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Home My WebLink AboutRESPONSE - RFP - 7556 COMMUNITY SOLAR GARDENClean Energy Collective proposal to FCU, Financial Information, RFP Section C, 6, November 7, 2013, Confidential Clean Energy Collective, LLC Financial Summary: 1. Current Statement of Financial Condition: CEC interim financials for 2013 are attached hereto. Please refer to the confidentiality section of the proposal and treat this information as confidential. 2. Financial Statements for 2012 and 2011: CEC financials for 2012 and 2011 are attached hereto. Please refer to the confidentiality section of the proposal and treat this information as confidential. 3. Narrative demonstrating financial ability to design, construct, operate, maintain, and administer a Community Solar Facility and bank references: Financial Ability: Each community solar project developed by Clean Energy Collective, LLC (“CEC”) is developed in a special purpose entity. In this case the new entity for the array we propose will be formed for the sole purpose of developing and operating this array. As a result, this entity does not currently have any financial history. However, the entity would be a wholly owned subsidiary of the CEC so this financial section will cover the CEC’s financial ability. CEC was established in 2009 for the sole purpose of becoming the premier community renewable energy development company in the nation. Since then CEC has accomplished this by designing, constructing, operating, maintaining and administering 13 community solar facilities in eight different utility territories and four states. In addition CEC is in the process of developing 13 additional facilities, including arrays in our ninth and tenth utility territories and a fifth state, all expected to be completed by the second quarter of 2014. In order to design, construct, operate, maintain, and administer these projects CEC has developed a proven financing process and network. CEC has in excess of $6 million in project equity commitments which fund predevelopment costs insuring viable long term sites are secured, proper designs and permits are secured and that equity requirements (10% to 20% of total project costs) for structured project financing can be met. CEC has secured over $15 million in project debt commitments from banks in good standing and is in the process of expanding these commitments to $30 million. These funds are used to construct the project as well finance the project through the sales phase of the CSG. CEC has commitments to fund over $5 million in tax equity from a leading national tax equity provider and is looking to expand this commitment to $10 million in the 4th quarter. In addition, CEC has a network of high net worth individuals that provide tax equity investments on a project by project basis and has commitments in excess of $3 million for tax equity from these sources. These tax equity funds are used to fund a portion of the equity requirement and to pay down the construction the term debt outlined above. CEC has commitments to fund over $20 million in consumer financing for participants in CSG. Clean Energy Collective proposal to FCU, Financial Information, RFP Section C, 6, November 7, 2013, Confidential Due to confidentially requirements CEC cannot provide copies of each of these commitments to a public entity. However, as alternative we have provided credit references from our banking partners. Each institution listed has extended credit to the Clean Energy Collective. Clean Energy Collective, LLC – Financial References: Alpine Bank ANB Bank 711 E. Valley Rd 3033 E 1st Ave Basalt, CO 81621 Denver, CO 80206 Contact: Tony Thompson Contact: Art Nobles Phone: 970-927-3101 Phone: 303-394-5020 JP Morgan Chase Great Western Bank 1125 17th St, 3rd Floor 3711 JFK Pkwy Denver, CO 80202 Fort Collins, CO 80525 Contact: Nancy Broome Contact: Jenny Shultz Phone: 303-244-3227 Phone: 970-660-9028 In addition, Clean Energy Collective, LLC is venture capital backed by New Energy Capital Partners and Black Coral Capital both experienced and successful clean energy investing firms. These firms have provided CEC with over $13 million in growth capital allowing CEC to stable corporate parent for each project company. Please see the websites listed below for New Energy Capital and Black Coral Capital to see the