For Immediate Release
November 26, 2010
Ewing Bemiss & Co. Announces the sale of a 5.9 MW solar PV project developed by PsomasFMG to GCL
Richmond, Virginia – Ewing Bemiss & Co. is pleased to announce the sale of a 5.9 MW distributed solar PV project developed by PsomasFMG to Global Concord Holdings Limited (“GCL”). The project was developed for the Palmdale Unified School District in California. The solar system features photovoltaic panels mounted atop carport structures. Eight of 18 sites are installed, and all are scheduled to be fully operational by the spring of 2012. Each site will be less than one megawatt. Ewing Bemiss & Co. served as the exclusive financial advisor to PsomasFMG in the transaction.
"The Palmdale School District project we are celebrating today represents another successful example of the PsomasFMG development model for institutional clients that are faced with state-mandated budget cuts and have an urgent desire to reduce energy costs," said Paul Mikos, Executive Vice President. "Our company has the ability to virtually provide 100 percent project financing for institutional and government clients that are seeking energy independence within a clean energy environment."
The solar project features an installation of 25,536 PV panels that are mounted atop steel-frame canopies and provide shaded parking for 1,625 vehicles. Schools that will be generating solar power include the Aerospace Academy, Barrel Springs, Buena Vista, Chaparral, Cimarron, Desert Rose, Desert Willow, Golden Poppy, Joshua Hills, Juniper, Los Amigos, Ocotillo, Palm Tree, Palmdale Learning Plaza, Quail Valley, Shadow Hills, Summerwind and Tumbleweed.
Based in Huntington Beach, CA, PsomasFMG provides affordable solar systems to its clients by utilizing a combination of engineering know-how, private investor financing, and federal and state subsidies. The company is led by a diverse group of veteran CEOs who have managed numerous ventures through complete business lifecycles. PsomasFMG has the ability to provide turn-key solar solutions from project conception and system design to financing, installation, operation and maintenance. For more information about PsomasFMG, go to http://www.psomasfmg.com.
GCL is a world-class green energy developer, operator and supplier with its core business in green energy, energy conservation and energy storage. The Group stays committed to continuously providing high-quality energy and services for a better living environment. Through its significant investments in the renewable energy space, GCL has developed into one of the world’s leading professional energy investment holding conglomerates.
About Ewing Bemiss & Co.
Ewing Bemiss & Co. is a renewable energy-focused investment banking firm that is a valued advisor to leading developers of biomass, solar, wind, hydroelectric, geothermal, waste-to-energy and energy efficiency projects in the U.S. and abroad. The firm’s New York office, which advised in this transaction, is one of the most active advisors to solar developers and projects in the US and Europe.
For more information, please visit www.ewingbemiss.com or contact:
Jay Moorhead
Managing Director
(212) 588-0501
j.moorhead@ewingbemiss.com
Rick Petree
Managing Director
(212) 588-0503
r.petree@ewingbemiss.com
Rahul Goswami
Associate
(212) 588-0505
r.goswami@ewingbemiss.com