Independent renewable energy provider Soltage LLC has closed a first round of investment in a 38-project, 100 MW solar portfolio located in five states across the East Coast and Southeast.
The portfolio includes a large asset acquisition from project developer Southern Current, alongside other Soltage-developed projects, and represents a follow-on investment under a partnership between Soltage and Basalt Infrastructure Partners. Construction on the current portfolio is underway, with projects expected to reach commercial operation across the calendar years of 2018 and 2019.
The individual projects, which range from 2 MW to 6 MW, are located across North Carolina, South Carolina, Georgia, Virginia and New Jersey. They will sell power to utility off-takers such as Duke Energy, Dominion Energy and Georgia Power under long-term contracts. The portfolio of solar assets will generate roughly 160,000 MWh of clean energy annually, enough to power nearly 18,000 homes, and will offset roughly 300 million pounds of carbon dioxide on an annual basis, according to Soltage.
“This portfolio demonstrates the continued market demand for distributed utility solar assets, with utilities and private consumers looking for large and efficiently constructed projects to deliver clean and affordable power near the point of customer demand,” says Jesse Grossman, Soltage’s CEO and co-founder.