Soltage LLC and Basalt Infrastructure Partners LLP announced that they have closed an investment in a nine-project, 57MW solar project portfolio across the state of North Carolina. This is the second portfolio investment announced under a $140 million equity capital partnership between Soltage and Basalt launched in place Q4 2016. Construction on the current portfolio is expected to begin in May 2017.
The nine greenfield utility-scale solar power projects will be located across seven communities in the eastern half of North Carolina, and will range in size from 3MW to 7MW. Project offtakers include Duke Energy and Dominion Energy. The project pool will generate roughly 85,000 megawatt-hours of clean energy annually and will offset roughly 132 million pounds of carbon dioxide, the equivalent of burning 62 million pounds of coal.
"Utilities across the country are continuing to expand their investments in solar power to lock in stable long-term power prices while reducing electricity generation emissions," said Jesse Grossman, Soltage co-founder and CEO. "Solar projects like these empower North Carolina to provide the competitive prices and clean power that both corporate and residential customers are increasingly seeking from power utilities."
Under this second close of the investment partnership between Soltage and Basalt, Soltage will act as the power plant operator selling the electricity to the utilities through Public Utilities Regulatory Policies Act contracting. Soltage is acquiring the projects from Cypress Creek Renewables, who will be providing engineering, procurement, and construction services for all nine projects.
"Basalt is delighted to be making significant progress in building a well-diversified portfolio of solar farms, which will now include projects in North Carolina that have long-term power purchase agreements with investment-grade off-takers in place." said Rob Gregor, Managing Partner of Basalt Infrastructure Partners LLP. "It is a testament to the importance of partnering with industry-leading developers that have longstanding relationships providing a robust and proven proprietary channel of investment origination."