Kyocera will invest in a tax equity partnership for the development of solar photovoltaic (PV) projects valued at $38 million in New York state, leveraging the 30 percent federal energy investment tax credit.
As part of the investment, Kyocera has also entered into an agreement with U.S. Light Energy (USLE) to use high-quality, dependable Kyocera solar energy modules on all installations.
USLE (formerly New York Light Energy) is in the final stages of installing 9.4 MW DC of PV systems, with the expectation that the installations will be completed by June 2014.
Kyocera’s solar tax equity investments allow commercial power users to experience immediate cost savings, and to reinvest that money into their businesses, while gaining visibility into their long-term energy costs. USLE’s target is to provide a reduction of at least 20 percent in net electricity costs through its power purchase agreements, as compared to conventional grid electricity.
The partnership represents a significant investment in New York with out-of-state funds and has already resulted in the employment of more than 50 people.
Kyocera and USLE maintain high expectations for growth in 2014 in the Northeast region and beyond.