Soltage, an independent energy firm, based in New Jersey, announced this Tuesday it secured a $250 million in funding form investment firm Harrison Street, for the development of solar and clean energy infrastructure developed by Soltage.
Firstly, the partnership will deploy 450 megawatts of new solar and storage projects across the U.S. Soltage will own and operate the assets. The first investment is for a 14,5 MW portfolio, which represents a cost of $30 million from the total funds.
Secondly, this initial portfolio will begin operations this very year; it contemplates five distributed solar projects in Maine, North Carolina, South Carolina and Virginia. Consumers of those projects will be utilities, corporations and community solar offtakers.
Although further projects were not disclosed by the company, nor the direction in which the additional funds from Harrison Street will be deployed, the company expects to keep driving local economic growth.
In fact, Soltage has more than a decade raising and successfully investing capital into renewable energy assets and infrastructure, across the nation; also creating important jobs along the way. Company’s previous investment partnerships have invested $1 billion into the U.S. clean energy economy over the last fifteen years.
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Soltage, an economic driving force in the U.S.
In this regard, Jesse Grossman, Soltage Co-Founder and CEO, said. “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 also our commitment and expertise.”
He also remarked. “Reliable clean power sources are increasingly important; we are excited to partner with Harrison Street, who brings significant resources and also infrastructure investing expertise; while we continue to deploy capital into domestic renewable energy infrastructure and drive local economic growth.”
On the other hand, Christopher Merrill, Harrison Street CEO, stated. “We are excited to partner with Soltage, which has a proven track record of deploying capital and managing renewable assets.”
Finally, he underlined. “This partnership is also emblematic of Harrison Street’s long-term commitment to investing in critical, clean energy infrastructure. Our capital and industry expertise also allows us to support the advancement of projects that help a variety of end users; from cities, states to also major corporations to achieve their ambitious decarbonization goals.”