Soltage, Basalt close on $70 million in equity for C&I, utility solar

Today Soltage LLC and Basalt Infrastructure Partners announced that they have closed on the first $70 million in a $140 million equity capital partnership.

The two companies expect to close on the next $70 million in the first half of 2017, and to use these funds and existing tax equity and debt to build 100 MW of utility and commercial and industrial (C&I) solar projects in the United States.

The partnership also announced that construction has begun on three solar PV projects on landfills in Massachusetts totaling 15 MW, which the partnership will own and Soltage will operate. These projects will provide power to municipalities in the state under virtual net metering arrangements.

Soltage currently owns and operates more than 85 MW of solar projects in eight states, with much of its portfolio in New England. The company has deployed more than $250 million in capital since 2006.