Investor: Capital One, N.A. Para la Naturaleza (PLN) is a leader in environmental conservation and historic preservation in the islands of Puerto Rico. The Project sought to utilize NMTCs to support program expansion and renewable energy improvements to visitor and nonprofit-run community centers that provide areas with reliable and sustainable forms of electricity and water. PLN was also able to form Hábitat, a ecological and community recovery program that integrates habitat reforestation, endemic and native species education, volunteerism, support to agro-ecological farmers, ecotourism activities and employment, and citizen science to analyze and document ecological advancements.
In its second award from JOBS, CTUF was granted the remaining $50,000 to continue its support of public education, teacher professional development, and community and apprenticeship programs through grant-making to community-based organizations.
NMTC financing helped Pueblo of Laguna Utility Authority complete the rehabilitation of the water and wastewater system throughout the tribal lands of Pueblo of Laguna, N.M. The previous water system, which supported six villages, suffered from recurring system failures. The 4Points Laguna project promises to enhance the water and waste water systems by providing 60 percent more capacity, as well as safety measures that would allow for an appropriate fire protection system throughout the pueblo. The first phase of this project received $23 million in NMTCs from the New Mexico Finance Authority. The project has created 20 full-time jobs, a majority of which are filled by Native American and low-income employees.
The Martinsville Clean Energy project successfully combined Investment Tax Credits and New Markets Tax Credits for the design, construction and installation of state-of-the-art clean energy generation technology into an anaerobic digestion facility in rural Martinsville, Virginia. The installation of the new technology allows the facility to process food waste (which could not be processed by the City facility) into biogas, which is then used to lower energy costs and provide environmental remediation for Monogram Foods (“Monogram”), a major food processing and manufacturing facility. The addition of anaerobic digester technology to Monogram’s production process, produces .4MW of clean energy each year, reducing net carbon emissions by 2,621 metric tons of CO2. Martinsville Clean Energy is a prime example of both the 2014 Virginia New Economic Strategic Plan, focused on utilizing a diverse portfolio of energy sources to encourage and enhance economic development in the area, as well as the objectives included in the Governor’s 2014 Energy Plan to diversify and grow innovated energy sectors, strengthen the business climate through investments in renewable energy sectors, and lower energy consumption throughout the Commonwealth. Monogram was the 2017 American Biogas Council Biogas Industry Award Winner for Project of the Year. With an unemployment rate of 9.4%, the project created 5 new, quality full-time permanent jobs with above average wages and retained over 471 additional jobs at the facility, as well as creating 18 new construction jobs. Over 50% of new jobs are filled by low-income persons or residents of the surrounding low-income community. Without the New Market Tax Credits (“NMTC”), the Sponsor would have been unable to expand as it lacks access to conventional financing. The Sponsor did not meet conventional underwriting requirements primarily due to technology risk and it is a stand-alone facility servicing a single plant.
On Aug. 6, 2018, the Hawaii Public Utilities Commission announced the approval of a power-purchase agreement for a new energy facility in Moloka’i. This grid-scale, solar-and-battery energy storage project on Moloka’i will lower power costs for customers and comprise more than 45 percent of the island’s renewable energy production. The 2.6-megawatt (MW) project, which includes a 3 MW battery energy storage system, will be owned and operated by Moloka’i New Energy Partners. Construction was funded with equity from new markets tax credits (NMTCs) allocated by Punawai ‘O Pu’uhonua, a community development entity. The solar-and-battery project is expected to be in service by the end of 2019, with the power purchase agreement slated for 22 years.
On June 15, 2017, Pickwick Electric Cooperative (PEC), Tennessee Valley Authority (TVA), McNairy County Industrial Development Board, and Silicon Ranch officially commissioned and turned on a 10 MWDC solar energy facility in Selmer, Tennessee. The facility generates clean, renewable electricity that is provided to TVA as part of its Renewable Standard Offer (RSO) program. The project utilizes nearly 87,000 state-of-the-art First Solar modules and single-axis tracking technology to optimize energy generation throughout the year. In addition to the first project, on October 5, 2017, Silicon Ranch, PEC, and TVA commissioned a second 20 MWDC solar project 5 miles southeast of the initial 10 MWDC array. Together, these projects generate enough energy to power approximately 4,000 homes each year in the Tennessee Valley. The two solar projects position Selmer, McNairy County, and Pickwick Electric Cooperative as regional and national leaders in economic development via the advancement of solar energy. The distributed generation from these two facilities assist the utilities with managing peak demand and reducing strain on the electrical grid.
Essex Crossing includes 1,000 residential for-sale and rental units, a 15,000 sf public park, a 10,000 sf rooftop urban farm and 1.9 million square feet of residential, commercial, and community space.
The project, located on a 57-acre site, is the design, procurement, construction and startup of a new facility to produce a low-global-warming blowing agent and propellant (technical name – 1234ze) used in insulation and aerosols. The project’s environmental benefits include: ultra-low global warming potential, zero ozone depletion potential and a near drop-in replacement of R-134a. 1234ze has been accepted for use and sale in foam and aerosols by the U.S. Environmental Protection Agency. It is also currently used in Europe and Japan, with the majority of demand coming from Europe. As a significant quality job creation and retention project, it was greatly supported by state and local governments, receiving state and local commitments through the Industrial Tax Exemption, Retention and Modernization Program and Quality Jobs Program. Honeywell’s Baton Rouge facility was built in 1945 and continues to serve as one of its main manufacturing sites for its specialty materials business. Products made at the facility are shipped to customers around the world.
TDC Cutting Tools, Inc., one of the world’s leading manufacturers of cutting tools, established its overseas headquarters in Oconee County, S.C. at the same site as its subsidiary, Greenfield Industries. The company invested $11.7 million in the construction of a 47,000-sq.-ft. campus, including a 32,000-sq.-ft. office building and a 15,000-sq.-ft. high-speed metals recycling facility. The recycling facility’s purpose is to enable sustainable solutions in the metal recycling industry that reduce solid materials waste. It permits Greenfield to tap into an existing flow of steel scrap to which its strategic partners are highly connected, and it helps ensure additional steel scrap metal will be reprocessed rather than disposed of in landfills. Together, both companies employ more than 3,300 individuals worldwide and produce more than 300 million tools annually.
Located in the State of Georgia, historically underserved in the NMTC Program, the Lancaster Energy Partners Project consists of the acquisition and retrofitting of a former coal fired power plant which had closed 10 years ago. The power plant served an adjacent textile mill which had closed due to foreign competition. DVCI’s NMTC investment contributed to bringing the plant, located in severely distressed, low-income community suffering from 21.3% unemployment on a site which was environmentally contaminated, back to life. When operational, utilizing wood waste as the fuel source, this clean energy plant will produce 18 megawatts of electric power. The power will serve the surrounding low-income community and is being purchased by local electrical cooperatives, powering 16,000 homes. The wood waste harvested and transported by local companies will create $30 million of economic activity and 60 indirect full-time jobs.