4.1 MW ground-mounted solar farm (the “Project”) to be constructed on a remediated former ExxonMobil refinery site in Olean, NY. CIR Electric Construction Corporation (“CIR”) will construct the Project under a standardized balance of plant (“BOP”) contract utilizing top-tier panels, inverters, and racking systems.

The Project will generate revenue by selling clean power (or, more specifically, selling the value of clean power evidenced by net metering credits) to the City. The Project is the fourth of several similar developments in BQ’s pipeline that NYGB anticipates financing as part of a larger portfolio. BQ expects the majority of projects in the portfolio to be located on landfill and brownfield sites in Western NY, Central NY, Hudson Valley, and Long Island with the power generated providing clean power to municipalities, universities, schools, and hospitals (“MUSH”), and utilities.

NYGB’s participation in the Project – and in similar future developments included in the proposed portfolio arrangement – will help expand financing opportunities for smaller (less than 10 MW) solar systems by fostering standardization in underwriting (which is the process a lender uses to assess the creditworthiness or risk of a potential borrower) including a streamlined, uniform approach to integrating contractors, structuring contracts, and utilizing standardized equipment.

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