Humboldt Bay Harbor Recreation & Conservation District
REC Solar Project Development Services and PPA Risk Capital
The Port of Humboldt Bay, located in Humboldt County, is California’s northernmost deep-water shipping port. The Port is managed by the Humboldt Bay Harbor District, (Harbor District), a government agency.
In 2016, the Harbor District an allocation of NMTC Tax Credits and an additional $1 million in debt to renovate the old pulp mill buildings. The Harbor District still required additional capital to complete the build out of the Redwood Marine Terminal 2.
Renewable Energy Capital, LLC (REC) was retained to structure a solar PPA for the Harbor District, which would fund the renovation project shortfall. REC was able to fund the gap financing required to complete the infrastructure project. REC structured an offsite virtual net metering solar PPA financing, resulting in lower utility bills for the Harbor District and an upfront payment for the Harbor District.
REC managed the project from concept to commercial operation. REC provided upfront development capital, engineering/design, procurement, construction, and commissioning services. The solar generating facility was commissioned in February 2018. REC sold the solar project to a subsidiary of one of the largest natural gas companies in Canada with over $7B in assets.