Renewable Properties, a distinguished developer and investor in small-scale utility and community solar projects across the United States, has successfully concluded its latest venture, the $53.5 million Fund 9 portfolio. This remarkable closing further expands Renewable Properties’ fruitful collaborations with tax equity investor SOLCAP, as well as project lending partners 1st Source Bank and West Town Bank & Trust.

The Fund 9 portfolio encompasses five remarkable solar projects spread across Maine, North Carolina, and California. With a total capacity of nearly 22 MW, these solar initiatives are projected to generate a substantial amount of clean energy, providing enough power to energize approximately 3,111 homes annually.

Allan Riska, Chief Investment Officer at Renewable Properties, emphasizes the importance of dependable financing relationships in scaling up their pipeline of community solar and small-scale utility projects. Riska applauds the ongoing partnerships with SOLCAP, 1st Source, and West Town, which have contributed significantly to delivering the transformative benefits of solar energy to rural areas across America.

As a reliable tax equity resource, SOLCAP, a joint venture of KeyState Renewables and Corner Power, has consistently supported Renewable Properties since 2021. Including the 22 MW portfolio of Fund 9, SOLCAP has invested in three tax equity funds, facilitating the construction and acquisition of 65.3 MW of Renewable Properties’ community solar and small-scale utility projects across five states.

Fund 9 marks the second portfolio supported by 1st Source Bank. Over the past year, this esteemed financial institution has provided construction and permanent loans for 21.6 MW of Renewable Properties’ solar projects. Notably, the successful closing of Fund 9 will enable Renewable Properties to acquire three community solar projects in Maine, with a combined capacity of 11.6 MW. Currently under construction, these three solar arrays are scheduled for completion by the first quarter of 2024.

Consolidating its position as a steadfast investor, West Town has actively participated in three Renewable Properties’ portfolio financings since 2019. During this duration, West Town has provided construction and permanent loans for 38.5 MW of Renewable Properties’ projects, including the recent Fund 9.

West Town’s investment in Fund 9 will facilitate the financing of a notable 6.62 MW solar project in Gibson, N.C., set to be completed by the last quarter of 2023. Furthermore, West Town will partner on a noteworthy 4.2 MW community solar project in El Nido, Calif., with an anticipated completion date in May 2024.

The closing of Renewable Properties’ $53.5 million solar project portfolio marks yet another significant milestone for the company. It brings to the forefront the company’s commitment to driving sustainable and clean energy adoption across the nation. The completion of these projects signifies a step forward in the journey towards a greener and brighter future.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The energy market is highly volatile, and readers should conduct thorough research before making any investment decisions.