The investment is the company’s third as a part of its Iris capital vehicle, created in partnership with Harrison Street to fund and depl0y 450MW of new distributed solar and storage projects across the United States.
Soltage, along with Harrison Street, an alternative energy investment firm, announced the companies’ most recent investment in solar. The investment was made through the companies’ previously-announced $250 million partnership to fund solar and other clean energy infrastructure assets to be developed by Soltage.
This time, the two companies have invested $52 million in a 31MW portfolio of five solar projects set to be constructed in South Carolina and Illinois. The portfolio consists of one project in Illinois and four projects in South Carolina, and the electricity generated from these projects will be sold to municipal, commercial and residential community solar customers, as well as local utilities.
“We are proud to announce this investment, building on our 15-year track record of developing and investing in renewable energy assets to serve our diverse base of electricity consumers,” said Soltage Co-Founder and CEO, Jesse Grossman.
Soltage and Harrison Street first announced their $250 million partnership in March 2021, and under it, the two plan to deploy 450 MW of distributed solar and storage projects across the U.S. All assets developed will be owned by the partnership and operated by Soltage.
The first was in a 14.5MW portfolio of solar assets representing $30 million of project costs. The projects entered service in 2021 across five sites in Maine, North Carolina, South Carolina, and Virginia.
In August 2021, the two announced a joint investment in a 20MW project portfolio of community solar assets and Public Utility Regulatory Policies Act (PURPA) solar projects located in North Carolina, South Carolina, and Maine.
