Key Equipment Finance has provided $2.4 million in financing for a 1.75 megawatt (DC) solar power generating facility in Gibson, Georgia.

The finance will be used by Silicon Valley-based Boviet Renewable Power, a renewable energy developing and holding company, to build and install the system using New Orleans-based Joule Energy, a leading solar provider.

Boviet Renewable Power used sale-leaseback financing for the project, which includes a power purchase agreement and allows monetization of the tax benefits, inclusive of the investment tax credit and depreciation.

In this solar tax lease structure, Boviet Renewable Power owns and operates the system and sells the power to Georgia Power Company, an electric utility headquartered in Atlanta that serves 2.4 million customers in all but four of Georgia’s 159 counties.

Doug Beebe, vice president of energy finance for Key Equipment Finance’s energy solutions team, which provides leases tailored to the energy market, said: “By using a tax lease solution through Key Equipment Finance, Boviet Renewable Power is contributing to Georgia’s clean energy future.

“Solar developers benefit from financing solar capital expenditures by preserving cash and credit lines for other uses.”

Eric Ma, president of Boviet Solar USA and managing director of Boviet Renewable Power, said the finance would help Georgia Power use renewable energy to meet the state’s power needs for the next three decades.

The system’s 30-year lifespan will produce 89,000 megawatt hours (MWh) of solar energy equivalent to reducing 62.56 metric tons of carbon dioxide, planting 14,600 trees or eliminating 96 million miles of driving.