Leyline Renewable Capital said that it has invested $10 million in early-stage growth and development capital to support up to 1 GW of distributed generation (DG) and utility-scale solar energy projects across the eastern United States, though a partnership with Charlotte, North Carolina-based developer, Solterra Energy.
The company said Solterra plans to use the funding for both project-related expenses and working capital costs for the company. Its portfolio is expected to include utility-scale solar projects within Southeastern US, PJM and MISO service territories that are planned to be operational prior to 2030. In addition to the funding, Leyline will provide on-call development support for Solterra.
The 1 GW development target intended to be facilitated by this investment will represent significant project capacity growth for Solterra. The company has roughly 450 MW of projects either completed or under development.
“Solar energy is critical to our green energy future, but developers often can’t get the funding needed cover their growth needs, and project expenses like site control, interconnection fees, and other development costs,” said Erik Lensch, CEO of Leyline. “By partnering with Solterra, we can support a new venture and ensure their portfolio moves forward to eventually deliver carbon-free power.”
This deal marks Leyline’s second major investment in a solar platform in as many years. In June 2021, the company invested a $10 million construction facility in SaveSolar, a Washington D.C.-based solar company that finances and develops community solar projects, to develop 10.3 MW of solar capacity in the city. The investment provided SaveSolar with the working capital and initial construction equity to develop and retain ownership of approximately 17 residential, commercial, and government rooftop solar projects.
Leyline is a member of Renewables Forward, a diversity, equity, and inclusion initiative of leading US renewable and clean energy companies, having joined in Jan. 2021.
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