Today, Rockville-based SolaREIT, a solar real estate investment fund, announced it executed nine agreements with solar developer Delaware River Solar in New York State. In this sense, the deal involves $4.2 million in solar land transactions, more than 241 acres of land, and 25 megawatts (MW) of community solar projects.
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Indeed, SolaREIT launched in late 2020, providing financing solutions for solar developers to access capital. The fund also helps them reduce their lease costs and for landowners to receive an upfront payment for hosting solar farms.
Reception at SolaREIT and Delaware River
In this regard, Laura Pagliarulo, President of SolaREIT, commented on the agreement; “We’re excited to work with Delaware River Solar on these projects. Community solar projects require large expanses of land, development capital, and lease payments that tie-up capital increasing costs for developers.”
Pagliarulo also said SolaREIT is focused on providing financial flexibility to both landowners and solar developers. Particularly, this can help them can concentrate on doing what they do best–developing solar projects.
Similarly, Rich Winter, CEO of Delaware River Solar, said in a media release; “SolaREIT is providing valuable financial innovation and flexibility to the solar industry. We are accessing low-cost capital through these deals, which provides us the flexibility to expand our solar development efforts.”
Additionally, Winter said that financial innovation has helped grow the residential solar sector over the past decade. Therefore, now SolaREIT is bringing innovation to the market’s commercial, industrial, and community solar segments.
Community solar development
Lastly, the fund noted that community solar development is land and capital-intensive. Although most community solar projects are on leased property, SolaREIT can offer alternative options to developers and project owners; particularly to those that reduce their lease costs.
Also, earlier this year, SolaREIT announced their “Pre-Paid Solar Land Lease.” Specifically, this lease allows solar developers to provide landowners with up-front payment for up to 30-years of lease payments.
