$100 Million to be Deployed for Solar and Energy Storage Projects over Next 24 Months
Fresno, Calif., Sept. 25, 2019…CalCom Energy today announces the launch of the Agriculture Energy Infrastructure Fund, a $100 million resource to build solar and energy storage projects that will benefit farming communities in California. The fund, developed in partnership with Symbiont Energy and Live Oak Bank, will enable agriculture companies to build on-site clean energy projects in the state of California over the next 24 months.
The fund will provide long-term, lower cost energy through clean energy power purchase agreements (PPAs). It is specifically intended to assist agriculture companies and farmers hit hard by the impact of recent California wildfires, lack of grid resiliency and ever-increasing energy and water costs.
With a CalCom PPA and on-site solar energy, CalCom customers can now drastically reduce or eliminate their electricity costs while directly reducing carbon emissions in their local communities. CalCom estimates potential savings of $250 million in utility bill savings for its customers over the life of the energy assets.
"Farmers have been under extreme pressure in California with everything from utility bankruptcies to tariffs to natural and manmade disasters," said Dylan Dupre, President and Chief Executive Officer of CalCom Energy. "CalCom wholeheartedly supports our customers in the Central Valley, and with this fund we can offer very favorable financing options for customers who did not have access to clean energy in the past."
"The Ag Energy Infrastructure Fund will also allow the company to expand our current project development work — and, for the first time, own the projects we're developing," adds David Williams, Chief Commercial Officer for CalCom Energy. "Our specialty at CalCom now spans from origination and development through financing, execution and asset management of distributed solar and storage projects."
Through CalCom's industry-leading Energy Services management platform, customers have real-time insight into their biggest operational expense, energy. They can also see the impact of their clean energy investments on day-to-day operations.
About CalCom Energy
CalCom Energy (calcomenergy.com) is a solar project developer and energy services company focused on agriculture and water customers. Founded in California's Central Valley in 2012, CalCom develops, finances and builds solar and energy storage projects that offset rising electricity costs while helping customers reduce operational expenses, improve their bottom line, and create a more sustainable world. To date the company has developed more than 200 megawatts of clean energy projects, including some of the largest agricultural solar farms in the West.