(Arlington, VA.) – May 13, 2021 – National Cooperative Bank (NCB) worked with Gardner Capital, a private equity firm specializing in multifamily housing and solar energy developments and investments, to close a $10.3M refinance of one of Gardner Capital’s Solar Power Company subsidiaries.
“We are pleased to announce the closing of this new finance facility with NCB that will provide more flexible and long-term financing for a portion of our operating solar portfolio in Missouri,” said Michael Gardner, CEO of Gardner Capital.
“As an independent power producer (IPP) operating across multiple markets, finding the right long-term finance partner is imperative to our ability to continue to bring additional utility-scale solar power capacity to market. This transaction not only reflects our reputation and commitment to the solar industry but demonstrates the value we bring our investors by seeking ways to structure deals more efficiently,” added Mike Koehler, chief of staff & VP, Solar Business Development and Power Production at Gardner Capital. “With interest rates near all-time lows and recent extensions of associated tax credits, the solar industry is poised for trillions of dollars of investments over the next four years on clean energy infrastructure and we look forward to expanding our investment in clean energy in communities across the state of Missouri.”
NCB is one of many trusted partners Gardner Capital has worked with on the Community Solar Project. “As a mission-focused financial institution, we have been active in renewable energy lending for 15 years,” stated Matt Wright, NCB senior vice president. “We are proud to work with Gardner Capital in providing competitive financing for this solar transaction.”
Gardner Capital currently owns more than 50MW of solar generation capacity in its Missouri portfolio alone and continues to expand its production of renewable energy capacity nationwide with multiple utility scale and community solar projects in development.
