SolRiver Capital acquires 53 MW solar portfolio

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National solar investment fund SolRiver Capital inked another October deal, this time buying a portfolio of eight North Carolina solar projects that total 53 MW in capacity. The projects were acquired from Copenhagen Infrastructure Partners.

Each project is expected to enter a power purchase agreement with local utilities. The projects are planned to produce power equivalent to the demand of 7,700 homes. SolRiver’s investment is expected to be in excess of $90 million, said the company.

This announcement follows the passing of the Energy Solutions for North Carolina act, which establishes a carbon emission reduction target of 70% by 2030, and carbon neutrality by 2050. SolRiver’s investment includes several Public Utility Regulatory Act (PURPA) projects, increasing the state’s renewable energy mix.

Westmoreland County’s wastewater treatment plant is powered by SolRiver’s 3 MW solar project.
Image: SolRiver Capital

Last year, Duke Energy and the solar industry reached a series of agreements intended to speed interconnection for utility-scale solar projects, and reduce costs. The interconnection queue process was reworked, and a cluster study model was adopted.

SolRiver, founded in 2016, manages over 180 MW in capacity from 300 projects. In mid-October, the firm bought a set of utility-scale and community solar projects developed by Sulus Solar in Oregon. The company said it invested $52 million in the projects, the first of which is set to begin construction in spring 2022.

Earlier in October, the firm entered a virtual net metering agreement for a 3 MW solar project that powers a municipal wastewater treatment plant in Pennsylvania. The net metering program, authorized recently by the Pennsylvania Public Utilities Commission, allows customers to offset on-site power consumption through solar PV generated on nearby land that is owned or leased by the same customer.

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