Renewable Properties, a developer and investor in small-scale utility and group solar tasks all through the United States, has closed its $53.5 million Fund 9 portfolio. The Fund 9 closing expands Renewable Properties’ profitable relationships with tax fairness investor SOLCAP and undertaking lending companions 1st Source Bank and West Town Bank & Trust.
Fund 9 consists of 5 tasks in Maine, North Carolina and California. Totaling near 22 MW, the solar tasks are anticipated to provide sufficient energy to power 3,111 houses per yr.
“Dependable financing relationships are key for expanding our pipeline of community solar and small-scale utility projects,” says Allan Riska, CIO at Renewable Properties. “Our ongoing partnerships with SOLCAP, 1st Source and West Town are enabling us to bring solar’s clean energy benefits to America’s rural areas.”
SOLCAP, a three way partnership of KeyState Renewables and Corner Power, has been a dependable tax fairness useful resource for Renewable Properties since 2021. Including Fund 9’s 22 MW portfolio, It has invested in three tax fairness funds, supporting the development and acquisition of 65.3 MW of Renewable Properties’ group solar and small-scale utility tasks in 5 states.
Renewable Properties’ Fund 9 is the second portfolio supported by 1st Source. Since final yr, the financial institution has offered building and everlasting loans for 21.6 MW of Renewable Properties’ solar tasks. The closing of Fund 9 will help Renewable Properties’ acquisition of three Maine group solar tasks, totaling 11.6 MW. Now underneath building, the three solar arrays are scheduled to be accomplished by the primary quarter of 2024.
West Town has additionally been a steadfast Renewable Properties fund investor. Since 2019, it has participated in three Renewable Properties’ portfolio financings, offering building and everlasting loans for 38.5 MW of tasks, together with Fund 9.
West Town’s funding in Fund 9 will finance a 6.62 MW solar undertaking in Gibson, N.C., which will likely be full within the final quarter of 2023. In addition, West Town will companion on a 4.2 MW group solar undertaking in El Nido, Calif., scheduled for completion in May 2024.