Conti took over the struggling project, financed it and completed the EPC work within 3 months to meet tight deadlines.
Conti was able to take over a struggling project and bring it to on-time completion on an aggressive schedule by implementing a rare and innovative financing method.
The much-anticipated ground-mounted Beaver Run photovoltaic (PV) solar farm is situated on 36-acres of property in the town of Lafayette. Conti designed and constructed the 9.9 MW project in record time, achieving mechanical completion in less than two months. 1906 Group structured the acquisition of the project from the mid-stage developer and was heavily involved in successfully finishing the late stage development phase of the project.
The project qualifies for Solar Renewable Energy Credits (SRECs) as part of the state’s mandated Renewable Portfolio Standard and generates nearly 13 million kilowatt hours of clean electricity, enough to power approximately 1,500 homes in New Jersey per year.
Conti and 1906 Advisors arranged to finance the solar farm as a merchant facility, relying on short term SREC contracts and the project’s ability to sell power into the PJM Interconnection wholesale power market. The deal capitalized on the solar market swing, maximizing the near term value of solar attributes while keeping SREC upside value. Financial close was achieved in a record-breaking 60 days.
With the project completed, the Beaver Run solar PV array is interconnected to the Jersey Central Power and Light Company distribution system and transmits electricity to 1.1 million homes and businesses in 13 counties in central and northern New Jersey.