Renewable Properties, a developer and investor in small-scale utility and neighborhood solar tasks, has closed its Fund 8 portfolio with two financing companions, Nelnet Renewable Energy and AB CarVal. Fund 8 consists of practically 30 MW of neighborhood solar tasks in California and New York.
“AB CarVal and Nelnet have been reliable Renewable Properties partners, enabling us to expand our community solar project portfolio to 15 states,” says Allan Riska, chief funding officer at Renewable Properties.
In 2020, funds managed by venture mortgage companion AB CarVal, a worldwide different funding supervisor, invested $60 million to help the growth of Renewable Properties’ operations. The capital allowed Renewable Properties to additional develop its current community-scale solar venture pipeline, develop improvement efforts into new and current markets, and safe new venture alternatives and acquisitions.
“Renewable Properties has produced an extensive and diverse track record of small-scale utility and community solar projects throughout the U.S.,” says Jerry Keefe, principal at AB CarVal. “We are pleased to expand our rewarding partnership with Renewable Properties, which continues to demonstrate its capabilities and success in the U.S. community solar market.”
Fund 8 is Renewable Properties’ fourth tax fairness fund partnership with Nelnet, a company tax fairness companion that additionally has a solar engineering, procurement, and development and operation and upkeep enterprise.
“With our shared commitment to community solar and providing superior customer experience, Renewable Properties has been an excellent partner for Nelnet through three prior funds,” says Scott Gubbels, president of Nelnet Renewable Energy. “We look forward to continuing to grow our partnership and create a more inclusive clean energy future.”
The Fund 8 tasks are situated in California and New York, including to Renewable Properties’ rising pipeline of neighborhood solar tasks in 15 states. Two Fund 8 tasks are in Madera County, Calif. The Avenue 26 Solar Phase I & II tasks will start development within the second quarter and ought to be accomplished by the tip of the 12 months. The tasks complete 11.5 MW.
Fund 8’s New York tasks (18.4 MW complete) are in varied levels of improvement. The Slayton Settlement Solar A & Slayton Settlement Solar B tasks in Lockport started development on the finish of 2022 and are anticipated to be on-line in October. Two tasks in Batavia will start development by May and are anticipated to be completed by December. The Clemons Road Solar venture in Minoa will start development in April and is anticipated to be operational by finish of the 12 months.