Soltage LLC and Harrison Street announced an investment in a 20 megawatt (MW) portfolio of community solar assets and Public Utility Regulatory Policies Act (PURPA) solar projects located in North Carolina, South Carolina, and Maine.
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. Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets.
The portfolio serves customers including investor-owned utilities purchasing electricity via 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.
This is the second investment for Harrison Street and Soltage’s Iris vehicle, which previously announced a $250 million partnership to fund solar and other clean energy infrastructure assets in March 2021 to deploy 450 MW of new distributed solar and storage projects across the United States. The assets will be owned by the partnership and operated by Soltage. The partnership’s first investment was a 14.5 MW portfolio of solar assets representing $30 million of project costs.
Jesse Grossman, Soltage CEO, said, “We are glad to announce this investment in high-quality zero-carbon infrastructure projects and pleased to continue our partnership with Harrison Street to 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.”
Carolyn Arida, Director and Head of Utilities for Harrison Street, said, “Harrison Street is excited to continue to deliver mission-critical renewable energy options to ensure the businesses and communities in which we invest can meet their sustainability and resiliency objectives. Soltage is an experienced leader in distributed solar assets, and we look forward to continuing to identify attractive investment opportunities together that advance our nation’s decarbonization goals.”
The announcement demonstrates the strong momentum of the renewable energy sector and the demand for clean energy 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.
Since 2018, Harrison Street has committed nearly $400 million in equity across investments in wind, solar, and hydroelectric projects. Harrison Street’s renewable energy portfolio consists of more than 320 MW of installed capacity. Soltage has developed over 100 clean energy projects with more than 400 MW total distributed generating capacity under construction and management across the country.