Soltage and Basalt announce 57MW PV portfolio in North Carolina

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Construction on the 57MW portfolio is set to begin in May 2017. Image: Slimdandy / Flickr

Renewable energy company Soltage and Basalt announced Thursday that they have closed an investment on a nine-project, 57MW solar project portfolio in North Carolina.

This stands as the second portfolio investment announced as part of a US$140 million equity capital partnership between Soltage and Basalt launched in place Q4 2016. Construction on the portfolio is set to begin in May 2017.

The nine greenfield utility-scale PV projects will be located across seven communities in the eastern half of North Carolina, which will range in size from 3MW to 7MW. Project offtakers include Duke Energy and Dominion Energy.

The portfolio will generate roughly 85,000 MWh of clean energy annually and will offset 132 million pounds of carbon dioxide.

Jesse Grossman, Soltage co-founder and CEO, said: “Utilities across the country are continuing to expand their investments in solar power to lock in stable long-term power prices while reducing electricity generation emissions. Solar projects like these empower North Carolina to provide the competitive prices and clean power that both corporate and residential customers are increasingly seeking from power utilities.”

As part of this investment partnership, Soltage will serve as the power plant operator selling the electricity to the utilities through Public Utilities Regulatory Policies Act (PURPA) contracting. Soltage acquired the projects from Cypress Creek Renewables, who will be providing engineering, procurement, and construction services for all nine projects.

Rob Gregor, managing partner of Basalt Infrastructure Partners, said: “Basalt is delighted to be making significant progress in building a well-diversified portfolio of solar farms, which will now include projects in North Carolina that have long-term power purchase agreements with investment-grade off-takers in place. It is a testament to the importance of partnering with industry-leading developers that have longstanding relationships providing a robust and proven proprietary channel of investment origination.”

Read Next

April 15, 2021
Israeli developer Solegreen has invested US$104 million in solar installer Kuubix to help it pursue an "aggressive" expansion strategy across its core markets in the US.
March 23, 2021
Independent power producer (IPP) Soltage and investment manager Harrison Street have formed a partnership to invest US$250 million in the former’s solar and energy storage project development pipeline.
September 30, 2020
A round-up of the latest news from the US solar market, as Helios Infrastructure continues its acquisition spree and Duke Energy unveils plans for a floating solar facility paired with storage at Fort Bragg.
September 11, 2020
Several hundred megawatts of additional solar projects are set for completion in North and South Carolina in the next two years thanks to the resolution of a range of interconnection disputes.
September 3, 2020
A round-up of the latest news from the US, where DTE Energy plans a major solar expansion, Duke publishes its latest IRP and EDP Renováveis divests a majority stake in 563MW of renewable projects.
August 24, 2020
A joint venture between Sol Systems and financial services firm Nationwide has completed the purchase of 148MW of US solar assets from Cypress Creek Renewables.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021