SGR Client, Cherry Street Energy, Executes First Solar Energy Procurement Agreement in Georgia Under HB 57, The Solar Power Free-Market Financing Act of 2015
ATLANTA (August 4, 2016) – Law firm Smith, Gambrell & Russell, LLP (SGR) is pleased to announce its client, Cherry Street Energy, LLC, has executed the first Solar Energy Procurement Agreement (SEPA) under HB 57, The Solar Power Free-Market Financing Act of 2015. As the county transitions to renewable power, Macon-Bibb Commissioners approved the agreement which contracts Cherry Street Energy to construct multiple solar arrays to power county buildings in Macon, Georgia.
Macon-Bibb County is taking advantage of the solar financing market created by HB 57, allowing Cherry Street to install the solar panels at its cost, and recoup its investment through payments by Macon-Bibb County based on the amount of electric energy produced by the panels.
For the initial phase of the agreement with Macon-Bibb, Cherry Street Energy will install solar canopies for the Government Center, formerly City Hall, and the Emergency Management Center on Poplar Street. Surveying and site work for the installation began the first week of August.
“Our team shares an enthusiasm with the civic leadership in Macon-Bibb establishing a predictably priced, renewable energy solution for the community,” said Cherry Street’s management. “This project creates a template for those in the state seeking the benefits of solar energy. We appreciate and acknowledge our many partners who enabled this new and exciting marketplace in Georgia.”
As a solar energy provider, Cherry Street Energy is instrumental in transforming Georgia’s energy marketplace. The passage of Georgia House Bill 57 created the market opportunity for the company in the summer of 2015. Cherry Street believes it will be one of the first solar energy developers in the state focused on integrating and financing solar PV installations for this market segment.
With the enactment of HB 57, The Solar Power Free-Market Financing Act of 2015, Georgia became the first state in the Southeastern U.S. to legislatively approve private, third party sales of electricity from onsite solar systems as a means of financing solar energy for Georgia businesses, institutions, schools and homes. To read more on the initial enactment of HB 57, please click here.
“I am honored to be associated with such a wonderful initiative of which Cherry Street Energy is on the forefront,” added Steve O’Day, partner at SGR. “SEPAs will save money and change the landscape of solar energy.”
Mr. O’Day was one of the principal negotiators of the HB 57 legislation in 2015. He is the head of the Environmental Law and Sustainability Practices at SGR.
About Cherry Street Energy
Cherry Street Energy is a renewable energy development company helping to transform Georgia's energy marketplace. The Company develops, finances, owns, operates and maintains solar photovoltaic (PV) systems to deliver predictably priced electricity to our customers. Cherry Street Energy integrates the design, installation, financing, monitoring, operations and maintenance portions of a solar PV deployment. The Company provides this simplified and economical way to purchase renewable energy via long-term Solar Energy Procurement Agreements (“SEPAs”). Working with our partners, Cherry Street Energy combines the operational experience and installation expertise necessary to provide a seamless transition to local, renewable power. Please visit www.cherrystreetenergy.com for more information.
About Smith, Gambrell & Russell, LLP
SGR is a full service, international law firm that advises regional, national and global businesses on a wide range of legal matters. The firm’s 200 attorneys provide legal counsel in more than 45 specialized practice areas, including corporate transactions, litigation, intellectual property, aviation, banking, construction and employment law. Founded in 1893, SGR has offices in Atlanta, Austin, Jacksonville, New York, Washington, D.C. and Frankfurt, Germany.
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