Parent company, Monarch Private Capital, provides tax equity financing on seven projects across Indiana
SPRINGFIELD, Missouri–(GLOBNEWSWIRE) – Alchemy Renewable Energy (ARE), a high growth portfolio company of Monarch Private Capital that owns and operates renewable energy facilities, is pleased to announce the financial closing for a 44.51-Megawatt (DC) solar, renewable energy portfolio across Indiana, with joint venture partner Telamon Enterprise Ventures LLC (TEV).
ARE’s parent, Monarch Private Capital (MPC), secured the tax equity financing of a seven-solar-project portfolio in the state of Indiana through a partnership with a large, domestic life insurance company. “Insurance companies are increasingly attracted to providing tax equity for utility-scale solar projects,” said Chuck Kaiser, Monarch Private Capital’s Managing Director of Financial Investments. “Expected returns are substantially higher than those available in the investment-grade fixed-income market for a relatively low-risk investment.”
The portfolio was developed by the Indiana Municipal Power Agency (IMPA), a wholesale electric power provider, who is the offtaker and Engineering Procurement & Construction provider for the portfolio of projects. With projects in Gas City, Centerville, Crawfordsville, Richmond, Scottsburg, Tell City, and Tipton, the ARE and TEV joint venture will have 12 total projects servicing IMPA cities. TEV serves as the majority co-sponsor of the portfolio, with ARE as the minority co-sponsor.
An investment of this size will have a considerable, positive environmental impact on communities in Indiana and surrounding states by:
Reducing approximately 39,000 MT of CO2e emissions in the first twelve months of operations (the equivalent to removing 8,500 passenger cars from the road for a year),
Over the first six years of operations, an estimated 233,000 MT CO2e of emissions would be avoided (the equivalent to reducing gasoline consumption by 26 million gallons), and
During the first 35 years of operations, roughly 1.2 million MT CO2e would be reduced in and around these communities (the equivalent of 214,000 homes’ electricity use for one year).
ARE and MPC are committed to fulfilling the Environmental, Social, and Governance (ESG) goals of all its constituents. The “Environmental” prong examines how a company operates in a sustainable manner and interacts with the environment. By investing in clean power projects across the United States, companies are making significant contributions to transforming the U.S. into an environmentally sustainable economy. Solar energy provides clean power, reduces energy costs, and generates jobs while contributing to the energy self-reliance of the U.S. economy.
About Alchemy Renewable Energy
Alchemy Renewable Energy is an industry leader in renewable energy projects as well as comprehensive long-term debt and tax equity financing. The firm utilizes a credentialed team, a strong network of joint ventures, and parent company Monarch Private Capital to support premium mid-size utility-scale renewable energy projects, including solar and biomass power generation. The Company leverages Monarch Private Capital’s tax equity placement services as the final element of its projects’ capital structure. In addition, ARE reduces overall project costs and produce higher overall investor returns by eliminating the need to source third-party development and financing support.
About Monarch Private Capital
Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Investors look to Monarch to create, operate, and manage a variety of different funds, including investment opportunities that address ESG initiatives that provide a quantifiable impact. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
Telamon Enterprise Ventures (TEV) is a national solar developer and consultant based in Carmel, Indiana. Having designed and financed one of the nation’s largest airport solar projects and the nation’s largest public transit solar array, TEV is a respected leader in solar design, engineering, financing, RFP and construction management. TEV specializes in public sector and utility photovoltaic installations and possesses national capabilities as a subsidiary to the Telamon Corporation with nine locations throughout the U.S.
IMPA is the wholesale power provider to 61 cities and towns throughout Indiana and Ohio that own and operate the municipal electric distribution systems in their communities. The Agency focuses on providing its member utilities with a power supply that is low-cost, reliable, and environmentally-responsible. IMPA members deliver electric service to approximately 330,000 individuals. For more information about IMPA, visit www.impa.com.