City of Clyde, Ohio
REC Development Services and Risk Capital
The City of Clyde (Clyde) signed a solar Power Purchase Agreement (PPA) in 2011 with a local solar developer. The developer was unable to finance the project or obtain any approvals in 4 years. In 2015, Renewable Energy Capital, LLC., (REC) purchased the Clyde PPA and began working directly with Clyde to amend the SPPA and file for the permits required to build the grid tied solar system.
REC provided all of the development services and the capital to design, permit and build the 3.7 MGW PV single axis ground mount solar system that was interconnected to the city’s municipal utility’s distribution grid.
At the time it was commissioned in May 2016, the Clyde Solar PV project was one of the 10 largest PV Solar Systems in the state of Ohio. REC sold the Clyde project to American Electric Power Company Inc. (NYSE: AEP). AEP is one of the largest utility companies in the U.S. and the wholesale power provider to Clyde Power & Light.
The City of Clyde solar project is another example of REC providing early stage risk capital and specialized finance structures to solve financing issues for municipal infrastructure projects.