Special Bd. of Aldermen — 08/06/2019 Page 22
So that’s the financial summary. | am happy to take any questions you may have there and that really is the
substance of the proposal so we don’t want to take too much more of your time.
President Wilshire
| didn’t mean to cut you off.
Mr. Weeks It may just be worth if | may | recall one more slide that | threw in here and then we can talk a little
bit about kind of community engagement if you wish. But as to where that capital comes from, something that
ReVision takes a lot of pride in as part of our Mission as a Certified Benefit Corporation is extending — so we are
making solar available to non-profits and municipalities that in New Hampshire’s context with very limited State
incentives, would otherwise not have an opportunity to go solar. When you read about utility scale solar projects
the financing in almost every case comes from Wall Street where they are able to earn market level returns,
particularly if it is a State like California with substantial additional State incentives. In New Hampshire for
smaller scale projects with limited incentives, there unfortunately is not a commercial PPA investor market. We
just can’t sell these projects except rarely at very substantial scale. Projects at this size, simply don’t have
financing available in the existing solar investor market. Consequently what ReVision has worked to do over the
last several years beginning as a kind of proof of concept on our own balance sheet by directly investing in and
owning upwards of 70 non-profit power purchase agreements for various non-profits around the region. But in
the last 2 years, in order to bring added scale we have recruited and partnered with a number of mission-aligned
investors including for this project a family that lives here in this community and works in this community that is
blessed to have a large tax bill to the IRS which they through such an investment have the opportunity to
essentially redirect by investing that capital in solar projects, taking advantage of the existing tax incentives and
providing much lower cost financing than is otherwise available.
We call this program ReVision Solar Impact Partners, we have so far built over 120 of these PPA’s for other
municipalities and non-profits like the Soup Kitchen. That is why we believe or perhaps part of why we have the
opportunity to work with many smaller community organizations and smaller municipal projects thanks to these
investor partners who share our mission of deploying solar at lower cost. Let me shut up with that and welcome
any questions you may have on the finances.
Alderman Clemons
Yeah so when you did the .... because | know the City bulk purchases power, so when you did the market
analysis, did you factor what the City purchases power at in to your analysis?
Mr. Weeks We did. Because these two facilities will be net metering facilities they are not required to register
as net metering but because there will be excess production in peak summer months, they will under current
regulations require, will have to revert to default supply which would add were they purchasing net power would
add between a penny and two pennies per kilowatt hour. And Bob Hayden is the expert in the competitive
supply market and he can speak in more detail. So for these two facilities, they will require that reversion to
default supply. For your interest perhaps, as we look at larger scale projects at the airport or other offsite
locations which would be directly fed into the grid, they would through group net metering off set multiple City
accounts, but each of those participating accounts in such a group would retain the ability, as they do today, to
purchase that power on the third party competitive supply market rather than going to default. So default makes
sense in a situation like this where you are providing most of the power on site, so you are getting not in fact
from Eversource but from your own rooftop. And for larger scale projects we approve net meter to avoid that
requirement.
