The solar portfolio to developed by Soltage and Basalt includes 10 projects across the states of the three states of New Jersey, Illinois and South Carolina
Soltage and Basalt to develop a 28MW solar portfolio in the US. (Credit: Unsplash/Andreas Gücklhorn.)
Soltage, an independent power producer (IPP) and Basalt Infrastructure Partners, an equity investment fund, have announced to invest in a solar portfolio with 28MW of capacity in the US.
The solar portfolio includes 10 projects located across New Jersey, Illinois and South Carolina. All the projects are under construction and will be operational between this year and next year.
Soltage and Basalt are investing in the solar portfolio through Helios investment vehicle, which the two had created to own and operate solar assets.
The New Jersey project is located on a landfill. The 3MW facility will help to power local low- and moderate- income households through New Jersey’s Community Solar Energy Pilot Program.
The projects in Illinois have a capacity of 9MW and are part of the state’s new community solar programme. Power generated from the projects will be supplied to municipal, commercial and residential customers across the state.
The projects totaling 16MW of capacity in South Carolina, will supply their power to Duke Energy as part of the Public Utility Regulatory Policies Act (PURPA). The power sold to the utility will help in powering nearly 1,800 households annually.
Soltage increases its total project capacity under construction to over 100MW
Soltage co-founder and CEO Jesse Grossman said: “These projects will create much needed jobs, save money for American consumers and put more renewable power on the grid.
“It could not be a more important time to invest in solar, and we are pleased to announce our continued growth and deployment of capital in best-in-class solar projects across the country.”
With the new projects, Soltage’s total project capacity under construction for this year has crossed 100MW.
In March this year, Soltage had secured $142m in credit facility funded by Fifth Third Bank and Silicon Valley Bank (SVB).
The funding will be used to fund a 110MW solar portfolio of distributed utility-scale solar assets located across the states of Oregon, Illinois, Massachusetts, Rhode Island, North Carolina and South Carolina.