SAN FRANCISCO–(BUSINESS WIRE)–Renewable Properties, a developer, owner and investor in small-scale community and utility solar projects, has completed the tax equity financing of 11.6MW of solar projects with the SOLCAP Solar Tax Equity Fund of KeyState Renewable for community and regional bank investors.
Fund 6’s portfolio consists of three solar projects. Two New York community solar projects (5 MW Rock Island Road Solar Project in Gouverneur, NY and 5.7 MW Bullis Road Solar Project in Marilla, NY) were completed in the summer of 2022. The third project, a project of nearly 1 MW eligible installation project in Bourne, Massachusetts, was completed in December 2021. In their first year of operation, the three projects are expected to produce a total of 16,645,000 kWh of solar energy, enough to power approximately 1,929 homes and reduce greenhouse gas emissions by 10,263 tonnes.
Projects like these are made possible by Tax Equity Funding, which is a critical clean energy partner-investor relationship that has enabled the energy transition in the United States. energy development.
The recently passed IRA is a transformational bill with provisions that will incentivize large numbers of midsize businesses and community banks to deploy capital into renewable energy projects across the United States. and retroactively increases ITC from 26% to 30%, effective January 1, 2022. This extension and expansion of ITCs will result in a significant increase in renewable energy projects being developed and built over the next decade.
“Great partners like SOLCAP are imperative for the solar industry to thrive,” said Allan Riska, Chief Investment Officer for Renewable Properties. “Without investors participating in tax fairness, we would fall far short of meeting US climate emission reduction targets. With so many tax fairness-based incentives available to investors today, it can be difficult to find consistent tax fairness partners. This is why it is crucial to have strong investment partners like SOLCAP, which allows us to develop and own projects responsibly. Having a reliable, long-term partner is key to building more green infrastructure. We look forward to continuing our successful relationship with SOLCAP.
Renewable Properties began working with SOLCAP in 2019 to develop a solar industry financing product that would drive scale and efficiency. Their collaboration led to the financing of these New York and Massachusetts projects under Fund 6. With the completion of these three projects, Renewable Properties and SOLCAP are now working together on new projects in Maine, North Carolina and California. SOLCAP’s relationships with community and regional bank investors will enable significant expansion of projects in partnership with Renewable Properties.
KeyState Renewables and Corner Power launched the SOLCAP tax fairness platform in 2019. Since then, SOLCAP has funded 28 similar solar projects to date, totaling over 160 MWdc. 22 additional projects are in development or under construction, expanding SOLCAP’s footprint to seven states. With the completion of all ongoing solar projects, SOLCAP will have deployed over $200 million on behalf of its community investors and regional banks.
“Community banks are very logical tax capital investors for small-scale community utility and solar projects. Our SOLCAP tax fairness fund platform enables community banks to efficiently deploy tax fairness investments in a diverse portfolio of projects,” said Josh Miller, CEO of KeyState Renewables, SOLCAP Governing Member. “Renewable Properties has been a great partner over the past four years. Their seasoned management team’s focus on small-scale community solar and utility projects is a perfect fit for our community bank investors. SOLCAP looks forward to being a stable and efficient source of solar tax equity for renewable properties for years to come.
Renewable Properties is further expanding its portfolio with more community and local solar projects for its upcoming 32 MW Fund 7, which is expected to be fully funded in the first quarter of 2023 and will continue a successful partnership with SOLCAP.
About Renewable Properties
Founded in 2017, Renewable Properties specializes in developing and investing in small-scale solar energy and storage projects in the United States. Led by experienced renewable energy professionals with development and investment experience, Renewable Properties operates in 14 states and has over 650 MW. in development with more than 100 MW under construction or in operation. Renewable Properties works closely with communities, developers, landowners, utilities and financial institutions looking to invest in solar energy systems. For more information on renewable properties, visit www.renewprop.com.
KeyState Renewables and Corner Power are the Managing Members of the SOLCAP Solar Tax Equity Funds. KeyState specializes in managing tax-efficient investment and insurance structures for community banks. Founded in 1991, KeyState serves more than 140 community banks nationwide and is headquartered in Las Vegas, NY with offices in Wilmington, DE, Burlington, VT and Denver, CO.
Corner Power’s team of seasoned solar energy professionals have been engaged in the development, financing (tax equity and debt) and fund management of distributed generation solar projects for over twelve years. The Corner team has researched, developed and operated solar and energy storage projects for the C&I, municipal and utility markets in the United States and India. She is based in New York, NY, with offices in San Francisco.
For more information on SOLCAP, visit www.sol-cap.com