Veber Solar I LLC Formed to Purchase Solar Panel Project from IBEW Local 48

Portland, Oregon – October 2009 – Veber Solar I LLC, a special purpose limited liability company, was formed by Gayle L. Veber, Managing Member of Veber Solar I, and five private, accredited investors. Veber Solar I purchased all of the operating assets associated with the solar panel electrical installation developed by and constructed for the International Brotherhood of Electrical Workers Local 48 (“IBEW” www.ibew48.com).  Veber Partners, LLC (www.veber.com), negotiated, structured, and financed the transaction on behalf of the investment group.   Nick Stanley, Partner of Veber Partners, LLC, assisted Mr. Veber with the transaction.

The solar panel electrical installation is located on the roof of the parking lot of the Office Building of the Local 48 IBEW in Northeast Portland, Oregon. In addition to the environmental benefits of sourcing some of their building’s power from the solar array, IBEW built this solar project as a means of hands on training for union electricians to gain experience installing a solar array.  Some of the labor for construction and installation of the project was donated as voluntary time.  Union workers of the local Iron Workers’ Union also volunteered their time and work to install the I-beam support structure that the solar array sets on.  Dyna Electric installed the panels and the associated wiring and controls.  The installation was completed in the spring of 2009.  The System is a PV Array with 364 modules manufactured by Sharp Electronics.  The unit has total array rated power of WattsTotal 78,624 Watts DC at Standard Test conditions (STC).  The Total Solar Resource Fraction (TSRF) is 94.08.  Estimated annual useful energy produced by the entire array is 79,887 kWh/yr.  The fraction of electrical energy that the PV system will provide to the IBEW building is approximately 70% of their total energy use. 

As a 501(c)3 non-profit business, the IBEW could not utilize the many tax advantages available to the owner of the solar array.  Investors in Veber Solar I  LLC  are now unit holders who benefit from the majority of the economic advantages of the Solar Project.  The project qualifies for a Federal Investment Tax Credit, accelerated Depreciation, and Oregon Business Energy Tax Credits.

Veber Solar I LLC also negotiated a power sales agreement for the entire Project power production to the Local 48 IBEW.  IBEW also entered in an operating agreement with Veber Solar I to provide, on-going maintenance of the facility. 

Veber Partners was founded in 1989 and is one of the premier private investment and merchant banking firms in the Pacific Northwest which focuses on mergers and acquisitions, private placements, and other financial advisory services. Veber acts as a principal as well as an advisor in transactions throughout the Pacific Northwest.  More information can be found at www.veber.com.