$200 million for Pivot: Independent power producer (IPP) Pivot Energy has secured $200 million tax credit purchase commitment to support 40 solar PV projects across 8 states in the US. It represents a 144 MW DC community solar portfolio. The tax credit commitment was facilitated through Acadia's Climate and Communities Investment Coalition (CCIC). On completion, these will fund millions of dollars in incremental community benefit investments to be administered by the Sustain Our Future Foundation (SOFF). Recently, Pivot secured more than $450 million in financing commitments from HASI, First Citizens Bank, and ATLAS SP Partners.
75 MW community solar capacity: US-based community solar developer Nexamp has partnered with fast-food chain Chipotle Mexican Grill for the development of 75 MW solar PV capacity. Chipotle will purchase renewable energy bill credits to support the construction and operation of 15 new community solar farms. These projects will be distributed across Illinois, New York, Maryland and Maine in the US. According to Nexamp, Chipotle will get benefits from 20 MW of clean energy, while 55 MW will help around 9,000 families, non-profits, and businesses save money on electricity. Chipotle expects to will save up to approximately $250,000 per year over the course of this agreement.
$100 million for SolarBank: Canada-headquartered distributed and community solar developer SolarBank Corporation has raised up to $100 million in project-based financing for a 97 MW solar project portfolio in the US. It signed a Mandate Letter from real estate and infrastructure owner CIM Group to fund these 21 projects. Assuming full funding, SolarBank said it will retain a majority ownership interest in these projects.
Heelstone acquires RE portfolio: A Qualitas Energy company Heelstone Renewable Energy has acquired wind and solar development assets as well as the team of Valor Infrastructure Partners (VIP) in Florida. This is the US utility-scale renewable energy platform Heelstone’s maiden acquisition since it was acquired by Qualitas in May 2024. Valor’s project portfolio includes development-stage onshore wind projects, and an advanced-stage solar PV projects in Texas with 190 MW installed capacity. Former CEO of VIP, Mike Weich, will assume the role of CEO at Heelstone, while former VIP Chief Development Officer Daryl Hart will assume the same role at Heelstone.
200 MW PV project online: EDP Renewables North America (EDPR NA) has inaugurated its 200 MW Scarlet II Solar Energy Park in California’s Fresno County, which is accompanied by a co-located 150 MW/600 MWh battery energy storage system (BESS). This is phase II of the Scarlet Solar Energy Park. Under phase I, it commissioned 200 MW of solar and a 40 MW/160 MWh BESS. Full output of the 200 MW solar energy project is contracted through a 15-year virtual power purchase agreement (VPPA). Resource adequacy associated with the 150 MW BESS is contracted under long-term Resource Adequacy (RA) agreements with Ava Community Energy and San José Clean Energy.