Green Street Power Partners, LLC (GSPP) closed on tax equity investment and long-term debt financing for a 17.5 megawatt community solar portfolio in Minnesota. The portfolio will consist of commercial and industrial customers and represents GSPP’s initial foray into the Minnesota market. GSPP will own and operate the solar assets long-term. The portfolio, consisting of 4 different sites, is expected to be fully operational between now and Q3 of 2019.
GSPP secured tax equity financing for the project from Rockwood Group, through its partnership with The Guardian Life Insurance Company of America and ~$25M in long-term debt with Celtic Bank, a top-ten nationwide SBA lender headquartered in Salt Lake City, Utah.
“Guardian Life Insurance and Rockwood Group have proven to be ideal partners in this transaction. Their focus on long-term, sustainable investments aligns well with the funding opportunities we have to offer at GSPP,” stated Scott Kerner, CEO of GSPP. “We are excited about securing this investment from such reputable firms and we look forward to continued growth within this new partnership.”
“Celtic Bank is excited that it will expand its lending portfolio with this group of community solar projects in Minnesota” stated Jasna Filipović, VP of Renewable Energy & Specialty Finance at Celtic Bank. “These solar farms will both significantly increase solar production in the state and reduce energy costs to households. We are grateful to GSPP and our partnership in these great projects.”
The clean energy generated by the four projects in this portfolio will offset over 15,000 tons of carbon dioxide annually.
GSPP continues to experience rapid growth as they expand into the Midwest commercial solar market. With this most recent addition to its portfolio, GSPP now has over 70 MW under management and will generate power in 10 states.
— Solar Builder magazine
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