The 40MW solar portfolio includes 10MW commissioned last December and 30MW under construction
Soltage, an independent power producer and Basalt Infrastructure Partners, have entered the Oregon energy market with 40MW solar portfolio.
The 40MW solar portfolio which was acquired from NewSun Energy, includes a 10MW facility that began operations last December. The remaining 30MW is under construction and is expected to enter service this summer.
The 10MW solar farm is located in Harney County, Oregon. Power generated from the facility will be transmitted via Bonneville Power Administration’s (BPA) transmission system to Portland General Electric (PGE).
The power is being purchased under a 16-year power purchase agreement (PPA), which can help the utility to provide renewable power to nearly one million of its customers.
The portfolio also includes projects being developed in both Harney and Lake Counties. The projects have secured significant investment along with local regional contractors, employees and consultants for development and construction.
The solar projects are expected to generate substantial revenue in the form of tax payments in Oregon during their lifespan.
Soltage co-founder and CEO Jesse Grossman said: “We are pleased to announce our entrance into the growing Oregon solar market to supply PGE’s customers with clean, locally-produced renewable energy.
“This investment fits our mission of originating and investing in best-in-class renewable investment opportunities, and deploying more distributed utility-scale solar on the grid.”
The acquisition anchors nearly $100m portfolio investment in Oregon
The acquisition from NewSun Energy is claimed to anchor nearly $100m portfolio investment in Oregon. It is being funded via Helios, an investment vehicle set up by Soltage and Basalt to own and operate solar projects across the US.
Their first vehicle Hyperion was fully deployed last year and it presently owns and operates 125MW in 35 solar facilities.
Basalt Infrastructure Partners managing partner Rob Gregor said: “We are excited to grow Basalt’s renewable asset portfolio while we continue to expand the partnership with Soltage. This investment continues Helios’ mandate to invest in renewable energy across the US.”
The present solar portfolio is expected to significantly contribute the state’s Renewable Portfolio Standard that says 50% of electricity in the state must come from renewable energy sources by 2040.