Pure Power Advisors Launch $100 Million California Solar FIT Fund

Jan. 19, 2011 - PRLog -- LOS ANGELES, CA --  Pure Power Advisors (www.PurePowerAdvisors.com) announced today the formation of the California Solar FIT Fund, a new $100 Million tax-equity investment fund for ground-mount solar projects in California.  The Fund will provide all financing for construction, completion, purchase and operation of qualifying projects through structured acquisition of projects from Developers.  Project acquisition will employ a financing structure leveraging Section 1603 Treasury grants or Section 48 energy tax credits.

The Fund will aggregate and acquire California ground-mount solar projects utilizing the various California Investor-Owned Utilities tariffs, offers, and proposed auction programs.  Projects within the Fund are 1.5 MW to 20 MW in size.  By aggregating projects into the Fund, Developers will achieve collective negotiating power and financing efficiencies.  The Fund is considering eligible projects for inclusion in the Fund, and Project Developers are encouraged to submit projects.  

The Fund will include one or more Equipment Manufacturer, as Fund Sponsor, interested in expanding project pipeline and accelerating product orders and project control.  An Equipment Manufacturer, as Fund Sponsor, will benefit from a project pipeline of qualified facilities to showcase its technology and products, while mitigating the risks associated with self-development or marketing to small, individual project developers.  Fund Sponsors will also reduce the sales and marketing costs required to secure multiple, competitive projects of the Fund’s size and scale.

Pure Power Advisors will serve as Fund Manager, and will manage the RFQ process to select qualified projects submitted by Developers and one or more Equipment Manufacturer, as Fund Sponsor.  RFQ documents are available for download at www.CaliforniaSolarFITFund.com.

"We are excited to offer the California solar marketplace a powerful new tool to help finance solar projects,” said Norris Lozano, CEO of Pure Power Advisors.  “The California Solar FIT Fund will provide critical financing for ground-mount, utility-scale solar installations in investor-owned utility areas.  The State of California has long been a leader in solar technology, and the California Solar FIT Fund will be important in helping the state reach its visionary renewable energy goals."

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ABOUT PURE POWER ADVISORS
Pure Power Advisors, LLC http://www.purepoweradvisors.com/ based in Santa Monica, is a leading advisory and management firm for tax credit (equity) funds targeting solar energy projects. Pure Power Advisors and its principals have led tax credit motivated funding in transactions in excess of $1 Billion in total project cost. Our team is comprised of finance, tax, legal, development and technology experts targeting the solar energy landscape. Collectively, our team has successfully built and managed tax equity funds for distributed solar projects in California with a proven track record of delivering or exceeding targeted returns.