Jeremy Kalin, President
Eutectics Consulting LLC
Eutectics Announces First SolarNote™-Financed Solar Projects
Streamlined commercial solar financing reduces cost and complexity
MINNEAPOLIS, MN – December 9, 2013 – Eutectics Consulting LLC today announced the first SolarNote™-financed solar photovoltaic installations in Minnesota. Eutectics’ SolarNote™ provides a streamlined loan structure for businesses wishing to finance solar projects on a zero-down, cash-flow-positive basis. Three different area lenders have funded the first SolarNote™ projects in Minnesota.
“Eutectics’ SolarNote™ is a proven tool for building owners to be able to say ‘Yes’ to solar with positive cash flow, partnering with local banks they trust,” said Jeremy Kalin, President of Eutectics.
The first SolarNote™ projects have all secured financing, and are in construction. More than a dozen more SolarNote™ projects are at various stages of financing.
The first three SolarNote™-financed projects include:
United Noodles in Minneapolis, installed by Cedar Creek Energy with funds from Community Reinvestment Fund;
Angry Catfish Bicycle and Coffee Bar in Minneapolis, installed by Blue Horizon Energy with funds from Bremer Bank, and
Kuball Dairy in Waterville, MN, installed by Novel Energy Solutions with funds from AgStar Financial Services.
“Eutectics’ SolarNote™ was instrumental in facilitating an immediately cash-flow positive structure for our client,” said Cliff Kaehler, CEO of Novel Energy Solutions. “We look forward to working with them on future projects using the SolarNote™ in several forms.”
The SolarNote™ is an innovative financing structure that emphasizes a streamlined payment schedule for borrowers, who can choose from 2 options. Borrowers can select either a flat monthly payment, or a smaller monthly payment combined with a commitment to transfer to the lender any tax credits and other incentives as the borrower receives them. The SolarNote™ provides positive cash-flow for project owners seeking to produce their own clean power and reduce their operating costs.
Eutectics has developed additional SolarNote™ structures for implementation in other market segements, including the SmallBiz SolarNote™ and a Reverse Warranty SolarNote™. At least $9,000,000 in financing will be available for commercial and related solar projects in 2014. In addition to the SolarNote™, Eutectics has developed other financing tools for solar and energy efficiency projects, including Property Assessed Clean Energy (PACE) financing, conventional lending and equipment leasing.
“We are excited to be at the forefront of financing solar in Minnesota and across the country,” said Jeremy Kalin. “Eutectics’ goal is to reduce the overall cost of solar projects, and to make solar systems easy to finance. Our SolarNote™ is an important step forward to moving solar to a booming industry, able to thrive on its own without subsidies.”
Eutectics Consulting, LLC is a mission-oriented for-profit company headquartered in Minneapolis and serving businesses, contractors and capital partners in the Midwest and across the country. Eutectics connects property owners, contractors, and investors to move clean energy projects from concept to reality. Founded in 2010, Eutectics is built on the enduring values of trust, honesty, and the proposition that private profits should also serve the public good.
President, Eutectics Consulting
# # #