Partnership to deliver 450 MW of new solar, solar+storage and standalone storage development
.Soltage and Harrison Street announce $250m commitment for solar and clean energy infrastructure. (Credit: Soltage)
Soltage LLC, a leading independent power producer and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, announced a $250 million partnership to fund solar and other clean energy infrastructure assets developed by Soltage. The partnership will deploy 450 megawatts (MW) of new distributed solar and storage projects across the United States. These assets will be owned by the partnership and operated by Soltage.
Concurrent with the establishment of the vehicle, the partnership announced its first investment into a 14.5 MW portfolio of solar assets representing $30 million of project costs. This initial portfolio, which is expected to finalize construction and begin operations this year, is comprised of five distributed solar projects in Maine, North Carolina, South Carolina and Virginia. The power purchasers from this portfolio include utilities, corporates and community solar offtakers aiming to achieve both cost savings and clean energy goals.
“Clean energy investment at this scale requires a proven ability to consistently deliver high quality renewable energy assets. Our 15-year track record advancing the transition to reliable, renewable energy resources demonstrates that commitment and expertise,” said Jesse Grossman, Soltage Co-Founder and CEO. “Reliable clean power sources are increasingly important and we are excited to partner with Harrison Street, who brings significant resources and infrastructure investing expertise, as we continue to deploy capital into domestic renewable energy infrastructure and drive local economic growth.”
“We are excited to partner with Soltage, which has a proven track record of deploying capital and managing renewable assets,” said Christopher Merrill, Harrison Street Co-Founder, Chairman and CEO. “This partnership is emblematic of Harrison Street’s long-term commitment to investing in critical, clean energy infrastructure across the United States, and our capital and industry expertise allow us to support the advancement of projects that help a variety of end users, from cities and states to major corporations, achieve their ambitious decarbonization goals.”
For more than a decade, Soltage has successfully raised and invested capital into clean energy infrastructure across the United States to provide clean power and create jobs. Soltage’s previous investment partnerships have invested $1 billion into the U.S. clean energy economy over the last fifteen years.
Since 2018, Harrison Street has committed nearly $400 million in equity across investments in wind, solar and hydroelectric projects. The partnership’s first investment today expands Harrison Street’s renewable energy portfolio to more than 330 MW of installed capacity.
Source: Company Press Release