BURLESON, TX – April 3, 2018 –
United Cooperative Services (United), TurningPoint Energy (TPE), DEPCOM Power, Inc. (DEPCOM), Alchemy Renewable Energy, ReNew Petra and Monarch Private Capital announced today the commercial operation of the 9.9 megawatt (AC) United Community Solar photovoltaic plant in Bosque County, Texas.
“This is a new day for United,” said United CEO Cameron Smallwood. “We’re really excited about providing a new and innovative energy option to our members that they haven’t had before. So many of our members have told us that they want solar, but they haven’t found it affordable to install at their residence, or that their residence simply is not conducive to a solar installation. This new community solar project provides all of our members the opportunity to have a solar energy option at a cost-competitive price.”
Turning Point Energy, LLC, developed the project and the facility has begun generating clean energy and delivering it to the United power grid, bringing renewable power to thousands of the cooperative’s members.
DEPCOM provided Engineering, Procurement, Construction and is providing Operations & Maintenance for the plant.
“I’m proud to say this project was fully developed, constructed and operational ahead of schedule with the goal of exceeding the expectations of our client at United Cooperative Services,” said Jared Schoch, President of TurningPoint Energy. “It took our collective team between United Cooperative Services, TurningPoint Energy, DEPCOM Power and Monarch Capital Partners to make this happen.”
Alchemy Renewable Energy and ReNew Petra have a joint venture (ARE RP Ventures) and are the long-term asset “Owner/Manager” of the project. Alchemy Renewable Energy is a portfolio company of Monarch Private Capital (MPC), which is providing the tax equity financing for the project.
“ARE RP Ventures is excited about our first solar project in Texas, as well as the opportunity to work with United, TPE and DEPCOM Power to provide low cost renewable energy to United’s member owners” said Lacie Clark, Alchemy Renewable Energy’s CEO and Managing Director for Monarch. “The completion of this project lays the foundation for us to own, operate and provide tax equity for future solar projects in Texas.”
In keeping with DEPCOM’s corporate hiring commitment, approximately 90 percent of construction labor jobs were sourced from Bosque County and 25 percent comprised of U.S. Veterans.
“DEPCOM is proud to have delivered an efficient and reliable clean energy solar plant for United Cooperative and its members. We greatly appreciated the strong local support received from Bosque County, site neighbors and community leaders,” said Johnnie Taul, Chief Operating Officer for DEPCOM Power.
A portion of the project profits were also donated to deserving, local Bosque County community outreach organizations and to the Bob Gary Family Memorial fund.
About United Cooperative Services
Established in 1938 and headquartered in Cleburne, Texas, United Cooperative Services is an electric distribution cooperative serving 83,000 meters and more than 57,000 members. United plays a key role in the economic development of its communities and, unlike a private utility, the cooperative is a not-for-profit business owned by the members it serves. Maintaining more than 11,000 miles of energized line, United serves parts of Johnson, Erath, Hood, Bosque, Somervell, Palo Pinto, Coryell, Eastland, Comanche, Stephens, Young, Hamilton, Tarrant and Ellis counties.
About TurningPoint Energy
TurningPoint Energy is a clean energy advisory, development and investment company headquartered in Denver, Colorado. Its principals have experience developing solar projects totaling more than $2.1 billion in value over 750MW of operating solar power plants throughout the United States within the last eight years. TurningPoint Energy is structured as a privately held, lean company with some of the lowest overhead and profit requirements in the energy industry, the ability to make decisions quickly and customize our projects to each customer’s needs. For more information about TurningPoint Energy, visit www.turningpoint-energy.com.
About DEPCOM Power
DEPCOM Power is a partner in utility-scale solar for: Project Development Support, Engineering, Procurement & Construction and Operations and Maintenance services for utilities, independent power producers and project development companies. DEPCOM Power leverages a highly experienced solar team, technology and agnostic top-tier solar modules, and cost effective balance of system components to provide optimum levels of agility, price and quality for utility scale solar. For more information about DEPCOM Power visit www.depcompower.com
About Alchemy Renewable Energy
Alchemy Renewable Energy is an industry leader in renewable energy projects as well as comprehensive long-term debt and tax equity financing. We utilize our credentialed team, a strong network of joint ventures, and parent company Monarch Private Capital to support premium mid-size utility-scale renewable energy projects, including solar and biomass power generation. We reduce overall project costs and produce higher overall investor returns by eliminating the need to source third-party development and financing support. Please visit alchemyenergy.com to learn more.
About ReNew Petra
ReNew Petra is a vertically integrated renewable energy investment and construction company. We are a licensed General Contracting company, which has enabled us to be involved in the engineering and construction of solar, landfill gas and biomass facilities across the country. We also have the technical expertise to provide our own internal operations and maintenance and asset management, as well as provide these services to institutional capital partners. For additional information, please visit thinkrenew.com.
About Monarch Private Capital
Monarch Private Capital (MPC) is an investor and syndicator of state and federal tax credits nationwide. The Monarch Private Capital team is committed to both developer and tax equity investor success. Our focus is to provide innovative capital solutions to the renewable energy, low income housing, film and historic rehabilitation industries. Monarch Private Capital is headquartered in Atlanta and has several offices located throughout the U.S. Please visit MonarchPrivate.com to learn more.