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Construction Begins on 51-Megawatt Solar Generation Project in South Carolina

(South Carolina Governor Henry McMaster officiated the groundbreaking ceremony for the first of four solar plants in the 51-megawatt project.)

New York, New York, July 31, 2018 - C2 Energy Capital broke ground on the first of four South Carolina solar generation plants that will make up a 51-megawatt (MWDC)/36 MWAC portfolio. The 10.82 MWDC / 8.16MWAC Lexington County plant, Diamond Solar, is expected to reach commercial operations by the end of 2018. The groundbreaking ceremony, which was held this past Friday, was officiated by South Carolina Governor Henry McMaster.

“We’re proud to begin construction on the Diamond Solar plant, a project that will bring South Carolina area residents and businesses clean power, new jobs, and economic investment,” said Richard Dovere, Managing Member, C2 Energy Capital, LLC. “South Carolina has a bright future ahead with a growing population, productive workforce, and expanding economy. The Diamond project, and the three additional plants that will be built in Barnwell County, represent our long-term commitment and investment toward an even brighter future for the state fueled by clean energy, new technology, and sustainable growth opportunities.”

The Diamond Solar plant is projected to generate an estimated $1.44 million in tax revenue over the lifetime of the project for South Carolina. Cumulatively, the four plants are expected to create approximately 340 craft labor area jobs during peak construction of the projects.

The projects were established by local Charleston based developer, Southern Current, and financed by Salt Lake City based Celtic Bank.

"Southern Current is committed to bringing a cheaper, more sustainable energy future to South Carolina. The Diamond plant is another step in that direction and we are excited to see it start construction. I'd also like to offer a special thank you to the forward-looking leadership in Lexington County who assisted us with developing this project,” said Bret Sowers, Vice President, Southern Current.

Justin Fuller, Senior Vice President of Renewable Energy Finance for Celtic Bank remarked, “Celtic Bank is pleased to partner with the project stakeholders to finance our first South Carolina portfolio with both construction and long-term financing. It’s a market that we’ve watched grow quickly over the last two years and we’re proud to contribute to its continued proliferation.”

DEPCOM Power will direct the engineering, procurement, construction, operations, and maintenance services for the 51-megawatt portfolio.

“We look forward to designing, building and operating an efficient, clean energy solar plant for the great state of South Carolina. As part of our commitment to the local communities where we build, DEPCOM will also seek to invest in the local economy, sourcing services from local businesses, hiring 90% of our craft labor force locally, and recruiting local, U.S. veterans,” said, Tony Perrino, Vice President of Operations, DEPCOM Power.

During the groundbreaking, DEPCOM Power’s CEO, Jim Lamon, announced donations to local outreach organizations on behalf of the project’s community stewardship commitment. A $20,000 donation to local food bank, Harvest Hope, was provided to Board Chairman Davis Bourne, along with an $18,000 donation to The Independence Fund, which provided a tracked mobility chair for a local wounded veteran.

First-year production for the Diamond Solar plant is expected to be approximately 18,708 MWh. The three additional solar plants, Blackville Solar II (20 MWAC), Edison Solar (4.76 MWAC), and Richardson Solar (3.6 MWAC), will be based in Barnwell County. Diamond Solar, Blackville Solar and Edison Solar and are expected to begin providing power to the grid for area residents and businesses in 2018 and Richardson Solar slated to come online in Summer 2019. Once completed, the 51-megawatt project will deliver clean energy for an estimated 2,100 households and businesses in the area.

About C2 Energy Capital

C2 Energy Capital specializes in creating state-of-the-art sustainable, efficient, and clean power generation opportunities across the country. Based in New York, the C2 team combines extensive financing, development, and operational expertise with a commitment to building long-term relationships, delivering operational excellence, and creating a sustainable energy future.

About Celtic Bank

Founded in 2001 and headquartered in Salt Lake City, Utah, Celtic Bank is a privately owned industrial bank chartered by the State of Utah. Celtic Bank specializes in small business finance, helping business owners with working capital, expansion, acquisition, construction, equipment financing, renewable energy finance, real estate purchase, refinance, and more. Celtic Bank has ranked as one of the top ten SBA lenders nationally since 2013, with a proven track record in a range of industries, including Renewable Energy Finance, Healthcare, Gas Station / C-Store, Car Wash, Hotel and others. We approach every business loan application with a creative and problem-solving mindset and aim to structure tailored financing solutions that help our clients meet their growth objectives.

About Southern Current

Headquartered in Charleston, SC, Southern Current is a leading developer and installer in the residential, commercial and utility-scale markets with hundreds of systems currently providing clean power to customers across the Southeastern US. Our integrated platform includes Project Development, Engineering, Construction, Maintenance, Finance and Asset Management.

About DEPCOM Power

DEPCOM Power is a partner in utility scale solar for: Project Development Support, Engineering, Procurement & Construction and Operations and Maintenance services for utilities, independent power producers and project development companies. DEPCOM Power leverages a highly experienced solar team, technology and agnostic top-tier solar modules and cost-effective balance of system components to provide optimum levels of agility, price and quality for utility scale solar.

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