ARE’s parent, Monarch Private Capital, secured the tax equity financing of a seven-solar-project portfolio in the state of Indiana through a partnership with a large, domestic life insurance company. “Insurance companies are increasingly attracted to providing tax equity for utility-scale solar projects,” said Chuck Kaiser, Monarch Private Capital’s managing director of financial investments. “Expected returns are substantially higher than those available in the investment-grade fixed-income market for a relatively low-risk investment.”
The portfolio was developed by the Indiana Municipal Power Agency, a wholesale electric power provider, who is the offtaker and Engineering Procurement & Construction provider for the portfolio of projects. With projects in Gas City, Centerville, Crawfordsville, Richmond, Scottsburg, Tell City, and Tipton, the ARE and TEV joint venture will have 12 total projects servicing IMPA cities. TEV serves as the majority co-sponsor of the portfolio, with ARE as the minority co-sponsor.
An investment of this size will have a considerable, positive environmental impact on communities in Indiana and surrounding states by:
ARE and MPC are committed to fulfilling the Environmental, Social, and Governance goals of all its constituents. The “Environmental” prong examines how a company operates in a sustainable manner and interacts with the environment. By investing in clean power projects across the United States, companies are making significant contributions to transforming the U.S. into an environmentally sustainable economy. Solar energy provides clean power, reduces energy costs, and generates jobs while contributing to the energy self-reliance of the U.S. economy.