SolaREIT, a photo voltaic actual property funding fund, has executed agreements totaling $12.2 million for photo voltaic land with developer Norbut Photo voltaic Farms. The deal entails 4 initiatives throughout 500+ acres of land in New York on that are sited greater than 84 MW of neighborhood photo voltaic. SolaREIT, which launched in late 2020, offers a mannequin for financing photo voltaic land and presents choices to compensate landowners for using their land to host photo voltaic farms.
“We’re excited to work with Norbut Photo voltaic Farms to develop their enterprise by financing their land holdings,” says Laura Pagliarulo, President of SolaREIT. “Dave Norbut and his staff have been creating initiatives all through New York for greater than twenty years and are some of the well-respected builders within the state. Photo voltaic initiatives require giant expanses of land and lease funds that tie-up capital and improve prices for builders. Now greater than ever, builders want monetary flexibility, to allow them to concentrate on doing what they do finest – develop photo voltaic initiatives.”
“SolaREIT is offering priceless monetary innovation and suppleness to the photo voltaic growth trade,” states Dave Norbut of Norbut Photo voltaic Farms. “We’re accessing capital by way of this deal, which is able to gas the enlargement of our early-stage photo voltaic growth efforts throughout New York. Monetary innovation has helped increase residential photo voltaic over the previous decade; now SolaREIT is bringing innovation to neighborhood photo voltaic growth.”
Neighborhood photo voltaic growth is land and capital intensive. SolaREIT can provide different choices to builders and challenge homeowners that release capital or scale back their lease prices. Final 12 months, SolaREIT introduced their Pre-Paid Photo voltaic Land Lease program permitting photo voltaic builders to supply landowners with up-front cost for as much as 30-years of lease funds.