Soltage, a power producer, and Harrison Street, an investment management company have entered a partnership to fund renewable assets worth US$250 million across the US. Soltage plans to build solar, solar and storage, and standalone storage projects across the country with a 450MW capacity. The partnership aims to fund and deliver these projects. Under the agreement, the assets will be owned by the partnership and operated by Soltage. The partnership will initially invest in a 14.5MW portfolio of solar assets, costing US$30m. This portfolio comprises five distributed solar projects located in four states; Maine, North Carolina, South Carolina, and Virginia.
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The companies expect to finalize construction plans for the initial portfolio soon, with operations slated to start this year. Energy generated by the portfolio will be sold to utilities, corporates, and community solar off-takers. Soltage has currently developed more than 100 solar energy projects with more than 400 MW total distributed generating capacity under construction and management. The company’s previous investment partnerships have invested US$1 billion into the U.S. clean energy economy over the last fifteen years.
“Clean energy investment at this scale requires a proven ability to consistently deliver high-quality renewable energy assets. Our 15-year track record advancing the transition to reliable, renewable energy resources demonstrates that commitment and expertise,” said Jesse Grossman, Soltage co-founder, and CEO. “Reliable clean power sources are increasingly important and we are excited to partner with Harrison Street, who brings significant resources and infrastructure investing expertise, as we continue to deploy capital into domestic renewable energy infrastructure and drive local economic growth.”
“We are excited to partner with Soltage, which has a proven track record of deploying capital and managing renewable assets,” said Christopher Merrill, Harrison Street Co-Founder, Chairman, and CEO. “This partnership is emblematic of Harrison Street’s long-term commitment to investing in critical, clean energy infrastructure across the United States, and our capital and industry expertise allow us to support the advancement of projects that help a variety of end-users, from cities and states to major corporations, achieve their ambitious decarbonization goals.”
