Connecticut Green Bank Subsidiary Secures 25 MW Solar Panel Supply Agreement with HD Hyundai Energy Solutions
Key Takeaways
- •HD Hyundai Energy Solutions will supply 25 MW of solar panels to CEFIA Solar Services for deployment across Connecticut.
- •CEFIA Solar Services operates under the Connecticut Green Bank, established in 2011 as the first state-level green bank in the United States.
- •The supply agreement follows Safe Harbor timeline provisions under IRS tax code to help developers qualify for federal investment tax credits.
- •HD Hyundai Energy Solutions, a subsidiary of HD Hyundai Group, manufactures its photovoltaic modules at a facility in Eumseong, South Korea.
HD Hyundai Energy Solutions has entered into a supply agreement with CEFIA Solar Services, a wholly owned subsidiary of the Connecticut Green Bank, to provide 25 MW of solar panels for projects across Connecticut.
The agreement covers solar panels destined for deployment throughout the state of Connecticut. CEFIA Solar Services operates under the Connecticut Green Bank, a quasi-public agency established in 2011 as the first state-level green bank in the United States. The Green Bank finances clean energy and infrastructure projects and works with private-sector investors and contractors to deploy renewable energy, energy efficiency, and other clean infrastructure throughout the state. The green bank model—since replicated by other states and municipalities—uses limited public funds to catalyze larger private investment in clean energy deployment.
Wonki Kim, CEO of HD Hyundai Energy Solutions America, said: "This supply agreement is another example of HD Hyundai Energy Solutions' product quality and supply reliability being recognized in the market. By ensuring stable supply in line with the project's Safe Harbor timeline, we will continue to meet customer expectations and provide reliable solar solutions across North America, contributing to the expansion of renewable energy."
HD Hyundai Energy Solutions, headquartered in South Korea, is a subsidiary of HD Hyundai Group, one of the largest industrial conglomerates in the country with origins in shipbuilding and heavy machinery. The company manufactures solar photovoltaic modules at its production facility in Eumseong, South Korea.
The Safe Harbor timeline referenced in the agreement relates to IRS tax-code provisions that allow solar project developers to qualify for federal investment tax credits by beginning construction or making sufficient expenditures by specified deadlines. Securing module supply in advance of these deadlines is a routine but critical step for project developers and their financiers to preserve tax-credit eligibility.
Source: Solar Power World