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Soltage and Harrison Street partner for 20 MW solar projects

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Soltage LLC, an independent power producer, has partnered with Harrison Street for the development of 20-megawatts community solar assets; and assets under the Public Utility Regulatory Policies Act (PURPA); to be located in North Carolina, South Carolina, and Maine.

Firstly, Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets; the agreement between the parties was for an investment coming from Harrison Street, while Soltage will develop, own and operate the assets.

Secondly, the portfolio of assets will serve customers including investor-owned utilities purchasing electricity via PURPA contracts; as well as U.S. businesses buying solar energy to meet clean energy goals; and lock in reduced electricity costs.

Thirdly, the portfolio will also increase access to reliable, clean energy and foster local job creation. Additionally, this is not the first investment from Harrison Street with Soltage; it’s the second on Soltage’s Iris vehicle, which previously announced a $250 million partnership to fund solar and other clean energy infrastructure assets in March 2021.

Moreover, the investment in March was for the deployment of 450 MW of new distributed solar and storage projects across the nation; while the partnership’s first investment was a 14.5 MW portfolio of solar assets representing $30 million of project costs.

Also recommended for you: Borrego wins contract to develop utility scale solar projects in Michigan. Click here to read.

Soltage to push U.S. decarbonization goals

On the other hand, the announcement demonstrates the strong momentum of the renewable energy sector and the demand for clean energy from utilities and corporate entities. In fact, according to research by BloombergNEF, in 2020 corporations purchased a record 23.7 GW of clean energy; and experts expect that trend to continue. Since 2005, Soltage has successfully raised and invested $1 billion into clean energy infrastructure.

In regards to the relevance of the announcement, Carolyn Arida, Director and Head of Utilities for Harrison Street, said. “Harrison Street is excited to continue to deliver mission critical renewable energy options; to ensure the businesses and communities in which we invest can meet their sustainability and resiliency objectives.”

She also remarked. “Soltage is an experienced leader in distributed solar assets; and we look forward to continuing to identify attractive investment opportunities together that advance our nation’s decarbonization goals.”

Finally, Jesse Grossman, Soltage CEO, said. “For the past 15 years, Soltage has seen the demand for distributed, clean energy assets continue to grow; and we’ve worked to meet this need by increasing the renewable energy options available to our customers.”

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