SolRiver Capital LLC (“SolRiver”), a solar investment fund that acquires and owns distributed generation and utility scale projects, announced today it has closed on $30 million of construction financing with AVANA Capital (“AVANA”), a leader in commercial and renewable energy lending. The portfolio totals 24MW and consists of six projects located across the country.
Since 2017, SolRiver and AVANA Capital have acted as financing partners on 11 projects, helping to grow the clean energy revolution. These have included installations for schools, hospitals, municipalities, and utilities.
Sanat Patel, Co-Founder at AVANA Capital, commented that, they are proud of their existing relationship with SolRiver and they look forward to completing this portfolio of projects. SolRiver has been a great partner to AVANA and they are respected in the industry. AVANA’s experience with renewable energy combined with their expertise in solar finance, permanent debt, and tax equity enabled us to extend the maximum financing to SolRiver for this portfolio.
Brandon Conard, Managing Partner at SolRiver stated that their long relationship with AVANA has been invaluable to SolRiver’s success. AVANA’s trust in the company’s ability to deliver compelling projects has enabled SolRiver to quickly close and finance construction across the country, from Oregon to New York. He also added that, through years of working together, they have streamlined the financing process, allowing SolRiver to focus on what matters – starting construction and getting projects built.
In the rapidly evolving solar market, AVANA has strived to work with experienced teams, like SolRiver, who understand how to bring high-quality solar projects to completion commented Walter Cuculic, Director of AVANA Capital’s Renewable Energy practice. He also also added that the company looks forward to continuing their relationship with SolRiver and making a significant impact in clean energy for years to come.
