True Green Capital to build 12.3 MW solar PV project at US military base

True Green Capital Management LLC (New York, New York, U.S.) and CIT Group Inc. (New York, New York, U.S.) have closed on USD 35 million in financing and authorized construction of a 12.3 MW rooftop solar photovoltaic (PV) project at a military base in the US state of New Jersey.

The project will provide electricity at a reduced rate for 20 years to a private military family housing community at Joint Base McGuire-Dix-Lakehurst. Installer Trinity Solar (Wall Township, New Jersey, U.S.) expects to complete the PV plants in the second half of 2013.

"True Green Capital Management is proud to provide independently produced clean energy to U.S. military families through our Joint Base McGuire-Dix-Lakehurst solar system," stated Jeffrey Brown of True Green Capital Management.

"Beyond its status as one of the largest military community-based photovoltaic power plants in the U.S., this is a strategic investment for our firm that reinforces the important role solar energy will play in our domestic energy mix in the coming years."

40% of residential demand to be met

In addition to equity provided by True Green, CIT Energy served as sole lead arranger for a USD 24 million credit facility provided by CIT Bank.

Joint Base McGuire-Dix-Lakehurst is a joint facility of the US Army, Navy and Air Force. The 13.7 GWh that the PV plants are expected to produce annually will provide roughly 40% of the electricity demand for the 2,104 military homes at the base.