NewWorld Environmental Infrastructure is to invest in an 11.6MW portfolio of solar projects of projects in Connecticut and Massachusetts developed by Soltage.
The portfolio consists of six PV projects, the construction of which will begin later this month.
US-based Soltage develops and operates solar power plants for large commercial customers.
Soltage has completed 10 solar power generating projects representing more than 14MW of distributed generating capacity. The company collaborates with a group of unknown investors, including the independent energy company Tenaska.
NewWorld offers finance equity, asset-backed structured equity to projects and companies building clean infrastructure assets.
The company has formed a partnership on the investment with CleanTech Alliance Fund, a subsidiary of North Sky Capital of Minneapolis, in Minnesota. Under this co-partnership both companies will provide financial support to the project.
Jesse Grossman, Soltage's CEO and Co-Founder said: “NewWorld is a strong complement to our current group of experienced investors and brings specific expertise in financing clean energy projects to accelerate the growth of environmental companies like Soltage.”
Everett Smith III, NewWorld Capital’s Founding Partner said: “We have found a strong partner in Soltage and share their view that mid-sized commercial solar is a growing and exciting market opportunity. We are pleased to provide funding for this attractive and diversified set of solar projects.”