Sol-REIT sets goal to raise $175 million to fund community solar projects by 2025

Sol-REIT

Sol-REIT has joined the Department of Energy’s National Community Solar Partnership (NCSP) as part of the firm’s commitment to fund more than $175 million in community solar projects by 2025.

For solar developers with projects at or beyond their notice to proceed, Sol-REIT provides construction capital and/or permanent debt that matches an asset’s operational life while significantly reducing underwriting and diligence timelines for commercial, community and aggregated residential solar projects. The construction-to-permanent financing solution gives solar developers and EPCs the ability to capture the full value chain of the projects they originate or build, meaning more developers can operate more efficiently and without capital constraints. There are no upfront fees and up to and in some cases over 100% of the capital needed to construct projects can be provided.

NCSP is a coalition of community solar stakeholders working on expanding access to affordable community solar to every U.S. household and enabling communities to realize meaningful benefits, such as reduced energy burden, increased resilience and workforce development.

Sol-REIT’s partnership with the NCSP was announced in advance of the firm’s attendance at the National Community Solar Partnership 2023 Summit on January 19, 2023, in San Diego.

“Community Solar represents a significant piece of our current pipeline while also being a core objective of the developers and EPCs we serve,” said Mark Settles, CEO of Sol-REIT. “By joining the NCSP, we are aligning our firm with a group that is focused on increasing access to solar and working collaboratively to reach community solar goals.”

NCSP is a coalition of community solar stakeholders working on expanding access to affordable community solar to U.S. households and enabling communities to realize other benefits, such as increased resilience and workforce development. The Partnership is a DOE initiative led by the Solar Energy Technologies Office in collaboration with the National Renewable Energy Laboratory and Lawrence Berkeley National Laboratory.

— Solar Builder magazine

[source: https://solarbuildermag.com/projects/sol-reit-sets-goal-raise-175-million-fund-community-solar-projects-2025/]

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