Community solar developer United States Solar Corp. (US Solar) has secured a project financing facility from the Alliance Fund II LP, an affiliate of North Sky Capital that is advised by New Energy Capital Partners (NEC), an investor in clean infrastructure real assets.
Financial details were not disclosed, but the parties say the capital will be used to support the development of US Solar’s 100+ MW solar portfolio, with an initial focus on the Minnesota community solar market.
“US Solar’s strategy of developing grid-interconnected community solar projects aligns with our focus of investing in small-scale, high-quality clean energy infrastructure,” says Ian Marcus, principal at New Energy Capital Partners. “US Solar’s strength in the Minnesota market presents an attractive opportunity for NEC, and we’re pleased to add them as a development partner.”
Mike Pohlen, managing director at North Sky Capital, adds, “While we are geographically indifferent with respect to our investments, it is particularly exciting to partner with a leading developer in US Solar to build community solar projects in our home state of Minnesota.”
“We are tremendously excited to be working with North Sky and NEC,” says Marty Mobley, US Solar’s CEO. “This facility will help us move forward in key markets with additional conviction and agility, while also allowing for significant scaling potential.”
Since its founding in 2014, US Solar has focused on emerging community solar markets. Through its subsidiaries, US Solar identifies and contracts directly with property owners and electricity customers. Following early successes working with municipalities, school districts and corporate subscribers, the company plans to launch a residential pilot program this year.