Soltage LLC, an independent power producer, and Harrison Street, an investment management firm focused on alternative real assets, have invested in a 20 MW portfolio of community solar assets and Public Utility Regulatory Policies Act (PURPA) solar projects located in North Carolina, South Carolina and Maine.
The portfolio serves customers including investor-owned utilities purchasing electricity via PURPA contracts, as well as U.S. businesses buying solar energy to meet clean energy goals and lock in reduced electricity costs.
This is the second investment for Harrison Street and Soltage’s Iris vehicle, which previously announced a $250 million partnership to fund solar and other clean energy infrastructure assets in March 2021 to deploy 450 MW of new distributed solar and storage projects across the U.S.
The assets will be owned by the partnership and operated by Soltage. The partnership’s first investment was a 14.5 MW portfolio of solar assets representing $30 million of project costs.
“We are glad to announce this investment in high quality zero carbon infrastructure projects and pleased to continue our partnership with Harrison Street to advance the nation’s transition to a reliable, clean energy future,” says Jesse Grossman, Soltage’s CEO. “For the past 15 years, Soltage has seen the demand for distributed, clean energy assets continue to grow, and we’ve worked to meet this need by increasing the renewable energy options available to our customers.”
“Harrison Street is excited to continue to deliver mission critical renewable energy options to ensure the businesses and communities in which we invest can meet their sustainability and resiliency objectives,” states Carolyn Arida, director and head of utilities for Harrison Street. “Soltage is an experienced leader in distributed solar assets, and we look forward to continuing to identify attractive investment opportunities together that advance our nation’s decarbonization goals.”
Image: Michael Wilson