SolaREIT, a solar real estate investment fund, has executed agreements totaling $12.2 million for solar land with developer Norbut Solar Farms. The deal involves four projects across 500+ acres of land in New York on which are sited more than 84 MW of community solar. SolaREIT, which launched in late 2020, provides a model for financing solar land and offers options to compensate landowners for utilizing their land to host solar farms.
“We’re excited to work with Norbut Solar Farms to grow their business by financing their land holdings,” says Laura Pagliarulo, President of SolaREIT. “Dave Norbut and his team have been developing projects throughout New York for more than two decades and are one of the most well-respected developers in the state. Solar projects require large expanses of land and lease payments that tie-up capital and increase costs for developers. Now more than ever, developers need financial flexibility, so they can focus on doing what they do best – develop solar projects.”
“SolaREIT is providing valuable financial innovation and flexibility to the solar development industry,” states Dave Norbut of Norbut Solar Farms. “We are accessing capital through this deal, which will fuel the expansion of our early-stage solar development efforts across New York. Financial innovation has helped expand residential solar over the past decade; now SolaREIT is bringing innovation to community solar development.”
Community solar development is land and capital intensive. SolaREIT can offer alternative options to developers and project owners that free up capital or reduce their lease costs. Last year, SolaREIT announced their Pre-Paid Solar Land Lease program allowing solar developers to provide landowners with up-front payment for up to 30-years of lease payments.