Soltage to build 450 MW of new distributed PV and storage systems
Post date: 24/03/2021 - 07:46
US renewable energy company Soltage LLC and investment management firm Harrison Street announced a $250 million partnership to fund solar and other clean energy infrastructure assets developed by Soltage. The partnership will deploy 450 MW of new distributed solar and storage projects across the United States. These assets will be owned by the partnership and operated by Soltage.
Concurrent with the establishment of the vehicle, the partnership announced its first investment into a 14.5 MW portfolio of solar assets representing $30 million of project costs. This initial portfolio, which is expected to finalize construction and begin operations this year, is comprised of five distributed solar projects in Maine, North Carolina, South Carolina and Virginia. The power purchasers from this portfolio include utilities, corporates and community solar offtakers aiming to achieve both cost savings and clean energy goals.
Soltage has developed more than 100 solar energy projects with more than 400 MW total distributed generating capacity under construction and management. The company is backed by a group of investors including Prudential Capital Group. Soltage's previous investment partnerships have invested $1 billion into the U.S. clean energy economy over the last fifteen years.
Since 2018, Harrison Street has committed nearly $400 million in equity across investments in wind, solar and hydroelectric projects. This partnership's investment expands Harrison Street's renewable energy portfolio to more than 330 MW of installed capacity. The firm has approximately $32 billion in assets under management and is investing across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure.