Renewable Properties, a developer and investor in small-scale utility and community solar projects throughout the United States, has closed its $53.5 million Fund 9 portfolio. The Fund 9 closing expands Renewable Properties’ successful relationships with tax equity investor SOLCAP and project lending partners 1st Source Bank and West Town Bank & Trust.
Fund 9 includes five projects in Maine, North Carolina and California. Totaling close to 22 MW, the solar projects are expected to produce enough energy to power 3,111 homes per year.
“Dependable financing relationships are key for expanding our pipeline of community solar and small-scale utility projects,” says Allan Riska, CIO at Renewable Properties. “Our ongoing partnerships with SOLCAP, 1st Source and West Town are enabling us to bring solar’s clean energy benefits to America’s rural areas.”
SOLCAP, a joint venture of KeyState Renewables and Corner Power, has been a reliable tax equity resource for Renewable Properties since 2021. Including Fund 9’s 22 MW portfolio, It has invested in three tax equity funds, supporting the construction and acquisition of 65.3 MW of Renewable Properties’ community solar and small-scale utility projects in five states.
Renewable Properties’ Fund 9 is the second portfolio supported by 1st Source. Since last year, the bank has provided construction and permanent loans for 21.6 MW of Renewable Properties’ solar projects. The closing of Fund 9 will support Renewable Properties’ acquisition of three Maine community solar projects, totaling 11.6 MW. Now under construction, the three solar arrays are scheduled to be completed by the first quarter of 2024.
West Town has also been a steadfast Renewable Properties fund investor. Since 2019, it has participated in three Renewable Properties’ portfolio financings, providing construction and permanent loans for 38.5 MW of projects, including Fund 9.
West Town’s investment in Fund 9 will finance a 6.62 MW solar project in Gibson, N.C., which will be complete in the last quarter of 2023. In addition, West Town will partner on a 4.2 MW community solar project in El Nido, Calif., scheduled for completion in May 2024.