Foley Hoag Client BCC Solar Energy Advantage Closes Financing on Solar Portfolio

November 13, 2013

Foley Hoag LLP congratulates its client BCC Solar Energy Advantage, Inc. ("BCC SEA") on its successful closing of $7.5 million financing of nine solar projects in Massachusetts totaling 1.5 MW. The projects will be installed in the City of Gardner, the City of Cambridge, the City of New Bedford, and the Roxbury, South Boston and Jamaica Plain sections of Boston. The financing involved a number of sources of capital, including debt from Boston Community Loan Fund and tax credit equity from U. S. Bank.

Foley Hoag attorneys Adam Wade, Jonathan Book and Diana Lo advised BCC SEA in negotiations of the solar side of the deal, including power purchase agreements, rooftop lease agreements and financing matters related to existing lenders' subordination, non-disturbance and attornment of the solar project companies' lease rights in host property rooftops and other real estate matters.

Once constructed, this portfolio of distributed solar is expected to result in savings to host customers of at least $1.3 million over the next 20 years. The transaction brings BCC SEA's financed and operating portfolio of distributed solar to 5+ MW of rooftop and ground-mounted solar, nearly all of which serves the electricity needs of affordable housing and low income communities.

About Foley Hoag LLP

Foley Hoag provides innovative, strategic legal services to public, private and government clients across the globe. We have premier capabilities in the life sciences, healthcare, technology, energy, professional services and investment management fields, and in cross-border disputes. Our professionals  possess the skills  and experience to provide exceptional senior level service to clients ranging from startups to multinational companies to sovereign states. For more information, visit www.foleyhoag.com or follow @FoleyHoag on Twitter.