portfolio investments of each company. Clean Energy Collective, LLC – Venture Investors: New Energy Capital 53 South Main St, 3rd Floor Hanover, NH 03755 Phone: 603-643-8885 www.newenergycapital.com Black Coral Capital 18 Tremont St, Ste 527 Boston, MA 02108 Phone: 617-391-9495 www.blackcoralcapital.com Clean Energy Collective proposal to FCU, Financial Information, RFP Section C, 6, November 7, 2013, Confidential CEC Interim 2013 Financials: CLEAN ENERGY COLLECTIVE, LLC CONSOLIDATED FINANCIALS INCOME STATEMENT-000's 1st QTR 2nd QTR Jul-13 Aug-13 Sep-13 3rd QTR Oct-13 Nov-13 Dec-13 4th QTR YTD 2013 INCOME (1) INCOME 1,733 120 1,679 1,058 - 2,737 - - - - 4,589 COST (2) COST OF GOODS SOLD 1,027 775 1,503 157 - 1,660 - - - - 3,461 GROSS PROFIT 706 (655) 176 901 - 1,077 - - - - 1,128 PROFIT MARGIN 41% -1% 0% 0% 0% 0% 0% 0% 0% 0% 25% EXPENSE (3) OPERATING EXPENSE 991 1,303 417 516 - 929 - - - - 3,223 OPERATING EARNINGS (285) (1,958) (241) 386 - 149 - - - - (2,095) (4) OTHER (INCOME)/EXPENSE 91 118 13 13 - 26 - - - - 235 NET INCOME (377) (2,076) (253) 372 - 123 - - - - (2,330) Clean Energy Collective proposal to FCU, Financial Information, RFP Section C, 6, November 7, 2013, Confidential CLEAN ENERGY COLLECTIVE, LLC CONSOLIDATED FINANCIALS BALANCE SHEET-000s' 1st QTR 2nd QTR Jul-13 Aug-13 Sep-13 3rd QTR 4th QTR ASSETS (1) CASH 1,022 2,719 2,482 2,493 - 2,493 - (2) ACCOUNTS RECEIVABLE 205 (102) (85) (105) - (105) - (3) OTHER CURRENT ASSETS 640 1,048 977 1,089 - 1,089 - (4) STARTUP COSTS 269 269 269 269 - 269 - (5) FIXED ASSETS (FF&E, SOFTWARE) 503 506 506 506 - 506 - (5) ACCUMULATED DEPRECIATION (CEC) (16) (16) (16) (16) - (16) - (6) SOLAR ARRAYS (SPV) 16,304 16,370 17,922 18,842 - 18,842 - (6) ACCUMULATED DEPRECIATION (SPV) - - - - - - - (7) INVENTORY 2 2 2 2 - 2 - TOTAL ASSETS 18,928 20,795 22,056 23,079 - 23,079 - LIABILITES (8) ACCOUNTS PAYABLE 4,303 1,215 2,194 1,743 - 1,743 - (9) PAYROLL 11 46 43 29 - 29 - (10) OTHER CURRENT LIABILITIES 402 440 862 1,019 - 1,019 - (11) NOTES PAYABLE 3,045 8,591 8,404 8,895 - 8,895 - (12) LT LIAB-PEAK SAVINGS 2,345 2,619 2,714 2,845 - 2,845 - (13) LT LIAB-DEFERRED INCOME 183 508 748 1,093 - 1,093 - TOTAL LIABILITES 10,295 13,424 14,968 15,618 - 15,618 - EQUITY (14) EQUITY 8,634 7,371 7,088 7,460 - 7,460 - TOTAL LIABILITIES AND EQUITY 18,928 20,795 22,056 23,079 - 23,079 - check 0 (0) (0) (0) - (0) - Clean Energy Collective proposal to FCU, Financial Information, RFP Section C, 6, November 7, 2013, Confidential CLEAN ENERGY COLLECTIVE, LLC CONSOLIDATED FINANCIALS STATEMENT OF CASH FLOWS-000'S 1st QTR 2nd QTR Jul-13 Aug-13 Sep-13 3rd QTR OPERATING ACTIVITY NET INCOME 72 (433) (253) 372 - 372 NON-CASH ITEMS 0 - - - - - CHANGE IN ACCOUNTS RECEIVABLE (86) 64 (16) 20 - 20 CHANGE IN ACCOUNTS PAYABLE 596 54 976 (470) - (470) CHANGE IN WORKING CAPITAL 178 115 660 488 - 488 OPERATING CASH FLOW 760 (200) 1,366 410 - 410 INVESTING ACTIVITY - CHANGE IN PP&E (1,062) (357) (1,552) (920) - (920) CHANGE IN OTHER ASSETS (30) (343) 71 (112) - (112) INVESTING CASH FLOW (1,092) (700) (1,481) (1,032) - (1,032) FINANCING ACTIVITY - CHANGE IN SHORT TERM DEBT (100) - - - - - CHANGE IN LONG TERM DEBT (51) (63) (92) 633 - 633 CHANGE IN CEC EQUITY - (6) (30) - - - CEC DISTRIBUTIONS - - - - - - FINANCING CASH FLOWS (51) (69) (122) 633 - 633 - INCREASE/(DECREASE) IN CASH (383) (969) (238) 10.94 - 11 BEGINNING CASH BALANCE 1,405 3,688 2,719 2,482 - 2,482 ENDING CASH BALANCE 1,022 2,719 2,482 2,493 - 2,493 check 1,022 2,719 2,482 2,493 - 3,524 Clean Energy Collective proposal to FCU, Financial Information, RFP Section C, 6, November 7, 2013, Confidential CLEAN ENERGY COLLECTIVE, LLC 2012 FINANCIALS INCOME STATEMENT YTD 2012 INCOME INCOME 8,076,948 COST COST OF GOODS SOLD 4,624,465 GROSS PROFIT 3,452,482 PROFIT MARGIN 43% EXPENSE OPERATING EXPENSE 2,257,464 OPERATING EARNINGS 1,195,018 OTHER (INCOME)/EXPENSE 85,952 NET INCOME 1,109,066 BALANCE SHEET 12/31/2012 ASSETS CASH 1,554,336 ACCOUNTS RECEIVABLE 7,678,347 OTHER CURRENT ASSETS 3,630,503 FIXED ASSETS (FF&E, SOFTWARE) 13,093 TOTAL ASSETS 12,876,279 LIABILITES ACCOUNTS PAYABLE 3,713,721 OTHER CURRENT LIABILITIES 615,800 NOTES PAYABLE 2,016,986 TOTAL LIABILITES 6,346,507 EQUITY EQUITY 6,529,772 TOTAL LIABILITIES AND EQUITY 12,876,279 Clean Energy Collective proposal to FCU, Financial Information, RFP Section C, 6, November 7, 2013, Confidential