FREDERICK, Md. and WASHINGTON, Nov. 29, 2016 /PRNewswire/ -- Empower Energies ("Empower" or the "Company"), a leading clean energy project solutions company, and WGL Energy Systems, which operates distributed generation systems in 19 states and the District of Columbia, today announced that they have launched a Distributed Generation Fund (DG Fund) for photovoltaic (PV) solar projects, together with a leading global strategic tax equity investor.
With a two-year funding commitment, Empower and WGL Energy Systems plan to originate, develop, construct and manage rooftop, ground mount, and canopy PV solar projects through the DG Fund for commercial and industrial (C&I) customers, municipalities, universities, schools and hospitals. "We are pleased to announce the launch of our Distributed Generation Fund and our partnership with two leading strategic investors, one contributing tax equity and the other project equity and energy infrastructure management expertise," said John Clapp, Chief Financial Officer, Empower Energies. "The DG Fund gives us immediate access to tax equity at a time when availability is an issue in the marketplace. In addition, we are able to provide construction financing and development capital for our own projects and for those of other developers looking for a financing solution. The fund structure is well-suited to the distributed generation space. We can invest in projects in Solar Renewable Energy Credit (SREC) and non-SREC markets, as well as across the off-taker credit spectrum." The DG Fund enhances Empower's ability to provide customers with The Right Mix™ of financing for solar solutions that deliver on an organization's profitability, resiliency, and sustainability objectives.