New Jersey-based solar company Soltage LLC and Basalt Infrastructure Partners LP have announced the first close of $70 million on a $140 million equity capital partnership to fund over 100 MW of commercial and industrial (C&I) and utility pipeline solar projects across the U.S.
The partnership expects to close the additional $70 million of equity in the first half of 2017 and will deploy this capital alongside existing tax equity and debt resources. Marathon Capital served as Soltage’s financial advisor on the Basalt capital commitment.
The partners also have also announced construction start on the first-generation assets for this vehicle – three landfill-sited projects totaling 15 MW, which the partnership will own and Soltage will operate, selling power to municipal off-takers in Massachusetts under virtual net metering agreements. The assets are expected to begin commercial operation in early 2017.
“Corporate and state-level renewable energy targets, falling solar project costs, and stable federal support make distributed solar America’s fastest-growing generation source and an increasingly intelligent area for utilities, consumers, and investors to participate,” says Jesse Grossman, Soltage co-founder and CEO. “As Soltage celebrates 10 years in business, this investment is a significant step into a second decade of success.”
Rob Gregor, managing partner of Basalt Infrastructure Partners LLP, adds, “We were attracted by Soltage’s experience in the C&I sector, including its history of developing projects on time and on budget together with outstanding ongoing asset management capabilities. We are particularly excited as the U.S. C&I, educational, utility, and municipal solar markets are growing rapidly, and our partnership with Soltage expands upon Basalt’s existing involvement with solar energy through McEwan Power in the United Kingdom.”