Small-scale utility and group photo voltaic venture developer/investor Renewable Properties accomplished tax fairness funding for 11.6 MW of photo voltaic initiatives with KeyState Renewable’s SOLCAP solar tax equity fund for group and regional financial institution traders.
The Fund 6 Portfolio consists of three photo voltaic initiatives.
- Two New York group photo voltaic initiatives (the 5 MW Rock Island Highway photo voltaic venture in Gouverneur, NY and the 5.7 MW Bullis Highway photo voltaic venture in Marilla, NY) had been accomplished in the summertime of 2022.
- The third venture, an almost 1 MW qualifying facility venture in Bourne, Massachusetts, was accomplished in December 2021.
Of their first yr of operation, the three initiatives are anticipated to supply a complete of 16,645,000 kWh of photo voltaic power, sufficient to energy roughly 1,929 houses and scale back greenhouse emissions by 10,263 tons.
Why tax fairness? Neighborhood photo voltaic initiatives don’t occur with out tax fairness financing. It’s a important clear power partner-investor relationship, and fortunately lots of the incentives within the just lately handed Inflation Discount Act (IRA) make the most of tax fairness to allow renewable power improvement.
“Nice companions like SOLCAP are crucial for the photo voltaic trade to thrive,” stated Allan Riska, Chief Funding Officer for Renewable Properties. “With out tax fairness traders, we’d be farther from engaging in U.S. local weather emission discount targets. With so many tax equity-based incentives obtainable to traders right now, discovering constant tax fairness companions will be difficult. That’s why it’s essential to have sturdy investor companions like SOLCAP, which permits us to responsibly develop and personal initiatives. Having a long-term and dependable accomplice is important to constructing out extra inexperienced infrastructure. We stay up for persevering with our profitable relationship with SOLCAP.”
Renewable Properties started working with SOLCAP in 2019 to develop a photo voltaic trade financing product that will 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 at the moment are 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 growth of initiatives in partnership with Renewable Properties.
KeyState Renewables and Nook Energy launched the SOLCAP tax fairness platform in 2019. Since then, SOLCAP has funded 28 related photo voltaic initiatives thus far, totaling over 160 MWdc. An extra 22 initiatives are in improvement or below building, broadening SOLCAP’s footprint to seven states. With the completion of all present in-progress photo voltaic initiatives, SOLCAP may have deployed over $200 million on behalf of its group and regional financial institution traders.
“Neighborhood banks are very logical tax fairness traders for small-scale utility and group photo voltaic initiatives. Our SOLCAP tax fairness fund platform permits group banks to effectively deploy tax fairness investments throughout a diversified portfolio of initiatives,” stated Josh Miller, CEO of KeyState Renewables, the managing member of SOLCAP. “Renewable Properties has been an amazing accomplice over the previous 4 years. Their seasoned administration crew’s deal with small-scale utility and group photo voltaic initiatives is an ideal match for our group financial institution traders. SOLCAP appears ahead to being a steady, environment friendly supply of photo voltaic tax fairness for Renewable Properties for years to return.”
Renewable Properties is additional increasing its portfolio with extra group photo voltaic and locally-sited initiatives for its upcoming 32 MW Fund 7, which is anticipated to be totally funded in Q1 of 2023 and can proceed a profitable partnership with SOLCAP.
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