Renewable Properties, a developer and investor in small-scale utility and group photo voltaic initiatives, has closed its Fund 8 portfolio with two financing companions, Nelnet Renewable Vitality and AB CarVal. Fund 8 consists of almost 30 MW of group photo voltaic initiatives in California and New York.
“AB CarVal and Nelnet have been dependable Renewable Properties companions, enabling us to broaden our group photo voltaic challenge portfolio to fifteen states,” says Allan Riska, chief funding officer at Renewable Properties.
In 2020, funds managed by challenge mortgage companion AB CarVal, a worldwide various 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 photo voltaic challenge pipeline, broaden improvement efforts into new and current markets, and safe new challenge alternatives and acquisitions.
“Renewable Properties has produced an intensive and numerous monitor file of small-scale utility and group photo voltaic initiatives all through the U.S.,” says Jerry Keefe, principal at AB CarVal. “We’re happy to broaden our rewarding partnership with Renewable Properties, which continues to display its capabilities and success within the U.S. group photo voltaic market.”
Fund 8 is Renewable Properties’ fourth tax fairness fund partnership with Nelnet, a company tax fairness companion that additionally has a photo voltaic engineering, procurement, and building and operation and upkeep enterprise.
“With our shared dedication to group photo voltaic and offering superior buyer expertise, Renewable Properties has been a superb companion for Nelnet by means of three prior funds,” says Scott Gubbels, president of Nelnet Renewable Vitality. “We stay up for persevering with to develop our partnership and create a extra inclusive clear power future.”
The Fund 8 initiatives are positioned in California and New York, including to Renewable Properties’ rising pipeline of group photo voltaic initiatives in 15 states. Two Fund 8 initiatives are in Madera County, Calif. The Avenue 26 Photo voltaic Section I & II initiatives will begin building within the second quarter and must be accomplished by the top of the yr. The initiatives complete 11.5 MW.
Fund 8’s New York initiatives (18.4 MW complete) are in numerous phases of improvement. The Slayton Settlement Photo voltaic A & Slayton Settlement Photo voltaic B initiatives in Lockport started building on the finish of 2022 and are anticipated to be on-line in October. Two initiatives in Batavia will begin building by Might and are anticipated to be completed by December. The Clemons Street Photo voltaic challenge in Minoa will begin building in April and is predicted to be operational by finish of the yr.
