Independent power producer Soltage LLC and infrastructure equity investment fund Basalt Infrastructure Partners are investing in a 28-MW solar portfolio that includes 10 solar projects located in New Jersey, Illinois and South Carolina. All projects are under construction and will be placed in service in 2020 and 2021.The investment was funded by the Helios investment vehicle that the partners created to own and operate solar assets.
The New Jersey project totals 3 MW, is located on a landfill and will provide power to local low- and
moderate- income households through New Jersey’s Community Solar Energy Pilot Program. The Illinois
projects total 9 MW and are part of the state’s new community solar program. The projects will supply
clean power for municipal, commercial and residential customers across Illinois. The South Carolina
projects total 16 MW and sell power to Duke Energy as part of the Public Utility Regulatory Policies Act
(PURPA). The solar projects will help the utility provide renewable power to approximately 1800
households per year.
“These projects will create much needed jobs, save money for American consumers and put more
renewable power on the grid,” said Jesse Grossman, Soltage Co-Founder and CEO. “It could not be a
more important time to invest in solar, and we are pleased to announce our continued growth and
deployment of capital in best-in-class solar projects across the country.”
This brings Soltage’s total project capacity under construction in 2020 thus far to over 100 megawatts. The
announcement points to continued interest from mainstream investors into solar assets, despite
economic dislocation caused by the COVID-19 pandemic. The Solar Energy Industry Association (SEIA)
forecasts 33 percent annual growth in 2020, and 18 gigawatts of new solar installations to come
online before the end of the year.
— Solar Builder magazine