SolRiver Capital, a national solar investment fund, announced that it acquired a portfolio of solar projects from Sulus Solar this Thursday. The portfolio consists of 14 community solar and utility-scale projects in Oregon.
Firstly, the portfolio has a total capacity of 38-megawatts-dc. Once completed, it will produce around 60 million kilowatt-hours of clean electricity annually. Such an amount would be enough to power more than 5,100 homes each year; the amount of emissions avoided from the project would also be the equivalent of planting over 700,000 trees.
Moreover, the energy from the projects will enter the wholesale market through Portland General Electric and Pacific Power. The portfolio includes a combination of utility-scale PURPA and Oregon Community Solar projects.
On the other hand, to finish the development and begin operations, SolRiver is investing over $52 million. About the matter, Brandon Conard, Partner at SolRiver Capital, said. “We are excited to contribute to the burgeoning clean energy ecosystem in the Pacific Northwest.”
He also remarked. “We forged this strategic partnership with Sulus Solar due to their extensive experience developing successful projects in Oregon. We look forward to continuing to nurture our partnership as the portfolio takes shape over the coming months.”
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SolRiver to improve access of communities to solar energy
In addition, Conor Grogan, co-founder of Sulus Solar, said that Oregon’s clean energy bill, signed by Governor Brown earlier this year, set one of the most ambitious timelines in the country for transitioning to 100% clean energy. Consequently, the community solar projects align with that ambition.
“We’re thrilled to partner with SolRiver Capital to offer Oregonians easier access to solar energy and the ability to support the transition to a clean energy economy.” He said.
Furthermore, the portfolio will help provide the additional solar energy supply needed to meet increasing demand. Particularly, low-income customers will be able to enroll in the program, following the Oregon Public Utility Commission’s approval of updates to the Community Solar Program.
As a result, the portfolio will spur substantial benefits for the communities of Oregon; especially those most affected by climate change. On top of the social and environmental benefits, the construction and maintenance of these projects will contribute to building a robust workforce enabling a green economic recovery. Finally, construction is expected to commence on initial projects in the spring of 2022.
