Tecta Solar, a solar generation developer, will be in the market this summer for roughly $10 to $20 million of tax equity for about $50 million worth of solar rooftop and freestanding projects. It plans to tap banks and insurance companies and also aims to use federal and state grant money to fund more than 50% of the cost of each project, says Ken Beiser, managing director. “We have no books ready to ship yet,” Beiser says, “but anticipate we will tap the tax equity market this summer.” Beiser would not disclose the projects the company is working on, but said it plans to develop around 10 MW total. The company was launched earlier this year as a spin off of Tecta America Corp, a commercial rooftop company based in Skokie, Ill. Beiser previously was a U.S.-based co-head of solar development and finance for Epuron, the German renewable energy development company.
June 05, 2009