Independent renewable energy provider, Soltage LLC, said last week that it closed a first round of investment in a 38 project, 100-megawatt (MW) solar project portfolio located in five states across the East Coast and the Southeast.
The portfolio includes a large asset acquisition from project developer, Southern Current, plus other Soltage-developed projects, and is a follow-on investment under a partnership between Soltage and Basalt Infrastructure Partners. Construction on the current portfolio is underway and projects are expected to reach commercial operation across the calendar years of 2018 and 2019.
The individual projects in the portfolio, which range from 2 MW to 6 MW, are located across North Carolina, South Carolina, Georgia, Virginia and New Jersey, and will sell power to utility off takers including Duke Energy, Dominion Energy and Georgia Power under long term contracts. The portfolio of solar assets will generate roughly 160,000 megawatt-hours of clean energy annually, according to the company.
“This portfolio demonstrates the continued market demand for distributed utility solar assets, with utilities and private consumers looking for large and efficiently constructed projects to deliver clean and affordable power near the point of customer demand,” said Jesse Grossman, Soltage CEO and Co-Founder.