Key Equipment Finance, one of the nation’s largest bank-held equipment finance companies and an affiliate of KeyCorp announced it has provided $2.4 million in financing to Silicon Valley-based Boviet Renewable Power, a renewable energy developing and holding company, for a 1.75 (DC) megawatt solar power generating facility in Gibson, Georgia, built and installed by New Orleans-based Joule Energy, a leading solar provider.

Boviet Renewable Power used sale-leaseback financing for the project, which includes a Power Purchase Agreement and allows monetization of the tax benefits, inclusive of the investment tax credit and depreciation. In this solar tax lease structure, Boviet Renewable Power owns and operates the system and sells the power to Georgia Power Company, an electric utility headquartered in Atlanta that serves 2.4 million customers in all but four of Georgia’s 159 counties.

“By using a tax lease solution through Key Equipment Finance, Boviet Renewable Power is contributing to Georgia’s clean energy future,” said Doug Beebe, vice president of energy finance for Key Equipment Finance’s Energy Solutions team, which provides leases tailored to the energy market. “Solar developers benefit from financing solar capital expenditures by preserving cash and credit lines for other uses.”

The solar power facility sits on 11 acres and features a 1.75 (DC) megawatt ground single-axis-tracker solar power generating facility that is comprised of high-efficient polycrystalline modules supplied by Boviet Solar Technology Co. Ltd, the sister company of Boviet Renewable Power.

“By partnering with Key Equipment Finance, Boviet Renewable Power is helping Georgia Power use renewable energy to meet the state’s power needs for the next 30 years,” said Eric Ma, president of Boviet Solar USA and managing director of Boviet Renewable Power. “We are proud to contribute to Georgia’s growing clean energy movement by enabling green, lower-cost power for residents.”

The system’s 30-year lifespan will produce 89,000 megawatt hours (MWh) of solar energy equivalent to reducing 62.56 metric tons of carbon dioxide, planting 14,600 trees or eliminating 96 million miles of driving.

“Joule Energy is proud of our collaboration with Boviet Renewable Power and Key Equipment Finance to make a positive environmental impact,” said Robert Schmidt, president of Joule Energy. “These valued partnerships enable us to optimize projects through every stage and progress every day toward a sustainable future.”