NT Solar, a solar investment funder and manager, is proud to announce its financing of $65 million in solar investment tax credits (ITCs) for a remarkable portfolio comprising 100 solar installations throughout California. This significant investment is made in collaboration with ForeFront Power, a leading developer and long-term owner-operator of solar energy and storage projects.

With an end-to-end development cost exceeding $200 million, this expansive portfolio will serve the renewable energy needs of 64 schools across California, supporting thousands of students in grades K-12. Additionally, the installations will connect to four city utility services and numerous large counties in the state, bringing energy savings to hundreds of thousands of residents. This undertaking reflects NT Solar’s steadfast commitment to investing in renewable energy projects that benefit broad community networks.

A notable feature of this portfolio is the prevalent use of “canopy” systems, where solar panels are elevated over parking lots, providing shade and allowing cars to park underneath. Beyond the enormous environmental benefits and savings for customers, this innovative approach reduces the need for construction on undeveloped land and transforms sprawling parking lots into productive spaces. ForeFront Power’s ambitious vision extends further, with another portfolio of even larger capacity set to commence commercial operation next year.

In addition to its commendable scope, several installations within this portfolio will qualify for various additional credits, known as “adders,” due to being located within designated “energy communities.” These communities, established under the Inflation Reduction Act (IRA), comprise places that have faced economic hardships resulting from either the fossil fuel industry or other environmental challenges. Examples include brownfield sites affected by hazardous substances, regions previously reliant on the fossil fuel industry with higher-than-average unemployment rates, and areas where coal mines or coal-fired electric generating facilities have recently closed.

NT Solar’s involvement in this venture began in December 2022 with an initial investment in a 48.5 MW DC portfolio, consisting of 79 solar installations. Demonstrating their confidence in ForeFront Power and acknowledging the project’s growth potential, NT Solar expanded its investment in the same portfolio in July 2023. By increasing the total installation count to 100, with a capacity of 58.4 MW DC, the additional commitment bolstered the financing to $65 million in ITCs. This remarkable investment not only represents the largest by installation count in NT Solar’s history but also highlights NT Solar’s unwavering trust and partnership with ForeFront Power as a developer and long-term collaborator.

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.