September 8, 2022 Photo by way of United Renewable Energy
Small-scale utility and group solar mission developer/investor Renewable Properties accomplished tax fairness funding for 11.6 MW of solar initiatives with KeyState Renewable’s SOLCAP solar tax fairness fund for group and regional financial institution traders.
The Fund 6 Portfolio consists of three solar initiatives.
- Two New York group solar initiatives (the 5 MW Rock Island Road solar mission in Gouverneur, NY and the 5.7 MW Bullis Road solar mission in Marilla, NY) had been accomplished in the summertime of 2022.
- The third mission, a virtually 1 MW qualifying facility mission in Bourne, Massachusetts, was accomplished in December 2021.
In their first 12 months of operation, the three initiatives are anticipated to provide a complete of 16,645,000 kWh of solar energy, sufficient to power roughly 1,929 houses and cut back greenhouse emissions by 10,263 tons.
Why tax fairness? Community solar initiatives don’t occur with out tax fairness financing. It is a essential clear energy partner-investor relationship, and fortuitously most of the incentives within the not too long ago handed Inflation Reduction Act (IRA) make the most of tax fairness to allow renewable energy growth.
“Great partners like SOLCAP are imperative for the solar industry to thrive,” mentioned Allan Riska, Chief Investment Officer for Renewable Properties. “Without tax equity investors, we would be further from accomplishing U.S. climate emission reduction targets. With so many tax equity-based incentives available to investors today, finding consistent tax equity partners can be challenging. That’s why it’s crucial to have strong investor partners like SOLCAP, which allows us to responsibly develop and own projects. Having a long-term and reliable partner is critical to building out more green infrastructure. We look forward to continuing our successful relationship with SOLCAP.”
Renewable Properties started working with SOLCAP in 2019 to develop a solar trade financing product that may result in scale and effectivity. Their collaboration led to the financing of those New York and Massachusetts initiatives in Fund 6.
With the completion of those three initiatives, Renewable Properties and SOLCAP are actually working collectively on new initiatives in Maine, North Carolina, and California. SOLCAP’s relationships with group and regional financial institution traders will allow a major enlargement of initiatives in partnership with Renewable Properties.
KeyState Renewables and Corner Power launched the SOLCAP tax fairness platform in 2019. Since then, SOLCAP has funded 28 related solar initiatives thus far, totaling over 160 MWdc. An further 22 initiatives are in growth or below development, broadening SOLCAP’s footprint to seven states. With the completion of all present in-progress solar initiatives, SOLCAP can have deployed over $200 million on behalf of its group and regional financial institution traders.
“Community banks are very logical tax equity investors for small-scale utility and community solar projects. Our SOLCAP tax equity fund platform allows community banks to efficiently deploy tax equity investments across a diversified portfolio of projects,” mentioned Josh Miller, CEO of KeyState Renewables, the managing member of SOLCAP. “Renewable Properties has been a tremendous partner over the past four years. Their seasoned management team’s focus on small-scale utility and community solar projects is a perfect fit for our community bank investors. SOLCAP looks forward to being a stable, efficient source of solar tax equity for Renewable Properties for years to come.”
Renewable Properties is additional increasing its portfolio with extra group solar and locally-sited initiatives for its upcoming 32 MW Fund 7, which is predicted to be absolutely funded in Q1 of 2023 and can proceed a profitable partnership with SOLCAP.
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Tags: Community Solar, Renewable Properties