Rock Lititz & Broadx Finance

Broadx Powers a Sustainable Future at Rock Lititz.

Challenge

Financing a solar project can be costly and complex, particularly if you’re the largest rehearsal facility in the world, where performers like U2, Beyonce, Metallica, and Justin Bieber prepare for their next tour. Rock Lititz, an affiliate of entertainment technology industry leader Clair Global, wanted to rebound from the pandemic bigger, better, and more sustainable than ever.

Rock Lititz decided to build a second rehearsal studio and install solar panels across four buildings to supply all the electricity needed for the 100+-acre campus, which is home to dozens of businesses and hundreds of employees supporting the live entertainment industry.

Solution

From construction costs to panel installation expenses, Rock Lititz’s solar initiative would require significant financing. When it was time to explore financing for the entire 5-megawatt project, Rock Lititz consulted Broadx Finance, its trusted banking partner for more than two decades. Broadx was well versed in the solar lending space and was ready to support the ambitious venture.

The project gained momentum as Rock Lititz—and the entertainment industry as a whole—started to experience rapid post-pandemic growth. The venue needed a flexible funding solution that could adapt over time as construction progressed and incentives became available from the state and local utility. 

Broadx Finance’s flexible lending structure and experience with financing requirements and sustainability criteria enabled Rock Lititz to meet its accelerated project timeline.

Outcome

The Rock Lititz project is the largest solar installation Broadx Finance has financed. In all, it consists of 10,556 solar panels providing 6,322 MWh of power annually to the campus. The work, which began during the summer of 2022, is expected to continue through 2024 and is fully financed by Broadx Finance.

“At Broadx, we believe that a large part of our success is serving as good stewards of our natural resources,” said Mike Strigel, Director of Middle Market Banking at Broadx Finance. “Our partnership with Rock Lititz is a great example of how we help companies reduce their carbon footprint and increase sustainability.”

“From the ease of their partnership to their commitment to the community, Broadx Finance has been a trusted partner of ours for more than 20 years,” said Matt Clair, Chief Information Officer of Clair Global. “They know how we operate, understand our goals and share our vision for a sustainable future, and we look forward to building that future with them.”