SolaREIT, a solar real estate investment fund, has purchased a portfolio of land assets underneath solar projects from TPE Development LandCo, a land holdings business that directly supports TurningPoint Energy‘s community solar development business nationally.
The solar assets have been developed to various stages, from construction-ready to fully operating projects over the prior five years. The deal involves more than 350 acres of land across five solar projects in Virginia, Rhode Island and Maine.
SolaREIT, which launched in late 2020, partners with solar developers and landowners, offering flexible capital solutions that provide a range of options for taking advantage of solar development on their land.
“We are excited to establish a strategic relationship with SolaREIT as an investment partner for this portfolio of land assets we have held over the last several years,” says Adam Beal, principal of TPE Development LandCo. “SolaREIT was highly efficient to work with and provides us with flexibility on how best to optimize our capital for future land holding efforts in support of TurningPoint Energy’s efforts.”
“We’re excited to work with TurningPoint Energy on these projects. Solar projects require significant land and capital – we’re committed to partnering with developers to offer solutions that reduce project complexity while freeing up capital so developers can focus on what they do best – developing solar projects,” comments Laura Pagliarulo, president of SolaREIT.