May 19, 2014 04:05 PM Eastern Daylight Time
NEW YORK--(BUSINESS WIRE)--Syncarpha Capital (“Syncarpha”), in partnership with a private family office, has begun a new $250 million solar program and has closed a new tax equity fund with a major U.S. commercial bank.
Recently, Syncarpha began a program with a private family office to rapidly deploy $250 million of sponsor equity for distributed solar in North America. Syncarpha, as manager, is looking to expand its network of developers who have a strong pipeline of U.S. solar projects. Syncarpha will partner with solar developers to quickly complete development or acquire late stage or Notice to Proceed (“NTP”) development projects while supplying the entire capital stack using several proven financing structures.
Syncarpha has closed a new tax equity fund with a major U.S. commercial bank. This is Syncarpha’s second tax equity fund with this institution and it will be used to support our latest solar program in Massachusetts. The bank is a leader in providing tax equity to distributed generation solar development projects throughout the U.S.
“As distributed generation grows into an important asset class, our team and our partners are highly motivated to put significant dollars to work in this large and fast growing market. This is a high return category with inherently good credit and duration that is uncorrelated with traditional asset classes. We are excited to have found a capital partner that understands the potential for distributed generation projects and is interested in being a long-term partner in independent power producers,” said Richard Turnure, Managing Partner of Syncarpha Capital.
Syncarpha Capital. New York based Syncarpha Capital is an investment company that is dedicated to developing and operating commercial and small utility distributed generation solar photovoltaic (“PV”) projects in North America. The company is committed to the widespread adoption of solar energy by utilities, commercial and government electricity buyers. Syncarpha works with a variety of organizations to finance and build on-site solar systems that reduce energy costs and ensure a cleaner, greener future. Syncarpha has completed approximately 30MW of solar projects since inception. Further information is available on the Internet at: www.syncarpha.com