Pennsylvania-based solar developer Keystone Power Holdings LLC said it plans to expand into Virginia, Maryland, and Maine. The company, which recently opened an office in Richmond, Virginia, said it plans to maintain its focus on nonprofits and municipalities with wastewater treatment plants.
According to Keystone, wastewater treatment plants are prime sites for solar projects because they offer solid credit, high electricity usage, and ease of installation. The company has several such projects already in operation, with another two awaiting permission to operate, and another project signed for construction later this year.
Keystone has already completed mid- to large-scale solar projects in the Carolinas, Illinois, Massachusetts, New York, and New Jersey. In addition to municipalities and nonprofits, customers include schools, universities, and large public corporations.
Keystone previously worked with the City of Freeport, Illinois, to build a 1.16 MW project at its municipal plant. The project was financed through a long-term power purchase agreement with Keystone, and the energy cost savings are projected to be just under $1 million over the lifetime of the deal.
Keystone said it remains positioned to finance a range of projects. Its investment fund, KPH Solar Farms Fund I, provides financing for eligible solar projects from 250 kW to 10 MW, removing up-front investment costs for clients. Launched with $35 million in 2017, the fund provides 100% of the initial debt, equity/tax equity, and construction financing for Keystone’s projects.
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