Key Equipment Finance in $3 million solar lease deal

Key Equipment Finance has provided a $3 million loan for a 2.6-megawatt DC ground-mounted solar photovoltaic system provided to the Elizabethtown College by Community Energy, a nationally recognized renewable energy developer.

The solar loan was structured to allow Community Energy to build and own the project and qualify for the solar investment tax credit. The project, the largest higher education-sited solar array in Pennsylvania, was made possible by a $500,000 Pennsylvania Energy Development Authority (PEDA) grant.

“Financing enables innovative solar projects like the one at Elizabethtown College to make it across the finish line,” said Doug Beebe, vice president, energy finance for Key Equipment Finance. “By using a solar loan to enhance purchasing power, Community Energy is helping achieve energy cost savings for the college, environmental benefits for the community and a clean energy learning lab for students.”

Elizabethtown College is a private co-ed institution located on a 203-acre campus in south central Pennsylvania. The college has executed a 20-year Power Purchase Agreement (PPA) with Elizabethtown Solar LLC, the wholly owned subsidiary of Community Energy Solar created to hold the project assets.

“Community Energy is pleased to bring renewable energy at this scale to Elizabethtown College,” said Brent Alderfer, president, Community Energy. “The college put sustainability goals into action, generating its own power right on campus using only the sun.”

The solar installation, situated on 10 acres owned by the college, became operational this winter and will be capable of supplying more than 20%t of the college’s annual power.

“Elizabethtown College started working on this project more than a year ago as part of our commitment to sustainability,” said Bob Wallett, vice president for administration and finance at Elizabethtown College. “With the help of the PEDA grant and the dedication of our partners, we now have a solar array that provides educational opportunities to our students, environmental benefits to the community and financial benefits to the college.”