New Jersey-based Infiniti Energy announced that it has closed an up to $87 million tax equity facility and $30 million construction revolver earmarked to support a growing portfolio of commercial solar projects.
The company said the financing will be used to support the development of 34 MW of commercial and industrial (C&I) solar located across New Jersey. The portfolio will be comprised entirely of power purchase agreements (PPAs) for all sites, though purchasers of the electricity have not yet been named. Infiniti Energy will build, own, and operate all sites working with a diverse group of solar offtakers, including retail, large multi-family residential, commercial, and industrial clients.
Construction is underway on the 34 MW portfolio, with completion expected by the end of 2022.
“The Infiniti Energy team is excited about the opportunity this financing represents,” said Michael Kushner, Infiniti Energy CEO. “It is an important step to expand Infiniti Energy’s owned solar portfolio while positively impacting our clients, the environment, and our investors.”
This most recent round of funding builds on the $60 million that was committed to Infiniti Energy Services by Upper Bay Infrastructure Partners to form Infiniti Energy, back in April 2021. Infiniti Energy is a platform for the development and acquisition of Commercial and Industrial solar assets in the Northeast and Mid-Atlantic regions, while Infiniti Energy Services is a C&I solar developer. Upper Bay initially committed $60 million to accelerate Infiniti’s development and acquisition of solar assets and expects a total project pipeline investment opportunity in excess of $200 million by 2024.
One of Infiniti Energy Services’ most notable C&I installations is a nearly 1 MW rooftop solar array at a PepsiCo bottling warehouse in Piscataway, New Jersey, about an hour north of Trenton. The project is part of PepsiCo’s U.S. and global corporate sustainability initiatives.
Totaling 992.8 kW, the project includes 2,482 Trina 400 W modules with Tigo rapid shutdown units, PanelClaw FR10D racking, and 12 Chint 60 kW inverters.
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