Silicon Valley Solar Closes On Permanent Financing

LOS GATOS, Calif. - Sept. 20, 2014 - PRLog -- On top of roofs owned by the Town of Los Gatos, 510nano developed and owns 121 kW of solar power.  The facility sells power to the Town through a 20 year contract, known in the industry as a Power Purchase Agreement.  The facility can be found atop of the newly constructed Los Gatos Police Department and a carport at the Maintenance Yard.

The project was built using a combination of 510nano's equity, invested panels from Lightway, and vendor financing.  The permanent financing and cash from the 1603 tax grant was used to pay the balance of the vendor financing and to invest in upcoming projects. The permanent financing institution was New Resource Bank of San Francisco.

"We structure our projects to deliver a reliable and handsome benefit to all of our stakeholders. We view our stakeholders as long-term partners who mutually have a vested stake in the collective success of a project.  For this project, we chose our partners well."  says Dr. Reginald Parker, President of 510nano and subsidiary Silicon Valley Solar.

Nearly 500 Lightway panels are used to convert sunlight to direct current electricity. Both Enphase and SMA inverters are used to convert the DC electricity into AC electricity.  The generation is net-metered and consumed by the Town of Los Gatos.  Solarpark USA and Fresco Solar were hired to assemble the power plants.  To date, the solar panels have generated 131 MWh of electricity which is equivalent to saving over 2,300 trees.

About 510nano.  510nano, Inc., is a Texas-based technology and business development firm.  Founded in 2005, the company specializes in developing and deploying renewable energy solutions.  With a global network of renewable energy partners, leading-edge technology products, and an experienced management team, 510nano has positioned itself as a leader in supplying efficient, cost-effective power plants.

About New Resource Bank.  Founded in 2006, New Resouce Bank matches an entrepreneurial spirit with a dedication to achieving environmental and social as well as financial returns.  Its mission is to advance sustainability with everything they do - the loans they make, the way they operate and their commitment to putting deposits to work for good.

About 1603 Cash Grant.  The purpose of the 1603 payment is to reimburse eligible applicants for a portion of the cost of installing specified energy property used in a trade or business or for the production of income. A 1603 payment is made after the energy property is placed in service; a 1603 payment is not made prior to or during construction of the energy property.  See US Treasury for more information.