Independent energy company Tenaska and Soltage LLC, a full-service renewable energy company, have acquired a portfolio of solar generating assets in a number of states, including Massachusetts and Connecticut.
This is Tenaska's first transaction in a portfolio-level investment vehicle with Soltage. Tenaska contributed a second corporate investment in the renewable company in March.
The majority of the capital will be deployed for the construction of new assets, which Tenaska and Soltage will own and Soltage will manage and operate. Those assets will sell power to a combination of municipal and healthcare off-takers, with commercial operation dates expected in late 2015 and mid-2016. The portfolio also includes several solar generation assets already in commercial operation in various northeastern states.
Soltage develops, finances, installs, owns and operates solar power generating stations, providing electricity to commercial, industrial, educational, utility and municipal customers under long-term contracts. Tenaska currently has approximately 11,000 MW of power-generating assets under management, including approximately 450 MW of utility-scale photovoltaic and distributed solar generation projects operating or under construction.