San Diego, California-based Luminia, a financier of community solar and other sustainability projects, reports that it closed 2022 with over $2.5 billion in commercial solar financing requests across the U.S., representing close to 200 MW of commercial solar projects, with a development pipeline of 600 MW of additional projects.
In 2022, Luminia (formerly SD Renewables), offered financing solutions that catered to commercial property owners across 36 states with diverse needs. Its solutions range from multi-family and industrial real estate investment trust (REIT) portfolios to private education institutions and agricultural projects.
The company enables property owners to gain access to a range of sustainability and asset value improvements, such as electric vehicle charging infrastructure and water conservation improvements. The projects it supports vary in size and scope to meet individual state and municipal requirements with an average project size of 9.5 MW. The five key markets for the company are Massachusetts, New York, Maine, New Hampshire and New Jersey. In Maine, during 2022 Luminia closed a 15 MW of community solar project with NH Solar Garden, providing access to intermediate and long-term financing.
Luminia continues to expand its suite of financial offerings catered to large commercial portfolio owners. “Our team brings decades of experience as owners and lessors of tenant-occupied commercial real estate. Our REIT-friendly financing structures allow landlords to efficiently share the benefits of solar with their tenants, enabling both landlords and tenants to profitably accelerate solar adoption and meet their ESG objectives,” said Jim Kelly, co-founder of Luminia. “In addition, our strategic focus on community solar provides yet another option for our portfolio clients to monetize their rooftops.”
“By eliminating the financing barriers that once hindered commercial solar progress, we are experiencing explosive demand from our top rated solar partners, especially in the burgeoning community solar space,” said David Field, chief executive officer and co-founder of Luminia.
Luminia’s solution was recently launched on Energy Toolbase’s ETB Developer platform, which helps developers to access power purchase agreement quotes and additional financing options that are intended to match their customers’ needs.
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