Buyers are persevering with to pour cash into neighborhood photo voltaic tasks, with teams on July 31 saying almost $75 million in funding for a number of installations.
Renewable Properties, which develops and invests in small-scale utility and neighborhood photo voltaic installations, on July 31 mentioned it has closed its Fund 9 portfolio. The corporate mentioned the $53.5 million portfolio expands Renewable Properties relationships with SOLCAP, a tax fairness investor, and lending companions 1st Supply Financial institution and West City Financial institution & Belief.
That funding announcement comes on the identical day that Babcock & Wilcox (B&W) Enterprises mentioned its subsidiary, Babcock & Wilcox Photo voltaic Power, has been awarded contracts totaling greater than $20 million by Summit Ridge Power (SRE) for the engineering, procurement and building (EPC) of six neighborhood photo voltaic power tasks in Illinois with a complete of 25 MW of era capability.
Funding for Tasks in A number of States
Renewable Properties mentioned the Fund 9 portfolio consists of 5 tasks in Maine, North Carolina, and California, with mixed era capability of twenty-two MW.
“Reliable financing relationships are key for increasing Renewable Properties’ pipeline of neighborhood photo voltaic and small-scale utility tasks,” mentioned Allan Riska, chief funding officer at Renewable Properties. “Our ongoing partnerships with SOLCAP, 1st Supply, and West City are enabling us to deliver photo voltaic’s clear power advantages to America’s rural areas. We stay up for persevering with to work with them to deploy neighborhood photo voltaic tasks throughout the U.S.”
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B&W in its announcement Monday mentioned it has executed a number of tasks for SRE. That features a $15 million mission introduced in March of this 12 months—that one for 5 installations in Illinois—and a $20 million mission introduced in August 2022. That funding supported building of seven tasks led by SRE, additionally in Illinois.
Renewable Properties mentioned it has used SOLCAP as a tax fairness useful resource since 2021. SOLCAP, a three way partnership of KeyState Renewables and Nook Energy, has invested in three tax fairness funds—together with Fund 9—which have supported building and acquisition of 65.3 MW of Renewable Properties’ neighborhood photo voltaic and small-scale utility tasks in 5 states.
“We’re happy to proceed and develop our tax fairness collaboration with Renewable Properties,” mentioned Josh Miller, CEO of KeyState Renewables, the managing member of SOLCAP. “Their give attention to neighborhood photo voltaic and small-scale utility photo voltaic tasks helps our shared imaginative and prescient for increasing entry to native clear power all through the U.S.”
Building and Everlasting Loans
Renewable Properties’ Fund 9 is the second portfolio supported by 1st Supply, which has supplied building and everlasting loans for 21.6 MW of Renewable Properties’ photo voltaic tasks up to now 12 months. The closing of Fund 9 helps Renewable Properties’ acquisition of three neighborhood photo voltaic tasks in Maine with a complete of 11.6 MW of era capability. These three installations are below building and anticipated to come back on-line within the first quarter of 2024.
“We’re happy to be working once more with Renewable Properties, an distinctive companion in our shared dedication to neighborhood photo voltaic,” mentioned Russell Cramer, who leads 1st Supply Financial institution’s financing division. “We’re excited to proceed working with their staff to deliver extra clear power to communities all through the US.”
West City since 2019 has participated in three Renewable Properties’ portfolio financings, together with Fund 9. The group has supplied building and everlasting loans for 38.5 MW of tasks.
“West City is happy to be becoming a member of Renewable Properties for our third fund,” mentioned Riddick Skinner, government vice chairman (EVP) of Authorities Lending for West City Financial institution & Belief. “Our financial institution is understood for creating long-lasting relationships, and Renewable Properties is the proper instance. We’re excited to proceed supporting the deployment of photo voltaic tasks that create clear energy and good-paying jobs in native communities.”
West City’s funding in Fund 9 will help a 6.62-MW photo voltaic mission in Gibson, North Carolina, which is scheduled for completion by year-end. West City is also partnering on a 4.2-MW neighborhood photo voltaic mission in El Nido, California, which is about for completion in Might of subsequent 12 months.
Six Tasks in Illinois
B&W on Monday mentioned it’s going to engineer, procure, and construct the six Illinois photo voltaic tasks for SRE, with completion anticipated subsequent 12 months.
“We worth our sturdy, ongoing relationship with Summit Ridge Power and are excited to develop extra tasks sooner or later as we glance to develop and broaden B&W’s presence locally photo voltaic business,” mentioned Jimmy Morgan, EVP and chief working officer for B&W. “We respect the arrogance Summit Ridge Power has proven in B&W’s set up, web site coordination and mission administration experience and stay up for persevering with to work collectively.”
“As Summit Ridge Power continues to broaden our photo voltaic management in Illinois, we’re happy to companion with B&W on one other EPC contract,” mentioned Raj Soi, EVP of Operations for SRE. “We’re happy with our work to create new jobs in Illinois, put money into the native financial system and supply solar energy financial savings to greater than 20,000 households and companies.”
B&W mentioned the corporate has put in greater than 100 solar energy tasks.
SRE is the most important industrial photo voltaic developer and owner-operator in Illinois, with an power portfolio of about 250 MW throughout the state. The corporate mentioned it has invested greater than $900 million in Illinois via the event and acquisition of 116 particular person photo voltaic farms, situated throughout 35 counties.
—Darrell Proctor is a senior affiliate editor for POWER (@POWERmagazine).