BOULDER, COLORADO, November 8, 2018: Wunder Capital, a leading commercial solar financier, together with Novel Energy Solutions, a Minnesota-based developer, are excited to announce financing for a for 1.4 MW community solar project. The Lester Prairie project will be located in Lester Prairie, McLeod County Minnesota and will provide clean, solar-powered electricity and financial savings to the community solar garden’s subscribers.
While community solar projects can typically be difficult for traditional financiers, Wunder’s unique approach to servicing this rapidly growing market segment focuses on deeply understanding the value associated with community solar assets in a more holistic manner.
“It is critical to think about community solar projects in a way that is more akin to a multi-tenant building than a traditional solar asset. This allows our partners to draw capital without being limited by initial subscription obligations and untenable subscriber contracts,” said Noah Kirsch, Lead Financing Director for Wunder Capital.
Wunder’s community solar underwriting framework removes traditionally onerous requirements related to personal or corporate performance guarantees, contract termination language, anchor off-takers, or off-taker credit thresholds. Instead, Wunder will focus on a number of other system factors, including the subscription manager, system economics, pricing regimes, and the supply and demand dynamics of the local market.
“It was a real pleasure to work with Wunder on this project,” said Cliff Kaehler, CEO of Novel Energy Solutions. “We were able to go from an initial, exploratory conversation to signing project contracts in just five short weeks, which is unheard of for a community solar project.”
Novel Energy Solutions will be the long-term owner operator of the project, as well as handle all of the subscriber management.
“Since Jan. 1, we’ve seen over $180M of community solar financing requests, with more coming in every single day. We believe 2018 represents a tipping point for community solar and we’re thrilled to now be able to proficiently service these projects,” said Bryan Birsic, CEO of Wunder Capital.
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About Wunder: Wunder Capital, headquartered in Boulder, Colorado, is the nation’s leading financier for commercial solar projects. The company has financed over 100MW of C&I solar projects on behalf of its national network of over 2000 solar developer, EPC and installation partners. Wunder streamlines the financing process through its proprietary technology, progressive underwriting frameworks and fast turnaround times. For more information, please visit www.wundercapital.com.
About Novel Energy Solutions: Novel Energy Solutions (“NES”) has developed over 100 MWs of solar assets, and currently has over 300 MWs in development, with operations primarily focused in the Midwest. In addition to NES’ large scale development pipeline, NES has installed over 100 behind the meter projects across a wide range of businesses. For more information please call 612-345-7188.
