Reading Time: 2 minutes
Today, Soltage LLC, a leading independent power producer, and Basalt managed funds announce their entrance into the Oregon power market with a 40 megawatt (MW AC) solar portfolio. The first 10 MW solar facility was energized in December and the remaining 30 MW are under construction and planned to be placed in service prior to Summer 2020. The portfolio was acquired from NewSun Energy, a leading Pacific Northwest energy developer.
This acquisition anchors a $100 Million portfolio investment in the Oregon market, and is being funded via Helios, an investment vehicle set up by Soltage and Basalt to own and operate solar power projects across the U.S. Hyperion, the first vehicle, was fully deployed in 2019 and currently owns and operates 125 MW across 35 solar facilities.
The first asset energized in this portfolio is a 10 MW solar facility located in Harney County, Oregon. This facility will transmit electricity via Bonneville Power Administration’s (BPA) transmission system to Portland General Electric (PGE). PGE is purchasing the power under a 16-year power purchase agreement, which will help the utility provide renewable power to its nearly one million customers.
“We are pleased to announce our entrance into the growing Oregon solar market to supply PGE’s customers with clean, locally-produced renewable energy,” said Jesse Grossman, Soltage Co-Founder and CEO. “This investment fits our mission of originating and investing in best-in-class renewable investment opportunities, and deploying more distributed utility-scale solar on the grid.”
The portfolio also includes projects in development in both Harney and Lake County, Oregon. These projects have directed significant investment into these counties and have leveraged local and regional contractors, employees and consultants for development and construction. These projects are expected to continue to provide substantial county tax revenues to rural Central and Eastern Oregon over the lifespan of the assets.
“We are excited to grow Basalt’s renewable asset portfolio while we continue to expand the partnership with Soltage,” said Rob Gregor, Managing Partner of Basalt Infrastructure Partners LLP, exclusive investment advisor to Basalt. “This investment continues Helios’ mandate to invest in renewable energy across the US.”
“NewSun Energy appreciates the help of all of the people, companies, communities and state agencies that have supported efforts to bring new solar on-line, particularly BPA’s team, and the counties of central and eastern Oregon,” said Jake Stephens, CEO and Founder of NewSun Energy. “NewSun is proud to help Soltage and Basalt enter this important regional market and work with BPA to establish the first direct-connected solar facility on its system”
The projects contribute to the proliferation of solar in Oregon. The state’s Renewable Portfolio Standard requires that 50 percent of electricity used in the state come from renewable energy sources by 2040 and total solar installations in Oregon are projected to grow by nearly 60 percent over the next 5 years.