Today, Soltage LLC, a leading independent power producer, announced that it closed on its acquisition of 14 megawatts (MW) of solar projects in a portfolio that is expected to total 35 MW after a second close slated for Q3 2019. The portfolio was acquired from ReNew Petra, a vertically-integrated solar developer, EPC and operations and maintenance company. The company secured long-term power purchase agreements with members of the North Carolina Electric Membership Cooperatives, providing fixed cost and affordable power.
"We are pleased to announce our work with ReNew Petra and the North Carolina cooperatives to put additional distributed utility-scale solar at critical infrastructure points on the grid," said Jesse Grossman, Soltage Co-Founder and CEO. "These assets allow for us to continue to deploy our capital to high-quality renewable energy infrastructure investments, providing economic benefits to the communities in which we are working as well as long-term affordable power to our energy offtake partners."
Soltage's investment into these assets is part of a larger national trend of municipal utilities and cooperatives purchasing long-term solar power contracts due to solar's cost competitiveness as compared to alternate electric generating resources. In addition to solar's favorable economics, as state and local decarbonization goals grow, electric membership cooperatives and electric utilities are increasing their usage of solar to meet mandated renewables targets.
"We're proud to work with a company like Soltage to further increase solar generation in the rural North Carolina communities these cooperatives serve," said Richard Payne, a Managing Director of North Carolina-based ReNew Petra.
Source: Soltage LLC
Date: Jul 30, 2019