Unico Solar will utilise its commercial real estate network and expertise in developing and managing the portfolio
Excelsior and Unico Solar to build 250MW of commercial and industrial sector solar projects in North America. (Credit: Business Wire.)
Excelsior Energy Capital has formed a long-term programmatic joint-venture partnership with Unico Solar Investors to develop a 250MW of commercial and industrial sector solar projects in North America.
The joint venture will construct, own and operate pipeline of solar projects, which are to be built across North America.
Unico Investment Group’s wholly-owned subsidiary, Unico Solar, will utilise its commercial real estate network and expertise in developing and managing the portfolio.
Upon start of construction, the projects will be acquired by the Excelsior through its North American Renewable Energy Fund.
Additionally, Unico Solar will be responsible to manage the construction and asset management while maintaining a minority equity position.
Excelsior partner Anne Marie Denman said: “The Unico Solar platform brings deep experience in commercial real estate and C&I solar development that aligns well with Excelsior’s mandate to own and operate renewable investments with contracted returns.
“Excelsior’s sourcing and investment strategy focuses in large part on long-term partnerships with thoughtful top-tier developers and operators like Unico Solar, where there is a clear framework and set underwriting guidelines to execute on multiple, programmatic investments.”
Construction on the projects to commence in Q3 this year
The portfolio of projects includes ground-mount, rooftop and carport solar projects to be built across many US states.
The projects will be constructed in Arizona, California, Colorado, Hawaii, Massachusetts, Nevada, New Jersey, New York, Oregon, and Washington, among others.
The power generated by the projects will be sold to diversified consumers that include commercial businesses, property owners, municipalities, education institutions, utilities, and other credit-worthy C&I customers under long-term power purchase agreements.
Construction on the first set of projects is anticipated to begin in third quarter of the year.
Earlier this year, Excelsior through its North American Renewable Energy Fund, completed the acquisition of the 90.1% of sponsor equity interests held by Invenergy in the 109MW portfolio of Prairie Breeze II and Prairie Breeze III wind projects in the US.