Soltage LLC, a leading independent power producer announced its investment in a 20 megawatt (MW) portfolio of community solar and Public Utility Regulatory Policies Act (PURPA) solar projects located in North Carolina, South Carolina, and Maine of worth $40 million.
Customers served by this portfolio include Investor Owned Utilities purchasing electricity via Public Utility Regulatory Policies Act (PURPA) contracts, as well as U.S. businesses buying solar energy to meet clean energy goals and lock in reduced electricity costs. The portfolio will increase access to reliable, clean energy and foster local job creation.
The portfolio is the second investment from the Soltage Iris capital vehicle, announced in partnership with Harrison Street. Soltage Iris will ultimately deploy 450 MW of new distributed solar and storage projects across the United States.
Jesse Grossman, Soltage CEO, said, “We are glad to announce this investment in high-quality zero-carbon infrastructure projects and advance the nation’s transition to a reliable, clean energy future. For the past 15 years, Soltage has seen the demand for distributed, clean energy assets continue to grow, and we’ve worked to meet this need by increasing the renewable energy options available to our customers.”
The announcement demonstrates the continued strong momentum of the renewable energy sector and the clean energy demand from utilities and corporate entities. According to research by BloombergNEF, in 2020 corporations purchased a record 23.7 GW of clean energy, and experts expect that trend to continue. Since 2005, Soltage has successfully raised and invested $1 billion into clean energy infrastructure.
Soltage is a leader in the development, financing, and operation of distributed utility-scale solar assets for commercial, industrial, and municipal customers across the United States. Soltage has developed more than 100 solar energy projects with more than 400 MW total distributed generating capacity under construction and management.