Adapture Renewables Inc. announced this week that it completed a portfolio of ten solar projects totaling 33 megawatts (MWdc) of capacity across the Portland, Oregon metropolitan area. Adapture Renewables acquired the portfolio in early 2019.
“There are inherent challenges with multi-project portfolios, which require diligent management of development, financing and construction,” said Goran Arya, Director of Business Development at Adapture Renewables. “Knowing this, we intentionally built flexibility into project designs and leveraged in-house expertise in order to streamline the permitting and transactions, and successfully commission all ten projects on schedule.”
Adapture Renewables will own and operate the portfolio and sell the generated electricity under a long-term power purchase agreement to Portland General Electric. Oregon’s Renewable Portfolio Standard requires that utilities procure 50 percent of their power from renewable sources by 2040. In addition to providing reliable clean energy, the portfolio has created jobs in the Portland area and will continue to generate tax revenue for the local jurisdictions, said Adapture.
The portfolio was financed by tax equity partner U.S. Bank.
“Since 2008, U.S. Bank has invested more than $12.6 billion to help finance the development of more than 15 gigawatts of solar energy across the country,” said Eric Barr, Vice President of Renewable Energy Investments with U.S. Bancorp Community Development Corporation, the tax equity and community investments subsidiary of U.S. Bank. “We’re excited to partner with Adapture Renewables and grow solar capacity in the Portland area. We want to be responsible stewards of the environment and investing in solar is one of the ways U.S. Bank can achieve that.”
With this set of projects, Adapture Renewables increases its portfolio of solar energy generating assets in Oregon to 67 MWdc, and to 242 MWdc in total across the country.