Wells Fargo is senior managing underwriter on Morris County Improvement Authority’s issuance of $33.1 million Taxable Lease Revenue Bonds for its enewable Energy Program (Series 2011A).
The program provides the financing, design, permitting, construction, installation, operation and maintenance of renewable energy capital equipment such as solar panels, wind turbines; and hydro-electric, bio-diesel, geothermal and bio-mass facilities with the county.
The bonds were sold to investors on Dec. 1, 2011 and closed Dec. 8, 2011. The proceeds from the 2011A Bonds fund the second phase of the program, comprising 9.2MW of distributed solar photovoltaic projects across 27 sites throughout the county, including schools, libraries and other public buildings. The 2011A Bonds were sold with maturities ranging from 2013 to 2027.
“This marks the second phase of our innovative ‘Morris Model’ renewable energy program, which will save millions in taxpayer dollars over the life of the program,” said John Bonanni, Chairperson, Morris County Improvement Authority. “Through participation in this county-backed program, smaller facilities of school districts and municipalities are able to go green and obtain significant savings not otherwise accessible as individual local governments.”
"SunLight General Capital is honored to have been chosen by Morris County to develop this important project, which will result in significant energy savings and a greener environment for its citizens,” said Bill Zachary, Principal at SunLight. “As one of the pre-eminent developers of PV systems in the Northeast, we think it's important to recognize again the county's early leadership in bringing cost-effective, renewable energy to municipal facilities."
"We are pleased to have served as senior manager for the second phase of this innovative program," said Wayne Seaton, Managing Director and Head of Sustainable Public Infrastructure at Wells Fargo Securities. "The 'Morris Model' results in cost-effective access to the capital markets for municipalities who seek to finance renewable projects and lower energy costs for their residents."