Creating niche expertise in the renewable energy industry
Solar power is no longer a new technology; it’s a proven alternative energy source, which I’ve even put to work at my own home. The result is that I’m paying much less than I used to pay in energy costs. I know that many of the projects that The Biltmore Bank of Arizona has funded have brought similar savings to businesses, homeowners and non-profit organizations.
Biltmore’s working relationship with Main Street Power and MS Solar Solutions has allowed the bank to support the solar power industry but also to participate in projects that support our local community. Organizations like the Paradise Valley School District, Boys & Girls Clubs, Yuma Airport, Arizona State University and Valley of the Sun Jewish Community Center
It is always smart to do your homework, so before making our first renewable energy loan, we spent 18 months educating ourselves on the industry nuances and developing alliances with market leaders and solar industry experts. We drew upon their knowledge, and then we applied our decades of banking expertise to develop niche products and services that support the unique needs of the solar industry.
We believe in the tremendous potential of the renewable energy industry, and, today, we have established ourselves as a premier solar finance provider for businesses, government offices, schools and homeowners across the Southwest and beyond.
Main Street Power and MS Solar Solutions
Biltmore’s partnership with Main Street Power, a developer of distributed solar projects in the 300-kilowatt to 5-megawatt range (which was recently acquired by AES), and MS Solar Solutions (MSSS), a wholly-owned subsidiary of Morgan Stanley, began early in 2010. We used our 30-plus years of banking experience to establish renewable energy loan structures that provide long-term solar energy financing solutions. The significant relationship we have today comprising several large financial commitments is a result of our continued friendships with Phil Henson of AES Main Street Power and Jorge Vargas at MSSS.
In 2011, Biltmore participated in the first solar project with MSSS and Main Street, and we have become a primary debt financing partner on many of their Arizona-based solar projects. To date, Biltmore has helped Main Street and MSSS complete several high-profile state, county and municipal solar projects, as well as private projects. In total, Biltmore has participated in projects approaching $100 million dollars.
AES Main Street and MSSS tell us that they continue to work with the Biltmore team because they appreciate our responsiveness when it comes to identifying, reviewing and taking action on potential projects. They also value the increased capabilities that Biltmore can offer as part of the Grandpoint Bank family.
Today, providing financing for our clients’ individual projects, from modest to upwards of $30 million, is well within our reach. For Biltmore’s part, we enjoy the ability to partner with organizations that have a significant understanding and strong track record in the renewable energy space.
We look forward to pursuing the potential the solar industry sector offers to Arizona for as long as the sun shines.
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