US based independent solar power producer Soltage LLC and investment management firm Harrison Street have joined hands to support deployment of 450 MW of new distributed solar and storage projects across the country.
The $250 million partnership will have Harrison Street funding this capacity developed by Soltage. Assets completed by the partnership will be owned by Soltage that will also operate the same.
The new entity has also invested in its maiden asset with 14.5 MW capacity which is expected to come online in 2021, representing $30 million of project costs. Power generated from this initial portfolio comprising 5 distributed solar projects in Maine, North Carolina, South Carolina and Virginia are contracted to be sold to utilities, corporates and community solar offtakers.
"Reliable clean power sources are increasingly important and we are excited to partner with Harrison Street, who brings significant resources and infrastructure investing expertise, as we continue to deploy capital into domestic renewable energy infrastructure and drive local economic growth," said Soltage Co-Founder and CEO Jesse Grossman.
This is another large investment partnership for Soltage as in July 2019, it brought in infrastructure equity investment fund Basalt to establish Helios Power to construct 200 MW distributed solar in US (see New Funding Vehicle For 200 MW Solar In US).
Soltage says its previous investment partnerships have invested $1 billion into the US clean energy economy over the last 15 years.