Main Street Power Company, Inc. Closes New Market Tax Credit Financing for Solar

Venture Law Advisors, LLC (“VLA”) announced one of its clients, Main Street Power Company, Inc., a national solar financier and power purchase agreement provider, and its partner MS Solar Solutions Corp., a wholly-owned subsidiary of Morgan Stanley, have secured New Market Tax Credit solar financing for 2.9 megawatts of distributed solar generation in California. Approximately 35 solar photovoltaic systems will be installed by the end of 2011 throughout the San Diego Unified Schools, the University of California at Davis, and Contra Costa County. The projects were financed using a combination of federal New Markets Tax Credits, the federal 1603 Grant, and local utility incentives. This financing is the second NMTC solar project completed by Main Street following solar installations for Denver Public Schools, the City and County of Denver, the Colorado Department of Corrections and the County of Pueblo, Colorado completed earlier in the year. VLA also assisted Main Street in these transactions.

“We are very pleased with the success of Main Street Power’s partnership with Morgan Stanley,” said VLA partner Charles Knight. “It is particularly gratifying to see the success of these projects during challenging economic times as well as the creative use of new markets tax credits to help support job creation and public sector savings in economically distressed areas.”

Main Street’s press release announcing this financing is found here.

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