CVE and Live Oak Close $6.6M Permanent Debt Financing for 4.2MW Solar Farms – Americas

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CVE North America (CVE) and Live Oak Bank (Live Oak) have successfully completed permanent debt financing of approximately $6.6 million for two Acushnet, MA projects totaling 4.2 megawatts (MW).

August 04, 2022. By News Bureau

CVE North America (CVE) and Live Oak Bank (Live Oak) have successfully completed permanent debt financing of approximately $6.6 million for two Acushnet, MA projects totaling 4.2 megawatts (MW).

Over the past two years, CVE has partnered with Live Oak for permanent debt financing of its Massachusetts portfolio, now comprised of nine operating assets with over 37 MW of capacity.

The latest two CVE projects join six other qualified community solar installations under the Solar Massachusetts Renewable Target (SMART) program and one project previously qualified under the Solar Carve Out II program.

With all nine photovoltaic (PV) plants in operation and generating clean energy, CVE provides solar credits in the form of rebates on monthly electricity bills to more than 800 local homes and businesses.

Through community solar, customers can enjoy equal access to the benefits of solar generation by subscribing to small local solar farms and supporting local solar development.

They then receive a credit on their electricity bill for their share of the electricity produced, as if the panels were on their own roof. Subscribers receive bills under CVE’s “Halo” community solar brand.

“Live Oak could not have asked for a better partner than CVE in our recent closures together,” said Live Oak Bank Renewable Energy Manager Jennifer Williams, “and we are proud to support the solar development that brings good jobs, decarbonization and electricity savings to Massachusetts.”

“This financial close solidifies CVE’s position as an independent power producer whose mission is to provide clean energy to households, businesses and municipalities. Through our partnership with Live Oak Bank, CVE is developing solar generation more distributed and contributes to the fight against climate change,” said Thibaut Delespaul, CEO of CVE NA.


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