KeyState Renewables, LLC and Corner Power, LLC launched SOLCAP I LLC, a solar tax equity fund for community and regional bank investors in Q4 2019. The fund had its initial closing on February 6, 2020 and will remain open to additional tax equity investors until mid-March 2020.
SOLCAP also announced the closing of its financing of Pine Gate Renewables’ (PGR) Twelfth Solar Portfolio on Feb. 12, 2020. PGR’s portfolio consists of 6 solar projects currently under construction in rural Oregon and South Carolina. The 6 solar projects represent over $30 million of infrastructure investment with a combined aggregate capacity of nearly 20 megawatts (MWs). The projects will produce enough energy to power over 3,600 homes.
PGR and SOLCAP will jointly own the portfolio of projects, and PGR will add these 6 projects to its 350+ MWs of operational sites under management across the country. SOLCAP was represented by Kutak Rock LLP and PGR was represented by Stoel Rives LLP. Founded in 1991, KeyState serves over 150 community banks across the country. Based in Las Vegas, NV, KeyState has additional offices in Wilmington, DE and Burlington, VT. Corner Power’s team of seasoned solar energy professionals has been engaged in the development, financing (tax equity and debt) and fund management of distributed generation solar projects for over 12 years and is based in New York with offices in San Francisco.
Public Welfare factor
SOLCAP provides community banks with a vehicle to invest in renewable energy projects that also
qualify as “Public Welfare Investments” (PWIs). PWIs are investments that primarily benefit low and moderate-income individuals or areas, or other areas targeted by a government entity for redevelopment. SOLCAP is pleased to provide a unique platform for banks to make equity investments in renewable energy projects in those designated areas.
“SOLCAP and its community bank investors are committed to financing renewable energy projects that enhance and support their communities. We launched SOLCAP to provide an efficient and scalable solution for community banks to invest in renewable energy projects,” said Josh Miller, CEO of KeyState Renewables. “We are proud to partner with Pine Gate Renewables, a leader in the solar development industry focused on utility-scale projects that have a meaningful impact in their communities.”
“Pine Gate’s mission is to bring low cost and clean energy to the markets we serve,” said Ray Shem, Pine Gate’s Chief Financial Officer. “We are excited to partner with SOLCAP to continue our goal of ‘Getting Solar Done’ and look forward to partnering with them on future projects.”
— Solar Builder magazine