Sol-REIT LLC has closed a term loan refinancing of the Inspira solar project in southern New Jersey. With the closing of this loan, Sol-REIT will be moving quickly to execute upon its $300 million and growing loan origination pipeline of construction-to-permanent loan financing opportunities for middle-market solar projects across the United States.
To capitalize on its loan investments, Sol-REIT is completing its initial round of senior preferred equity investor commitments and is in the process of raising an additional $300 million in an institutional round.
“Middle-market solar developers are the backbone of our emerging industry,” says Mark Settles, Sol-REIT’s CEO. “Sol-REIT is proud to provide developers fixed-rate, long-term financing that finally closes the gap in developer access to capital.”
The Inspira solar project currently serves the 210-room Inspira Medical Center, the 100-acre campus in Mullica Hill, N.J. The borrower has executed a 15-year power purchase agreement (PPA) with the medical center. Sol-REIT’s term loan finances the remaining 13 years of operations under the PPA. The ground-mount solar project comprises nearly 3,600 solar panels generating 1.8 million kWh of renewable electricity each year.
“Our offerings streamline access to capital for solar developers while providing investors much-needed access to green investments,” states Brian A. Sidman, Sol-REIT’s co-founder and head of capital markets. “Investments like these in a portfolio, backed by solar projects with Inspira coupled with high-quality energy off-takers, provide both income-generating opportunities and growth potential.”
Photo by Jadon Kelly on Unsplash