United States Solar Corporation (US Solar) has secured a financing facility from the Alliance Fund II intended for the development of its 100+ MW solar portfolio.
US Solar CEO Marty Mobley said that the facility will help the company move ahead in important markets with more conviction and agility, while also allowing for considerable scaling potential.
The portfolio of solar projects will be initially focused in projects in Minnesota targeting the state’s community solar market.
Alliance Fund II is an affiliate of North Sky Capital which in turn is advised by New Energy Capital Partners (NEC), an investor in clean infrastructure real assets.
New Energy Capital Partners principal Ian Marcus said: "U.S. Solar's strategy of developing grid interconnected community solar projects aligns with our focus of investing in small-scale, high quality clean energy infrastructure.
"U.S. Solar's strength in the Minnesota market presents an attractive opportunity for NEC and we're pleased to add them as a development partner."
North Sky Capital managing director Mike Pohlen added: "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."
Founded in 2014, US Solar focuses on emerging community solar markets. According to the solar developer, the community solar markets bring the solar opportunity to owners of well-located project sites and also to electric customers who cannot host a project onsite.
US Solar via its subsidiaries identifies and contracts with property owners and electricity customers directly.
The solar developer started off dealing with municipalities, school districts and corporate subscribers, and now has plans to introduce a residential pilot program in the course of the year.