Renewable Properties closes $53.5M portfolio of neighborhood solar initiatives

By SB Staff August 3, 2023

Renewable Properties has closed its Fund 9 portfolio, which incorporates near 22 MW of neighborhood solar and small-scale utility initiatives in California, Maine and North Carolina. The $53.5 million Fund 9 expands the developer’s relationships with tax fairness investor SOLCAP and challenge lending companions 1st Source Bank and West Town Bank & Trust.

Fund 9 consists of 5 initiatives throughout the three states, producing sufficient energy to power 3,111 houses per yr.

“Dependable financing relationships are key for expanding Renewable Properties’ pipeline of community solar and small-scale utility projects,” mentioned Allan Riska, chief funding officer 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 the Fund 9 portfolio, SOLCAP has invested in three tax fairness funds, supporting the development and acquisition of 65.3 MW of Renewable Properties’ neighborhood solar and small-scale utility initiatives in 5 states.

“We are pleased to continue and grow our tax equity collaboration with Renewable Properties,” mentioned Josh Miller, CEO of KeyState Renewables, the managing member of SOLCAP. “Their focus on community solar and small-scale utility solar projects supports our shared vision for expanding access to local clean energy throughout the U.S.”

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 initiatives. The closing of Fund 9 will help Renewable Properties’ acquisition of three Maine neighborhood solar initiatives, totaling 11.6 MW. Now below building, the three solar arrays are scheduled to be accomplished by the primary quarter of 2024.

“We are pleased to be working again with Renewable Properties, an exceptional partner in our shared dedication to community solar,” mentioned Russell Cramer, head of the solar financing division at 1st Source Bank.

West Town has additionally been a steadfast Renewable Properties fund investor. Since 2019, the agency has participated in three Renewable Properties’ portfolio financings, offering building and everlasting loans for 38.5 MW of initiatives, together with Fund 9. 

“Our bank is known for creating long-lasting relationships, and Renewable Properties is the perfect example,” mentioned Riddick Skinner, EVP of presidency lending for West Town. “We’re excited to continue supporting the deployment of solar projects that create clean power and good-paying jobs in local communities.”

West Town’s funding in Fund 9 will finance a 6.62 MW solar challenge in Gibson, North Carolina, which might be accomplished in This fall 2023. In addition, the financial institution will companion on a 4.2 MW neighborhood solar challenge in El Nido, California, which might be accomplished in May 2024.

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Tags: Community Solar, Renewable Properties, utility-scale

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