Financing for Projects Secured from RBC Capital Markets
New York, New York, December 16, 2015. Onyx Renewable Partners ("Onyx") and Corvias Solutions ("Corvias") are pleased to announce that as part of their strategic alliance announced in June, solar installations will serve over 1,000 homes on two U.S. military bases in Maryland, Aberdeen Proving Ground and Fort George G. Meade. With financing secured from RBC Capital Markets LLC ("RBC"), these are the first renewable energy projects to be installed as part of the two companies' work together across Corvias's public-private partnership portfolio.
Once fully constructed and interconnected to Baltimore Gas & Electric's grid, solar production will account for up to one third of total housing energy consumption at these two bases. Implementing solar offerings at these and other bases will help the U.S. military and other public partners to create more resilient and sustainable power solutions as well as energy cost savings and predictability, and supports the Department of Defense Privatized Housing Solar Challenge as part of President Obama's Build America Initiative.
Ja Kao, President of Onyx, said, "We are thrilled to announce our first installations with Corvias and look forward to continued work together. With the support of financing from our partners at RBC, these efforts also support the U.S. military in its renewable energy goals, enabling significant cost savings and providing an energy solution that is sustainable for the long term."
Greg Cannito, Managing Director of Corvias Solutions, said, "Developing innovative solutions that provide additional value for our partnerships with the public sector is our biggest priority. We're pleased to have the commitment from RBC to help us structure long term solutions that enables the achievement of renewable energy goals across our portfolio."
Bob Spangler, Managing Director of RBC, said, "We are pleased to be investing our capital in solar projects alongside such great partners as Onyx and Corvias, which benefits the U.S. military and advances the Administration's renewable energy initiative."
About Corvias Group
Corvias Group is a privately-owned company that strives to tackle tough, large-scale challenges through trusted partnerships that put client interests first; focus more on performance than profit; and, produce sustainable long-term solutions. Three business divisions deliver our mission of Living Made Better – Corvias Military Living, Corvias Campus Living and Corvias Solutions. We work on behalf of the U.S. military, colleges and universities, and public sector agencies to develop tailored solutions that remedy some of America's most challenging deficiencies in infrastructure and facilities caused by chronic underinvestment. All Corvias Group companies are governed by three core principles: Be the best provider of service; be the best place to work; and, generously give back to the communities where we live and serve. Corvias (kor-vee-us) Group is headquartered in East Greenwich, R.I. www.corvias.com
About Onyx Renewables
Onyx is a renewable energy development company established by funds managed by Blackstone Energy Partners that is focused on greenfield development in the North American solar and wind sectors. The Onyx team brings over 100 years of collective industry experience and perspective, having developed more than 760 MW of renewable projects. As a full service firm with capabilities including development and construction through financing and operations, Onyx is able to provide creative solutions to large energy users and land owners in North America. Onyx prides itself on its ability to bring together exceptional talent with deep industry knowledge to solve challenging issues for customers looking to maximize renewable power generation. Onyx Renewables is headquartered in New York City.www.onyxrenewables.com
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