SolRiver Capital, a national solar investment fund, has acquired a portfolio of community solar and utility-scale solar PV projects from developer Sulus Solar. The portfolio consists of 14 projects in Oregon totaling 38 MW DC. Once completed, the projects will produce over 60 million kWh of electricity annually.
The portfolio includes a combination of utility-scale PURPA and Oregon Community Solar projects. As a part of Oregon’s Community Solar Program enacted under Oregon Senate Bill 1547 in 2016, the energy produced by the community solar projects within the portfolio will be sold to customers in both Portland General Electric and Pacific Power utility territories.
SolRiver Capital is investing over $52 million in Oregon to complete these projects.
“We are excited to contribute to the burgeoning clean energy ecosystem in the Pacific Northwest,” says Brandon Conard, partner at SolRiver Capital. “We forged this strategic partnership with Sulus Solar due to their extensive experience developing successful projects in Oregon. We look forward to continuing to nurture our partnership as the portfolio takes shape over the coming months.”
Following the Oregon Public Utility Commission’s recent approval of updates to the Community Solar Program allowing additional residential and low-income customer enrollments in the program, the portfolio will help provide the additional solar energy supply needed to meet increasing demand as access to solar energy improves. Construction is expected to commence on initial projects in the spring of 2022.
“Oregon’s clean energy bill, signed by Governor Brown earlier this year, set one of the most ambitious timelines in the country for transitioning to 100 percent clean energy sources,” states Conor Grogan, co-founder of Sulus Solar. “The path to reaching this goal will require help from all communities across the state.”