Gardner Capital provided tax equity financing for six solar utility-scale photovoltaic power generation systems totaling 37.5 MW located on rural property throughout North Carolina, it was announced today.

The projects, developed by Heelstone Energy, LLC, will provide clean, emission-free, renewable electricity to the Duke and North Carolina Eastern Municipal Power Agency (NCEMPA) companies, generating an estimated 56,879 MWh of clean solar power in the first year of operation, enough to support the annual needs of 5,395 North Carolina homes and offset 39,221 metric tons of carbon dioxide equivalent.

All six plants, in operation since December 2014, are located near Raleigh-Durham.

"Solar energy is a viable mainstream alternative clean energy source and part of our energy future. We're thrilled that these sustainable development projects will have a definite impact on energy savings and the environment for years to come," said Michael Gardner, principal of Gardner Capital and president of Gardner Capital Solar Development.

The North Carolina project marks the first solar development for Gardner Capital. Over the course of a year, the environmental benefit of the solar energy produced by the plants is equivalent to the annual greenhouse gas emissions produced by 8,257 cars, 14,058 tons of landfill waste, or CO2 emissions produced by 91,212 barrels of oil, for example.

"Sustainable energy sources provide substantial economic and environmental benefits and Gardner Capital's business and financial strategies are designed to deliver disciplined growth in this arena," Gardner said.

"The North Carolina power companies help us sustain a balanced portfolio of sustainable long-term assets."

Gardner Capital owns and operates several businesses throughout the United States, focusing on development, investment and syndication of tax credits for affordable housing, historical rehabilitation and renewable energy projects.

Gardner has invested more than $600 million of equity in affordable housing. Most recently, Gardner Capital introduced renewable energy production facility development and investment into its operating portfolio. The principals, Mark Gardner and Michael Gardner, continue to expand the footprint of both affordable housing and renewable energy with nine offices and staff across the United States.