1. Program Description
Under the program Solar Smart LLC will provide investors, solar development companies, Utilities, contractors, municipalities and others with site control in the form of an initial property owner’s Letter of Intent and a future Option to Lease agreement or Option to Purchase Agreement. Properties have been evaluated by Solar Smart LLC and determined to present a high probability of constructing a utility or community solar commercial solar system system on the property.
2. Qualified Properties
All properties are evaluated and approved using the Solar Smart Fatal Flaw 1 solar land-use standards and the Solar Smart Fatal Flaw 2 standards (interconnection, permitting). For more information see Site Evaluation Process.
3. Property Information Summary
For each qualified property Solar Smart will provide;
- 90 day Letter of Intent executed by the confirmed property owner.
- Owner’s acceptance of a long-term lease requirement and approximate lease payments.
- Utility pre-application report (if available) showing interconnection details.
- SolarSites Property Evaluation Results (KMZ files) i.e. wetlands, setbacks, habitat issues and other environmental and landform concerns.
- Availability of three phase power.
- Property tax assessment information including owner details, site value, size, location.
The Client is provided all project information and encouraged to discuss project details with the Solar Smart environmental review and property acquisition team members. Upon the completion of their due diligence and the client wishes to proceed with the site acquisition they will provide Solar Smart LLC with a commitment fee. (see below for details).
5. Asset Purchase Agreement (APA)
Upon receipt of the commitment fee the exclusive ownership of the project will revert to the client.
Solar Smart will then provide the client with a completed Asset Purchase Agreement (APA) for the specific project for their signature. Under this agreement Solar Smart will engage the property owner and secure an Option to Lease Agreement within 90 days.
Once the Option to Lease agreement has been signed Solar Smart will execute a Project Conveyance Agreement thereby transferring the project asset(s) to the client. See Asset Purchase Agreement.
6. Purchase Price
Purchase Price is based on a two ($.02) cents per W times the potential DC capacity of a solar system constructed on the “usable acreage”. The Purchase Price for project(s) is/are listed in Appendix A of the Asset Purchase Agreement.
The commitment fee payment is required at time of asset transfer i.e. transfer of ownership of the Letter of Intent together with other projects assets i.e. KMZ, pre-application reports (if applicable) and according to the following schedule.
A. Project Commitment Fee is a non-refundable payment by way of wire transfer or through the Solar Smart online payments. Once received exclusive ownership of the site is transferred to the client.
B. Milestone # 1 – Within 90-days of the effective date of the ratified Asset Purchase Agreement (APA) Solar Smart will deliver to the client an executed Option to Lease Agreement. Payment of $.02/W x projected solar system size will be required at that time.
All projects are provided on a first-come, first-serve basis and are not sold until the project retainer fee has been received and an Asset Purchase agreement executed.
The project “Purchase Price” may vary according to state, location, utility, load zone and site market value.